How to check your EMI, car loan, insurance policy, and tax filing status online?

Gone are the days when you had to stand in long queues to check the status of your loan or file your tax returns. Now you can check your financial status from the comfort and convenience of your home. Read on to know how!

How to check your EMI, car loan, insurance policy, and tax filing status online?

The world has changed considerably over the past few months, and it continues to change with every passing day. In the midst of all the uncertainty that surrounds us, one thing is certain: the future is digital. While the younger generation has for long been familiar with managing their finances online – making bank transfers, applying for loans, or getting insurance – the rest of the world is catching up.

With new terms like ‘lockdown’, ‘social distancing’, and ‘shelter in place’ becoming a part of our vocabulary, we have to look at new and innovative ways in which we can continue living our lives. The lockdown may be easing up in certain parts of the country as well as the world, but a degree of uncertainty remains, so it is better to take precautions and stay safe.

Banks and other financial service providers have upped the game by providing their customers with seamless interfaces via apps and websites. Here’s how you can use these platforms to check your financial status online and make changes to the same: 

Bank accounts

Both private and public sector banks offer netbanking these days. This feature enables you to use all the services provided by the bank without having to visit the branch! You can check your account balance, get a mini-statement (or even a detailed statement for the last financial year), and make transactions in just a few clicks. If you don’t have netbanking, simply contact your nearest branch and fill out a form requesting that netbanking be activated for your account. You can also use netbanking to transfer funds – this service that can take anywhere from a few minutes to 24 hours depending on your bank and the recipient’s. If you own a business, you can pay your vendors and employees and track clients’ payments in seconds without having to physically step out of your home.

In a bid to make things even more convenient, most public and private sector banks have launched mobile apps in recent years. You can download the app on your smart phone or tablet, and log in with your credentials to access features like fund transfer and bill payment, and check account balance. In the matter of a few clicks, you can now also invest your money in instruments like Mutual Funds, Fixed Deposits (FDs) and Recurring Deposits (RDs), apply for loans, insurance and credit cards, as well as check the status of all your existing accounts and deposits. 

Loan status

Loans are financial instruments that can help you achieve your dreams or simply tide over a difficult time you or your business may be facing due to extraneous factors. There are different types of loans available today, such as car loan, home loan, personal loan, etc. You can easily check the status of your loan application by visiting the website of the financial institution you applied to. Do remember to keep details such as your full name, mobile number, date of birth and application number at hand.

Related: Personal loan or Credit card loan: Which one should you opt for and when?

EMIs (Equated Monthly Instalments)

EMIs are a great way to make purchases without having to bear a large financial burden all at once. While EMIs were traditionally used only in the case of asset purchases like cars and property, today many online and offline retailers offer you the option of EMIs even while buying electronic items like TVs, household appliances, and mobile phones. You can view the status of your EMIs due on the website or app of the bank whose debit or credit card you used to secure the EMI. The amount paid, the pending amount, and number of remaining EMIs are easily seen once you log in with your details.

Tax filing

The mere mention of tax filing often makes people jittery because of the supposed complexities involved in the process. However, the Government of India has now made this process smooth and hassle-free by allowing online filing of income tax through its website. You can download the JAVA utility or Excel utility software, and relevant forms, and access a step-by-step guide for different processes. You can easily file your taxes, check for tax refunds, and view your tax credit. Before you file your taxes online, make sure you have important details like your PAN, Aadhaar, Form 16, bank account details, and investment details ready. You can also use this portal to file taxes for your business, and process TDS (Tax Deducted at Source).

Related: What documents to keep ready while filing your ITR?

PAN and TAN application

PAN (Personal Account Number) is a basic necessity for conducting financial transactions in India. Applying for one is now a smooth and hassle-free process. Both Indian and foreign citizens can apply for a PAN by downloading Form 49A and Form 49AA from www.tin-nsdl.com. One can also apply for a TAN (Tax deduction and collection Account Number) for their business. A TAN is essential for businesses that deduct tax at source; it needs to be quoted when filing your TDS returns. 

Investments

You can not only track the status of your current investments online, but also make new investments, be it in fixed deposits, mutual funds, or digital gold. If you already have a bank account with the service provider you want to open an FD with, all you have to do is log in with your credentials on their app or website and create an FD of the required amount. Whether you’re looking to invest in gold online or searching for tax-free investments, you can now do it all online, and sit back and watch your wealth grow. Before making any decisions, however, check potential returns on your investment by using an online ROI calculator. 

Related: 5 Banks that give the best Fixed Deposit rates

Last words

The old normal may never return, but the new normal isn’t that difficult to adapt to, given the many benefits that today’s advanced technology offer! So go ahead and familiarise yourself with these financial services. You can access them online through your laptop, mobile, or iPad. Many leading financial service providers also offer their services through online apps. Download the app on your favourite gadget and you’re ready to manage your financial status on the go! 

If you face any issues while using these services online, you can always reach out to the customer care team of the respective service provider, who should be able to resolve your doubts and queries. Now, doesn’t that sound simple! Read how buying term insurance online helps in achieving goals




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