Personal Loan Statement – How to download and view the statement

Whenever you take a personal loan from a bank, there is a lot of documentation involved in the entire process. Once the loan application is approved, you get the amount deposited in your bank and your repayment process also starts. Now, how do you keep track of how much you have to repay each month? How much is the interest? By which date do you have to complete the personal loan EMI payment? All of this is recorded within one single document, which is known as the personal loan statement. 

Read this blog to find out how you can read your personal statement, download the statement and how to get the most out of it.

What is a personal loan statement?

Your personal loan statement is a document generated by the bank that issues you the personal loan. This document has detailed records of all the payments you have made, how much is left and a lot more. 

Read more: What is the minimum salary required to get a personal loan?

How to download your personal loan statement?

There are many ways via which you can download your personal loan statement. Here are some of them:

Use a Net banking platform

Net banking facilities are very commonplace now. Every well-established institution or bank offers these facilities nowadays. You can use the Net Banking platform of the bank from which you applied for the personal loan to generate your personal loan statement. Ideally, you will find the loan-related options right under the loan section.

Through the mobile app

If you do not want to use the net banking platform, you could also take the help of the mobile app from the bank that lent you the personal loan. Most of the financial institutions and banks in India now have their very own apps, which you can use to download and view personal loan statements. 

On your e-mail ID

There are many banks that also use an automatic e-mail service to send your personal loan statement. However, if you do not receive it automatically, you could also reach out to the bank and provide them with your e-mail ID to send it. 

Call the customer care

If the above steps are not working, you can always call the customer care of your bank. Inform that you wish to receive your personal loan statement every month. The bank personnel will also help you with the steps on how to view your personal loan statement easily.

Go the offline way

Finally, you can always visit the nearest branch of the bank which lent you the personal loan and ask to see the statement. 

Read more: How to get a personal loan for self-employed in India?

What can you view in your personal loan statement?

Not sure what are the things in your personal loan statement and how you can read it? Here’s what you should look at:

• You will be able to see all the crucial details of your personal loan statement – the loan amount you borrowed, the loan tenure, if your rate of interest is floating or fixed and more
• The last date of the EMI payment will also be clearly mentioned within the personal loan statement
• The complete history of all the EMIs that you have paid till now will also be visible 
• If you ever miss out on an EMI payment, that will also be highlighted
• Any fines for late payments will also be mentioned
• If you have partly foreclosed your personal loan, that will also be mentioned within the personal loan statement

Thus, your personal loan statement is a very key piece of document. As long as the loan is not being completely repaid, it is advised that you hold on to the monthly statements. 

FAQs on Personal Loan Statement

• How long does a personal loan require bank statements?

You will only need to provide a bank statement while you are applying for a personal loan.

• How do I get a copy of my loan statement?

You can get a copy of your loan statement by going to the net banking platform of your bank, click on loans and download your statement from there.

• What details are included in a personal loan statement?

You will find details such as principal loan amount, rate of interest, tenure, EMI payments due, any late payment fees due, etc.

• Why is the statement for my personal loan significant?

Your personal loan statement will provide all the information that you want regarding your personal loan. It is an important document which helps you keep track of all your personal loan details.

• How often is a statement for a personal loan produced?

Your personal loan statement is generated each month.

• Why do lenders require access to bank statements?

Your lenders always ask for access to bank statements as it helps them determine whether you are a responsible spender or not.

• What should I do if my personal loan statement has errors?

Reach out to the customer care of your bank or visit the nearest branch for any issues with the personal loan statement.

• Can I use the statement from my personal loan for taxes?

Personal loans are not taxable so you will not have to worry about presenting the personal loan statement for taxes.