Activating Your Loan & Checking Active Loan Status: A Complete Guide

Taking a loan is an important financial decision and once your loan is approved, the next steps are just as crucial. You need to know how to activate your loan and how to check if it’s currently active. This helps you stay informed and plan your repayments better. 

Here, we will walk you through the simple steps to activate your loan, how to check your active loan status, and where you can find all the important loan details. Whether it’s your first loan or you’ve taken one before, this space will help you manage it with confidence. 

What Does Activating a Loan Mean?  

After your loan application gets approved by the lender, they enter all your personal and loan details into their backend systems. In some cases, you may even be granted access to a loan dashboard, which will display this progress.  

Based on your approved loan amount, interest rate and chosen tenure, the lender then creates an amortisation schedule. These are all steps to activating a loan and here are some additional insights: 

• Lenders often deploy a loan management system (LMS) that calculates your EMIs, outstanding loans and other loan terms 
• Activating a loan simply means that the agreed terms will get locked in 
• Once a loan is activated, you begin the repayment window and are responsible for timely payments 

What is an Active Loan Status?  

After the activation process, most lenders will have a dashboard or a provision that will display that the loan is ‘active’. This is the loan status and it is a label that distinguishes between the different statuses.  

It will remain ‘active’ as long as your loan amount and interest are not completely paid. Depending on the lender, the terminologies for the loan status may vary.  

Difference Between Activating a Loan and Active Loan 

The key difference between the terms ‘activating a loan’ and ‘active loan’ is that one is a process, while the other is a label. Activating a loan lock in the loan details, which then results in the status of your loan changing to “Active”. Thus, the active loan status is merely a tag.  

How to Check Active Loan Status? 

Here are the steps you can follow to check the active loan’s status.  

Check Active Loan Status Via Net Banking: 

• Step 1: Visit the lender’s official website 
• Step 2: Log in to your account with your account number and password 
• Step 3: Go to the loan section or the dedicated loan dashboard 
• Step 4: Check your loan status on the dashboard 
• Step 5: Download your e-statement 

Check Active Loan Status with Lender’s Mobile App 

• Step 1: Download the lender’s mobile app 
• Step 2: Register with your mobile number 
• Step 3: Log in with the credentials 
• Step 4: Check your number of loans, their status and details on the dashboard 

By Calling Customer Care 

To know if your loan is active or any other details, you can also call your lender’s customer care number. The customer care executive will tell you if your loan is active using your loan details. You can also check other details using this method.  

By Visiting the Lender’s Office 

Another way to find out your active loan’s status is to visit a bank branch. In some cases, it may be easier to go to the nearest branch, show your identity proof and get your loan status.  

Steps to Check the Loan Status Using PAN Card 

Here are the steps to check the loan status using your PAN card on the CIBIL website: 

• Step 1: Visit the official CIBIL website 
• Step 2: Click on ‘GET FREE CIBIL SCORE & REPORT’ 
• Step 3: Create an account with personal details, such as a PAN card, email address, first name, date of birth, ID, mobile number, etc.  
• Step 4: Enter the OTP received on the mobile number 
• Step 5: Click on ‘Accept and Continue’ 
• Step 6: Got the dashboard to check your CIBIL score and number of active loans  

Choosing any of these options allows you to check your loan status and monitor your loans effortlessly, anytime and anywhere. Generating a credit report has many other benefits, such as allowing you to check if you are eligible for other loans or credit cards.  

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