When you take a loan from a lender, they provide you with a monthly loan account statement until the end of your repayment tenure. This document records all the transactions that you make, like the payment due date, EMIs payable towards the loan, outstanding balance, and other valuable details. As a borrower, checking your loan statement helps you make timely payments and stay updated about repayment progress.
Sections of your Insta Personal Loan statement and what they mean
The loan statement provided by financial institutions is a vital document that helps you stay on top of your repayment schedule. Your monthly loan account statement consists of essential components. Mentioned below are the same:
- Loan amount
This is the amount you have borrowed from the lender.
- Loan tenure
These are the months/ years you selected to repay the loan amount.
- Annualised interest rate
The interest rate that you are charged on an annual basis.
- Interest rate type, whether floating or fixed
This shows the interest type that you chose when taking the loan.
- Instalments amount
This is your equated monthly instalments (EMI) amount that you must pay the lender on a fixed date every month.
- Loan disbursal date
The date on which the loan amount was credited to your bank account.
- Interest start date
As the term suggests, it shows you the date from which the interest was charged.
- First and last instalment due date
You can track your first as well as your last instalment due date in your loan statement.
- Total loan amount paid
Here you can find the total amount you have paid the lender to date.
- Annual/ additional maintenance charge
Your Insta Personal Loan statement will also show you the percentage and amount of your annual/ additional maintenance charge. It also displays the month in which this charge will be deducted.
- Other fees and charges like bounce charges, part-prepayment charges, etc. (if applicable)
These charges are applicable only if you have missed an EMI, plan to part-prepay your loan or even foreclose your loan.
- Principal outstanding amount
This is the most important information as it tells you how much you still owe the lender. You can plan your future expenses and repayment based on this balance amount.
How to get your Insta Personal Loan repayment statement from My Account.
Our dedicated customer portal, My Account, allows you to check and download your Insta Personal Loan account statement without hassle. Here are the steps to read your account statement on a desktop or a mobile:
Step 1: Visit the customer portal and provide your mobile number and date of birth.
Step 2: Enter the OTP sent to your registered phone number to log in.
Step 3: Once logged in, visit the ‘Menu’ section, and click on ‘Mandate and Documents’.
Step 4: Select the loan account for which you need the e-statement and click on ‘Statement of Account’ to download your e-statement.