How to Check and Download your Personal Loan Statement?

After you take a personal loan, you will receive a personal loan statement from your lender. This is a very important document which will contain all the information about your loan.

It includes everything like the amount disbursed, interest rate charged, your repayment plan, upcoming EMIs, etc. Tracking your statement can help you stay on top of your repayments and ensure you don’t have to face any negative consequences of it.

In this blog, you will understand everything you need to know about how to check loan statements.

Understanding your Personal Loan Statement

Before you use your statement to track your repayments it’s important to understand how to read it. There are some important details you will find in your statement.

Whenever you take a personal loan, a loan account is created with your lender which is identified by a 14-to-15-digit number. This is known as your loan account number or statement number which is on top of your statement.

Other than that, all information associated with your personal loan will be displayed on your statement. This includes the loan amount disbursed, interest rate charged on the loan, processing fees, repayment tenure, upcoming EMIs etc.

Also Read: Personal Loan Disbursement Process – How it Works?

Benefits of Checking your Personal Loan Statement

Checking your loan statement can help you with your finances in these numerous ways:

· Transparency about your personal loan and charges

Going through your statement regularly will give you transparency about the money you borrow. You will have a clear understanding of your loan terms, interest rate charged, processing fees, etc.

· You will always make on-time payments

Paying your EMIs on time increases your loan eligibility and helps you avoid any kind of negative consequences of missed repayments. Checking your statement will ensure you stay on top of your repayments and don’t miss a single EMI.

· You can check for any Inconsistencies

If you find any incorrect information about the money you borrow, you can inform your lender about the same and avoid any kind of damage to your credit profile.

Where Can You Get Your Personal Loan Statement?

How you receive your statement depends on the lender you choose. Based on that, this is where you can get your personal loan statement:

1) Online Statement on Registered Contact Details

Based on the provided contact information, lenders send the loan statement over an email, SMS, or any other communication channel.

2) Physical Copy of Your Statement

You can also get an option to receive a physical copy of your statement. Depending on your lender, you might receive the statement to your registered address, or you might have to visit the nearest branch of the lender.

3) Download From the App

If you’re taking a personal loan online through a net banking app or loan app, you can access your loan statement at any point inside the app.

4) Contact Customer Support

If you don’t receive your loan statement or have any queries regarding the same, you can always get in touch with someone from the support team.

Also Read: Get Personal Loan App On Your Mobile Phone

How to Check Your Personal Loan Statement Online?

If you have taken a personal loan through a net banking or loan app, then you can definitely view your statement online.

Usually, you will receive your loan statement from the lender through various channels like SMS, Email, or even inside the app.

Here are some different ways in which you can check your personal loan statement online if you take a take a loan from Zype.

1) Through Email

You will receive your statement over your registered email ID a few days before your repayment due date. The statement will contain all the information about the loan you have taken including the upcoming EMI amount, repayment due date etc.

2) Inside the App

You can even view your statement inside the Zype app whenever you want. Just open the MyZype section inside the app and go to “monthly statement”. Enter the month for statement you want and then you can either download the statement or receive it over your registered mail.

3) Contact the Support Team

In case you have any queries regarding your loan statement, you can always contact the support team at support@www.getzype.com.

Reading and Interpreting your Personal Loan Statement

Here’s all the important information you can find on your loan statement:

1) Loan Account Number:

Your loan account is identified by a loan account number also known as your statement number. When you receive the loan statement before the repayment, you will see this account number displayed on top of the personal loan statement.

2) Other Loan Details

Every information associated with your personal loan will be displayed on your statement. This includes the loan amount disbursed, interest rate charged on the loan, processing fees, etc.

3) Upcoming EMI Payments

When you take a loan, you have to select your repayment tenure, based on which you pay your EMIs.

4) Summary

Your statement will display all the transactions you have made associated with your loan. It will have the information about the loan you have received and payments you have made.

Importance of Double-Checking your Loan Statement

While it’s a good practice to check loan statement when taking a loan, here’s why it’s a good idea to double-check it:

· Avoids Discrepancies:

Discrepancies in your statement can lead to incorrect reporting to the bureau which can negatively impact your credit profile. Double-checking your statement will ensure there isn’t any incorrect information reported. If you find any discrepancies, you can inform your lender or bureau to protect your score.

· Ensure you Don’t Miss Payments:

It’s extremely important to pay all your EMIs on time. Going through your loan statement regularly will keep you updated about all your upcoming repayments and avoid any missed EMIs from your end.

The Role of the Personal Loan Statement in Tax Filing

Depending on the type of personal loan you take, you can claim the tax benefits on them when you file your returns. While we do have a blog that can help you understand your tax benefits as a borrower in detail, here are 3 scenarios in which you can avail it:

1) When you take a personal loan and use it for purchasing, renovating, or renting a housing property. (Section 24(b) of Income Tax Act, 1961)

2) When you invest your personal loan in business (Under Section 37(1))

3) When you invest your personal loans in other assets like jewelry, shares, etc.

But before you try to claim these deductions, it’s important to contact your CA or a financial advisor who can confirm if you’re eligible for the same.

To claim these tax benefits, you have to keep appropriate documentation handy. Your personal loan statement is one of these important documents that make it possible for you to enjoy these tax benefits.

How Often should you Check your Personal Loan Statement?

Most lenders will send you your personal loan statement once every month, a few days or even a week before the repayment due date. But if you’re taking a loan using a net banking or loan app, you can view it inside the app. Please note that this can be different for different lenders.

The best practice is to check your loan statement a few days before your personal loan repayment due date. This way, you will always be on top of your repayments and won’t miss out on any EMI.

Conclusion

Your personal loan statement is a very important and helpful document that gives you all the information about the money you borrow.

Make sure you track your statement throughout your repayment tenure for a smooth personal loan experience.