What is personal loan statement and how do you get one?

If you have ever used a personal loan, you sure would have received a periodic statement with several details about your loan account. Ever wondered its uses are and why it is important? Then this article is for you.

Personal loan statements contain information about EMI payments, interest accrued, and the remaining loan balance. This is crucial for monitoring your loan progress, maintaining financial discipline, and fulfilling requirements like tax filing or future loan applications. IDFC FIRST Bank’s FIRSTmoney simplifies the process, offering a seamless way to check and access your loan statements online as well as offline. Let’s learn more about personal loan statements.

What is a personal loan statement?
 

A personal loan statement is an official document provided by your lender that summarises your loan account's financial activity. It includes details such as loan disbursal date and amount, EMI payment history and due dates, interest rate and amount paid, and late payment penalties or additional charges (if any).

This document helps you track your repayment history, assess your financial obligations, and prepare for financial planning. With IDFC FIRST Bank’s FIRSTmoney, accessing your loan statement is effortless, ensuring transparency and ease in managing your loan.

FIRSTmoney smart personal loans offer instant approvals of loan amounts up to ₹10 lakhs with just your PAN card. What makes it unique is the zero foreclosure charges, which allows you to repay your loan anytime without incurring any charges. Moreover, if you need extra funds to meet urgent financial requirements, you can opt for additional loans with just a few taps.  

How to check and download personal loan statements online?
 

IDFC FIRST Bank’s FIRSTmoney offers a simple online process to access your personal loan statement:

1. Log in:

Visit the ‘Account’ section or download the FIRSTmoney app. Log in using your registered credentials.

2. Navigate to loan account:

Go to the ‘Loans’ section in your dashboard.

3. Select statement:

Choose the option to view or download your personal loan statement.

4. Download:

Click on the download button to save the statement in PDF format for future reference.

How to get personal loan statement offline?
 

If you prefer the offline method, you can obtain your personal loan statement by:

1. Visiting the branch:

Go to the nearest IDFC FIRST Bank branch and request your loan statement. Ensure you carry valid ID proof and loan account details.

2. Customer care:

Call the bank’s customer service helpline and request a statement to be sent to your registered email or postal address.

3. Request via email:

Send an email to the bank’s official customer support address with your loan details to request the statement.

What details are included in a personal loan statement?
 

A personal loan statement typically contains:

• Loan account number.
• Disbursal amount and date.
• EMI schedule and amounts.
• Interest rates (fixed or variable).
• Outstanding principal balance.
• Prepayment or foreclosure details (if applicable).

What are the benefits of a personal loan statement?
 

A personal loan statement offers several advantages:

1. Transparency:

It provides a clear picture of your loan’s financial progress.

2. Financial planning:

By reviewing the outstanding balance and EMI schedule, you can plan prepayments or manage your monthly budget effectively.

3. Documentation:

It serves as proof of repayment for tax filings and other financial requirements.

4. Loan approvals:

A good repayment history reflected in your statement can enhance your chances of getting quick approvals for future loans.

Conclusion

Accessing your personal loan statement is a critical step in staying financially organised and informed about your loan status. Whether you choose the online method through IDFC FIRST Bank’s FIRSTmoney platform or offline alternatives, having this document readily available is essential.

The transparency, convenience, and comprehensive details offered by your loan statement helps you manage your loan effectively. With IDFC FIRST Bank’s FIRSTmoney, you can experience the ease of seamless financial management and stay on top of your loan commitments.