A personal loan statement is a record provided by the loan issuer that reflects the transactions of your loan from the time it is disbursed until it gets repaid. Your EMIs, interest, principal, fees, and outstanding balance are recorded in the statement. Understanding these entries helps you verify payments, track your liability and make informed decisions about repayment, prepayment or foreclosure.
A personal loan statement is an important loan document provided by the lender that indicates your transactions and the present status of your loan. A personal loan statement contains your loan account number, disbursement details, EMIs, interest charged, principal repaid, charges, prepayments and outstanding balance. It provides a documented view of your loan repayment activity.
A personal loan statement is a specific type of loan account statement relating to unsecured personal borrowing. It records the transactions and repayment activity associated with that particular personal loan.
On the other hand, a personal loan account statement can also refer to the same document as a personal loan statement. Different terms can be used by different lenders to refer to the same statement.
A loan account number is a unique identification number for your loan account. You must have it handy for all communication with lenders regarding the transaction on your loan account.
Sanctioned amount is the loan amount approved by the lender. Disbursed amount is the amount that was released under the loan after applicable arrangements.
A personal loan statement clearly mentions the applicable loan interest rate. This helps you understand the interest being charged under your agreed Loan terms and conditions.
Loan tenure is the time span over which the loan will be repaid according to the agreement. It determines how long scheduled EMIs are expected to continue before the borrowing is fully repaid.
The EMI amount and respective due dates are mentioned in the personal loan statement. Checking these details helps you identify upcoming obligations and verify previous repayments.
Payment history includes details of transactions that are credited against the loan account. Reviewing dates, amounts and transaction descriptions helps establish whether scheduled EMIs were received and correctly allocated.
Repayment of the principal refers to the amount that has been deducted towards the repayment of the original amount borrowed. This is different from interest paid because only principal directly reduces the underlying outstanding principal.
Interest charged is the financing cost recognised against the loan according to the applicable loan terms and conditions. It should be assessed separately from principal repayment and other account charges.
Outstanding principal is the principal that remains outstanding after recognising any repayments, adjustments and prepayments. It is a key indicator of the current loan balance but may not equal total future EMI payments.
Prepayment refers to payments made in advance with addition to instalments to reduce the loan liability.
Overdue amounts refer to any payments that have been outstanding past the due date. It may include unpaid instalments, accrued charges, or other amounts.
This refers to the applicable fees payable in case of late payment or other occurrences on the account.
In case of closure of a loan account, details of closure would indicate the last transaction, date of closure, and the status of the account.
The personal loan statement download process is convenient if you have availed a personal loan with Kreditbuddha.
Log in to the Kreditbuddha mobile app using your registered login credentials. Click on your loan section, select the relevant account and use the available statement or download option.
Send an email to care@kreditbuddha.com requesting the personal loan statement. Provide necessary information related to your loan account to assist in processing your request.
Contact Kreditbuddha customer support via phone call/WhatsApp at +91-8826100197. Always have your loan account information handy when requesting your statement.
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A Personal Loan Statement is not just an EMI schedule. It gives you a clear view of repayments, interest, principal, charges and your current loan position. Make sure that you go through the statement frequently, and manage repayment, prepayment and eventual loan closure much easier.
Read more :
What Is a Personal Loan Balance Transfer? Benefits, Process & Eligibility Explained
What is Personal Loan Closure? Benefits & Key Things to Consider
Paperless Personal Loans: How the Digital Loan Process Works
Yes, it is possible to obtain a statement of your closed personal loan. Get in touch with the relevant lender or lending partner and share the information needed to identify the account.
Periodic review of your statement, especially after making the payments, will assist you in identifying any discrepancies.
No, since a loan statement shows transaction details and does not serve as a proof of the loan closure.
The outstanding balance varies depending on the repayment of the loan principal and as applicable transactions or adjustments are recorded against the account.
No, since the principal and interest components of scheduled EMIs can differ during the loan repayment period.