What is a Personal Loan statement? Why check it?

Today, there are innumerable expenses and financial obligations to take care of regularly. You feel overwhelmed when an unplanned financial requirement comes up. Since you have all your financial resources dedicated to meeting existing expenses and financial obligations, you wonder how you can manage the unplanned financial requirement that pops up.

You can apply online for a Personal Loan to meet your financial requirements. Leading banks offer significant Loan amounts at a fair interest rate with no questions asked about the purpose. You can repay the amount in Equated Monthly Instalments spread across your chosen tenure. This ensures you can meet your requirements without struggling or feeling burdened.

Documentation is an important aspect of the Personal Loan application, sanction, disbursement, and repayment process. Let us consider and understand a Personal Loan statement.

What is the Personal Loan statement?

The Personal Loan statement is a document that summarises all Loan transactions made within a specific time frame. It is like any other Bank Account statement. It mentions the paid EMIs and the outstanding amount you need to cover, giving you a fair idea of where you stand concerning Loan repayment. Here is a more detailed guide on details included in the Personal Loan statement:

• Loan Account number: The bank assigns every Loan borrower a 14 to 15 alphanumeric code, which is unique to their Loan Account. The bank assigns you one as well. It mentions all the Loan documents, starting from the sanction letter to the Personal Loan statement.

• Statement number: Typically, the bank prepares a Personal Loan statement every month. Hence, they assign a statement number to each statement to simplify tracking.

• Loan details: The Personal Loan statement includes details like the date of availment, total Loan amount, interest rate type, Personal Loan interest rates, tenure, and more.

• Repayment summary: The statement summarises all the EMI payments you have made towards the Loan repayment. The payment date and amount are clearly mentioned.

• Remaining balance: The bank mentions the remaining balance at the end of the repayment summary.

• Associated fees: Suppose you were late with your last EMI payment. In that case, the bank charges you a penalty. The bank mentions the payable penalty amount on the Personal Loan statement. Note it and pay them upfront.

Why is checking the Personal Loan statement important?

Checking the Personal Loan statement is important as it helps you track your repayment. You are aware of the EMI you have already paid and are yet to pay, this gives you a chance to plan your finances and repayment better. The Personal Loan statement also helps when filing taxes. Hence, pin the Personal Loan statement email you receive in your mailbox every month.