How To Check Active Loan On Your Name in India (Step-by-Step Guide)

Have you ever thought about whether you have any loan running in my name? Well, you’re not alone.

A considerable chunk of the population in India has taken many loans over the years as a measure of personal loans, credit cards, BNPL accounts, vehicle loans, as well as forgotten old EMIs or loans that individuals never actually availed in the first place.

This is because it is always important to keep track of the loan accounts active with your PAN card. 

Nevertheless, the objective of the blog is to describe how to check the active loans in India step by step, using reliable sources.

Method 1: Check Your Credit Report (Most Reliable)

For example, each time you apply for a loan or a credit card, it is reported to a credit bureau.

If you have any current loan against your PAN number, it will be reflected in the credit report.

India currently has four approved RBI-based credit bureaus:

• TransUnion CIBIL

• Experian

• Equifax

• CRIF High Mark

Looking at your report is free and is the most accurate method of seeing all loans at one time.

1. TransUnion CIBIL

CIBIL, as it is the most used in India and almost all banks make use of it.

Steps:

• The TransUnion CIBIL website

• Login using your PAN card and phone number.

• Verify with the OTP received on your mobile device.

• Click on ‘Get Free CIBIL Score’

• Go to the Accounts / Credit Information section

Here, you’ll see:

• All active and closed loans

• Name of the Lender

• Your outstanding balance

• Payment status and amounts due

If you find any loan on your CIBIL report that shouldn’t be active or doesn’t belong to you, you can raise a dispute directly on the CIBIL portal. After verification, the lender may correct or remove the entry if it’s found incorrect.

Checking your credit report is free and the most accurate way of viewing all loans at one place.

2. Experian

Steps:

1. Visit the official site of Experian India

2. Click on Free Credit Score

3. Enter your details- Name, PAN, Mobile Number, Email ID, and Date of Birth.

4. Verify with OTP

5.Download your credit report

Your Experian credit report will include:

• Active loan accounts

In the implementation of the lodging management framework, the following elements are included:

• Credit Cards

• Outstanding balances

• Loan status

Any errors can be disputed directly with Experian.

3. Equifax India

Directions:

1.  Just as is done in other credit bureaus, all the processes can be carried out by visiting the Equifax India website.

2. Click on Personal Credit Report

3. Login with your registered email ID

4. Download your credit report

Look for:

•  Type of loan •  Current balance •  Likely timely repayment of the loan • Active or Closed: Any issue related to the reporting of an unknown loan can be disputed on the Equifax website.

4. CRIF High Mark

Steps:

1. Go to the website of CRIF High Mark

2. Enter PAN, name, and contact information

3. Answer Security

4. Opt for the free annual credit report

5.  Receive the report on your email

Always look at the Accounts section to be sure there are no loans. You have the ability to dispute things online as well, in case something doesn’t look right.

Method 2: Check Directly with the lender

If you recollect that you have taken a loan from a particular bank/NBFC, then you can check it there too.

1. Through NET Banking or Mobile App

• Log in to your lender’s app or internet banking

• Go to Loans / Accounts

• Check

• Loan type

• EMI 

• Outstanding balance

• Next due date

2. Through the Lender's Website

With some banks, you can log in and check the status using your PAN and registered mobile number.

3. Customer Care Contact us or visit a Branch

You could always approach the lender or visit any of their branches with:

•        PAN card

•        Identity Proof They will also be checking if it is an active loan or not.

4. Verify Loan Statements

Still getting loan statements by email or SMS? Go through them to see:

• Loan account number

• Outstanding balance

• EMI Schedule

• Interest charged

Loan statements are not just informational updates; they're notifications. They can help identify loans you have forgotten you've taken, or in some cases, ones you have never knowingly taken.

Why you need to consider checking the active loans?

1. To avoid loan frauds and identity theft

As the rate of loan frauds is increasing in India, it is always advisable to keep a close watch on the loans that have been availed. In fact, in most cases of loan frauds, identity frauds occur as the PAN cards are being misused in India.

Checking your credit report will enable you to know:

•   Loans taken without your knowledge

•   Credit cards acquired fraudulently

•   BNPL or micro-loans you never applied for

Early detection would also save you from long-term credit problems.

2. To plan your finances better

When you have more than one loan, at times it can be hard to keep track of:

•   Total EM

•   Outstanding amounts

•   Interest

Knowing all active loans can:

•        Plan your monthly budget

•        Choose which loan to close first

•        Unload or avoid new credit instruments unless absolutely necessary

3. To protect your credit score

Your credit score depends to a large extent on:

•    Timely EMI payments

•    Loan defaults

4.   Overdue amounts

All it takes is one unaware default on a loan payment, and your score plunges down like a knife. This could affect your future loans, credit cards, and rentals in a VERY BAD WAY! By checking regularly, you are in control.

5. To identify errors contained within errors or reporting

On other occasions, this may be due to delays by lenders in updating their records. You might find, for instance, that you've already closed a loan, but it still shows on your records as an active loan because

• Technical delays

• Reporting errors

• Closure updates not reflected

By engaging in regular checks, you can raise issues at an early stage and get corrections made.

Key Takeaway

So, keeping a track of your active loans on your PAN cards is not just for individuals with a low credit score or not financially savvy. In essence, this is something that all individuals should keep checking, just like individuals check their bank statements or filings of their income tax returns.

A few minutes spent reviewing your credit report will help you:

• Avoid fraud

• Surprise-less

• Maintain a healthy credit profile

If you haven’t reviewed your credit report recently, it’s time to start.