How to Track the Status of your Business Loan Application

Though business loans are slightly different from retail loans, they can be tracked through the same channels available through the bank. Most banks and lenders have an online presence. They provide customer portals to manage your account online. Business loans can be tracked through these online services.

Some of the popular ways of tracking your business loan are: 

1. Through Online Portal Or Netbanking: If you are an existing customer of the lending institution, you will have an internet banking or Netbanking account. When you apply for a new loan, this application will be linked to this online account for convenient tracking. Most applications have a separate tab for ‘My Loans’ which should list your loan application and give you all the details. This is a good way to track your business loan.

2. Through Mobile Apps: Who doesn’t have a mobile app these days? Every company, bank, institution and organization have a mobile app of their own. So your lender might also have a mobile app where you can check your business loan application instantly. They are handy and convenient. With everyone owning a smartphone these days, it is the quickest option to check your business loan status.

3. Contact The Customer Care: Customer care is also another channel that gives your account status and loan application status. You can call the lender’s customer care number and enquire about your business loan application status. They will let you know all the details and also guide you on any questions you might have.

Note: Most business loans are processed within 2-3 days. The lenders send regular updates on the business loan application status as SMS or as email to you. You can also get the number of your loan application manager and call them to get the status. Banks and NBFCs give utmost importance to customer satisfaction and will ensure that you are kept up to date with your business loan application status.