Loans have become quite common in today’s world. In the past, obtaining a loan was a significant challenge. However, banks now make it easy to secure loans, even if you already have one. Let’s explore how many loans might be in your name in this context.
Previously, getting a loan required multiple bank trips, but now you can apply for a loan from the comfort of your home using just your smartphone.
Funds can be transferred to your account with a single click. The banking sector has become more accessible, especially with the introduction of credit cards, which have simplified the loan process. Additionally, even small amounts can easily be converted into EMIs (Equated Monthly Installments).
As a result, many people may not realize how many loans they currently have. Is it ever too late to pay an EMI? Moreover, with the rise of cybercrime, fraudsters are taking loans in the name of unsuspecting individuals.
How many active loans are associated with your name?
To check the details of your loans—including how many installments of your current loans are left—you can follow these simple steps.
- Start by checking your CIBIL score. To do this, visit the website www.cibil.com.
- Click on the option labeled ‘Get Your CIBIL Score.’
- You will be prompted to enter your date of birth, mobile number, and email ID.
- After registering, you will need to create a password.
- Next, enter your PAN number and select the option to Check Your CIBIL Score.
- An OTP (One-Time Password) will be sent to your phone.
- Upon entering the OTP, your CIBIL score will be displayed along with details about your loans with various banks and whether you missed any EMI payments.
- You will also see how many more EMIs are due on your current loan.
If your CIBIL score reveals any loans that you were previously unaware of, it is crucial to take immediate action. Contact the relevant bank officials and inform them about the situation.
They can then deactivate the PAN number linked to the fraudulent loan. Given the rising number of financial crimes, experts recommend checking your active loans and CIBIL score at least once a month.