How to check your personal loan payment & EMI status in the SOA?

As you navigate your personal loan repayments, it’s good to have a snapshot of your progress to help with planning. Lenders help you with this through a personal loan statement or statement of account (SOA). Using this to keep track of your personal loan payments and understanding where your EMI stands helps you stay on top of your repayments and proceed with a calculated approach. Learn how the personal loan account statement works and the ways to leverage it to the fullest in this article.

What is SOA? 
 

A statement of account, or SOA, is a detailed record of your personal loan. Lenders share this typically, on a monthly basis, to show how your repayments are progressing. They are also available on demand when you are prompted to check your personal loan statement and payment history online. The personal loan statement contains details like how much of the loan you’ve cleared so far, what’s left, and the applicable charges. It basically gives you an overview of where you stand with your personal loan repayments from time to time.

You can check your personal loan statement and payment history online and track if your EMI payments are promptly updated to your account. It helps you ensure everything is moving smoothly and plan your EMIs better.

How to check the personal loan repayment status in SOA? 
 

Checking your repayment status in SOA is a fairly straightforward process. Once you’ve downloaded the personal loan account statement, look for the clear breakup of each loan payment you’ve made so far. Look for this in the EMI section and see if your recent personal loan repayment has been updated and reflects correctly. The EMI amount, payment date, and the outstanding balance should match, which helps you verify if your payments are on track.

EMI entries: What can you expect? 
 

You will find the following key elements in your personal loan account statement provided by FIRSTmoney personal loan from IDFC FIRST Bank:

Customer details:
 

• Name

• Address

• Loan A/C No

• Customer Relationship Number

• CKYC ID

• Mobile number

Loan details:
 

• Loan Amount 

• Rate of Interest

• Disbursal Date

• Loan status

• Tenure (Months)

• Frequency

• EMI Period

EMI details:
 

• EMI Amount

• EMI Due Date

• Remaining EMI(s)

• Current Principal Outstanding

• Repayment Mode

• Repayment Bank Name

• Repayment A/c No.

Payments and charges:
 

• Overdues (if any) 

• EMI Paid

• Principal Paid

• Interest Paid

Transaction details:
 

• Date of transaction

• Particular

• Amount (Debit/Credit)

In general, for a personal loan availed from any lender, you can expect the following details in your statement of account:
 

• Personal loan account number
  

This number uniquely identifies your personal loan account and helps in quickly fetching all the other details.

• Statement number
  

This number indicates the statement’s specific period. It helps in recordkeeping. It is also used when you submit a request or dispute transactions related to your statement.

• Interest rate
  

The interest rate, whether floating or fixed, applicable to your personal loan amount throughout the term to understand the total interest outgo thus far.

• Personal loan summary
  

This section gives the complete summary of your personal loan account. It includes details like the total amount paid, interest portion, and the current account balance. It’s a quick view of where you stand with the repayment.

• Outstanding balance
   

This is the total amount, including principal and interest, that you still owe to the lender. You also get a monthly EMI-wise breakup to give you an understanding of your monthly contribution.

• Part-prepayments
  

If you’ve made any advance payments to cover a portion of the personal loan quickly, those contributions will come under this category.

• EMI details
  

You get an overview of the EMI payment date, amount, and how it’s split between principal and interest.

• Applicable charges
  

All charges, including the late payment, EMI bounce, prepayment, processing fees, etc., will be outlined as well.

How to download SOA for personal loan payment tracking? 
 

You can get your FIRSTmoney personal loan account statement conveniently through the IDFC FIRST Bank mobile app. You can download your personal loan statement using the following steps:

1. Open the IDFC FIRST Bank Mobile app

Log in to the mobile banking app with your credentials.

2. Go to the Loans section

Tap on the “Loans” icon available at the bottom of the application dashboard. 

3. Get instant access to your FIRSTmoney loan details

Select the FIRSTmoney card on the application and then click on Statement of Accounts.

Once you’ve completed the download, you should receive the personal loan statement in a PDF format in your file folder or via email. Plus, you can view all the Loan related information under the Details tab available on the IDFC FIRST Bank Mobile Banking application.

You can also try the following methods:

• Email e-statement: You get monthly or quarterly statements sent directly to your registered email address. Write an email if not received.

• Customer care: You receive your statement digitally through automated customer care alerts. If not, you can reach out to the helpline number and request it.

• Branch visit: You can get a physical statement by visiting your bank or financial institution’s nearest branch.

EMI paid, but the personal loan account is not updated: Reasons 
 

If you find the EMI amount to be credited, but it has yet to reflect in your records, consider these reasons before you act on it:

• Technical error

Temporary system glitches on the lender’s website or app can delay updates. The same can happen if your bank server is down. The personal loan account can take time to sync and show the updated entry correctly.

• Pending verification

Some payments might have gone through successfully, but the internal verification process can take time. Until this check is completed, the EMI payment will not reflect in your personal loan account.

• A longer processing time

If the lender takes time with the internal checks, your EMI payment may not be updated in the personal loan statement. This is typically due to cut-off times during holidays.

• Incorrect details

If you’ve entered the wrong personal loan account number, reference ID, etc., or used a slow payment mode, the payment may take time to reflect.

• Failed transaction

In rare cases, the payment may show as debited initially but might have failed during settlement. This is a result of failed communication between your bank’s server and the lender’s account.

What to do when the personal loan payment is not updated in the statement of account? 
 

Most reasons for the personal loan payment not reflecting, as you’ve noticed, are not worrisome. They are easily fixable in the following ways:

• Verify bank details

Start by checking your bank statement to confirm that the EMI was successfully debited. If so, make a note of the transaction date, amount, and other details to validate the payment. 

• Excuse a buffer window

Allow one or two working days for the payment to reflect in your statement. Payments you make late in the day or on weekends may take a bit longer to get processed in the system.

• Reach out to the customer care

Despite everything being right, if your payment still takes a while to reflect, contact customer support with your transaction details.

• Check for auto-debit alerts

Review your messages and transaction history to check if your auto-debit mandates were successfully processed. Sometimes, they can fail without you realising.

• Visit the branch as a last resort

If your issue doesn’t resolve with online support, visit the branch with proof of payment and get it manually verified.

Final words
 

The personal loan account statement lets you easily keep track of your EMI payments. It helps you spot any issues with the payments early. Checking this statement and keeping tabs on your payment history helps you stay in control of your repayments. As the process to download the statement is easy, you can complete it within minutes using different methods to suit your convenience. And if the personal loan payment is not updated in the SOA, you now know how to handle it calmly.