Activating a loan & active status loan: How to check the status

Activating a loan is a process and one that has a direct impact on your monthly budget, as it means that you have a loan to repay. Knowing what it means is important given the increasing number of loan frauds. 

On the other hand, the active loan status is an entirely different facet of the experience and it is a label intended to denote the status of a loan account. 

Read on to learn about these terms, the steps to activate a loan, how to check your loan status online and more. 

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.  

What is the Difference?

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 locks 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

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 

On the 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 the 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. 

Downloading the Credit Report 

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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