Personal Loan applicants can track their Muthoot Finance Personal Loan Status by using the below mentioned online and offline methods:
Track Muthoot Finance Personal Loan Application Status Online
Step 1: Personal Loan applicants availing Muthoot Finance Personal Loan should visit the official website of the non-banking finance company (NBFC).
Step 2: They should select ‘Personal Loan’ under the ‘Services’ tab on the website.
Step 3: Under the Personal Loan page, applicants should click on the ‘Apply Now’ tab provided on the ‘Personal Loan EMI Calculator’ section of the webpage.
Step 4: It will open the ‘Check Application Status’ page where loan applicants can enter their mobile number and application number/Date of birth/PAN number
Step 5: Lastly, applicants should click on the ‘Verify’ button to view their Muthoot Finance Personal Loan status.
Track Muthoot Finance Personal Loan Application Status Offline
Through phone call
Loan applicants can call on 1800 313 1212 (Toll free number for north, east and west India) or 9946901212 (Toll free number for south India) to know their Muthoot Finance Personal Loan Status.
Through nearest branch
Muthoot Finance Personal Loan applicants can also go to the nearest branch of NBFC to know their current personal loan application status. Applicants can use the branch locator tool provided on the bank’s website to find the nearest branch.
Factors Affecting Personal Loan Application Status
Some of the factors that lenders consider while approving personal loan applications are as follows:
Muthoot Finance uses a scoring model to capture the risk aspects connected with exposure to personal loan borrowers to decide the interest rates. The model considers the track record of personal loan applicants obtained from credit information companies like CIBIL, EQUIFAX etc. Muthoot Finance offers lowest interest rates for personal loan applicants with good credit scores while those with lower/no credit scores or minor deviations are sanctioned loans at higher interest rates. Personal loan applicants with loan defaults, loans falling under suit filed, settled or written off categories will not get their loans approved from Muthoot Finance.
Prospective personal loan borrowers with lower credit scores should follow healthy credit practices like timely repayment of their EMIs/credit card dues, monitoring loans guaranteed/co-signed by them, avoiding multiple loan or credit card applications within short durations, etc. Additionally, they should also check their credit reports at regular intervals as it will help them identify any errors present in their reports, which they can report to their lenders or credit bureaus for correction. Rectified credit reports help to enhance the personal loan applicants’ credit score, thus improving their eligibility for personal loans.
Most lenders also consider the monthly income of personal loan applicants to evaluate their EMI affordability. Usually, personal loan applicants whose total loan repayment obligations, including the proposed personal loan, are within 60% of their total monthly income have higher chances of getting their loan applications approved.
Personal loan applicants working in public sector units or other reputed institutions are eligible for availing Muthoot Finance Personal Loans. Other salaried loan applicants have lower chances of getting approval on personal loan applications. Muthoot Finance also provides personal loans to self-employed individuals with regular verifiable sources of income.
Relationship with the Lender
Loan applicants have a higher chance of getting their personal loan application approved from their existing lenders. Additionally, most banks and NBFCs provide personal loans at lower interest rates to their existing customers along with offering pre approved personal loans and faster disbursal.
Most lenders offer personal loans to applicants aged 21 years & above at the time of submitting their loan application. Personal loan lenders also usually require their personal loan applicants to repay their entire loan before they attain 65 years of age. Thus, personal loan borrowers nearing the age of 60 years may have lower chances of getting personal loan approval. However, note that pensioners can avail pension loans from banks with whom they are maintaining pension accounts.