- What are Loan, Credit Card and Mutual Fund Account Statements?
- What are the details that you can see on these statements?
We are living in a time where we have a wide range of financial products at our disposal, such as Loans, Credit Cards, Investments in the form of Mutual Funds, Shares, etc. And some people are using one or more than one such product at a time. While enjoying the benefits of such multiple financial products, people face problems in keeping track of each product individually. So, how can you achieve it seamlessly? Well, the answer to this question is the Statement of the financial product/s you are using at a time. You can keep track of your loan, credit card, or Mutual Fund with the help of a Statement.
Loan, Credit Card and Mutual Fund Account Statements help you in managing your finances better as you are constantly in touch with what is happening when it comes to your loan, credit card, or mutual fund investment. A statement of these financial products contains various details related to your product. These details tend to vary from one statement to another depending on the type of financial product you have.
This article will cover all the details related to the Loan, Credit Card and Mutual Fund Account Statements, such as what are details these statements contain, when will you need them, how can you get it, etc. So, keep reading to have a better understanding of each of them.
Loan Account Statement
Several people opt for a loan at some point in their lives to fulfill different financial needs. Lenders provide a variety of loans according to the different needs of customers, such as Personal Loan, Home Loan, Car Loan, Education Loan, etc. A customer has to repay the loan amount within the chosen tenure. So during this tenure, how can the borrower keep track of his/her repayments, outstanding balance, etc? Well, for this particular need, lenders provide the Loan Account Statement for every kind of loan you opt for.
A Loan Account Statement contains all the important details related to the loan given by the lender, such as the Loan Amount, EMIs Paid, Due Date of the payment, Outstanding Balance, Loan Account Number, etc. An individual needs to keep track of his/her loan account statement to manage his finances better and to stay updated about the loan account. Other than this, you will need your Loan Account Statement when you want to opt for the Balance Transfer Facility or Prepayment Facility. When going for a Balance Transfer, the lender will check your Loan Account Statement to make sure you are paying your EMIs on time. Lenders will send your loan account Statement every month (either online or offline) so that you can be in the loop regarding all the payments, etc.
What Does a Loan Account Statement Include?
We are showing some of the important details that a Loan Account Statement includes below. You can look at each of them in detail.
The statement number will help you in keeping track of your loan account. It will also help you in logging in to your loan account. The lender will assign you the Statement Number at the beginning and it will remain the same for your overall tenure. You will need to keep the Statement Number of your Loan Account with you so that you can check your statement anytime you want.
Your Loan Account Statement will show the loan amount you have taken from the lender. Loan Amount is one of the important details whether it is a personal loan or home loan or any other kind of loan.
Start and End Dates of Loan Tenure
Your Loan Account Statement will also mention the dates on which you have taken the loan amount until the loan tenure ends. Suppose you have taken a personal loan for a tenure of 4 years on June 1, 2020. Then, it will be the Starting Date and the End Date will be four years from this date i.e. June 1, 2024.
Interest Rate and Type of Interest Rate
The Loan Account Statement will mention the interest rates provided by the lender. Loans are generally provided to customers at two types of Interest Rates – Floating and Fixed Interest Rates. On choosing the fixed type, the interest rates will remain fixed during your tenure while on choosing the floating type, interest rates tend to change according to the changes in the benchmark rate. So, your statement will mention the interest rates for the statement month. If there will be any change in the rates, that will be updated in your loan account statement.
Repayments and Due Date
The Loan Account Statement will also mention the monthly repayments that you have to pay and the repayments you have done already. This detail will help you in keeping track of your repayments as it is important to pay your EMIs on time, otherwise, it can impact your credit score negatively. If you miss any of the repayments, the statement will mention the same too. The statement will also have the date on which you have made repayments and the next due date when you will need to pay your EMI.
Outstanding Principal Amount
It is important to know how much loan amount you still need to pay. This is known as the Outstanding Balance Amount. And to help you with this, your Loan Account Statement will also include the Outstanding Principal Balance every month so that you can keep track of your financials. After every month, this amount will keep reducing as you keep paying the EMIs. The amount is calculated from the date you started to repay the loan.
The loan account statement will also contain additional information like adjustments made in payment, late payment charges (if any), payment reversals, miscellaneous charges, etc, during a monthly statement cycle. If you find any error or inaccuracies in it, you can contact the respective Loan Customer Care of the lender so that they can be rectified.
Credit Card Account Statement
Credit Card is one of the most popular financial products provided by the leading banks of India. Individuals can choose a credit card according to their spending habits across several categories such as Travel, Shopping, Entertainment, Dining, etc. You can shop anything with your card and it gives you the option to pay the amount later on or before the due date. On paying the amount after the due date, you will have to pay interest on the amount you spend. Apart from this, you will also need to pay late payment charges on it. So how do you keep track of your spending made with the credit card?
Credit Card Account Statement is the answer to your question as this contains all the information related to your credit card, such as transactions you made, payment due date, total due amount, minimum due amount, credit limit, cash limit, account summary, etc. With the statement, you can keep track of your credit card spending and manage your finances better. Your bank will send your credit card statement via Email or Physically in whatever form you like. You can also download it via Internet Banking or Mobile Application of your respective lender. You will also need your credit card statement in case you want to opt for the Balance Transfer of your existing credit card to another credit card.
What does the Credit Card Statement Include?
We are showing you each of the details that a credit card account statement contains below. Want to know thoroughly about them? Have a look.
Your Credit card statement contains personal details such as your Name, Email Address, Residential Address, and GST Number (if any). Make sure that all of the details are correct. If you want to update any of the details, you can contact the Credit Card Customer Care of your respective bank.
Statement Date and Card Number
Other than personal details, your credit card statement will include your 16-digit Credit Card Number and Date on which the statement has generated.
Information About Dues
This section of the Credit Card Statement will include pretty important details such as Payment Due Date, Total Dues that you need to pay, and the Minimum Due Amount. Payment due date is the date specified by the bank on or before which you will need to make the credit card payment. It can be different for different individuals. If you do not pay your dues on or before the due date, your credit score can get affected negatively. Other than this, if you pay the minimum due amount (usually 5% of the total dues), the bank will not charge any late payment fees.
But on paying the minimum due amount, the interest will keep getting charged on the remaining amount. And if you keep paying the minimum due amount every month, the balance will keep getting higher and higher due to revolving credit. So, it is advised to always pay your dues in full.
Credit Limit and Cash Limit
You can also see the Total Credit Limit of your card and the available credit limit. Your available credit limit will increase once you pay your credit card bill. For example, your available credit limit is INR 55,000 and your due payment is INR 5,000. So, once you pay the bill your credit limit will be INR 60,000. Other than this, a part of your credit limit will be for the Cash you can withdraw from the ATM. This is known as the Available Cash Limit that you can also see on your Statement.
Account Summary and Past Dues
Your credit card statement will also include all the details about your Opening Balance, Payments towards your credit card account, Purchases you made with your card, financial charges (if any), and total dues. Other than this, your credit card statement will also include past dues, if any. You can also see all the details about this transaction that you made during your monthly billing cycle.
Reward Points Summary
A credit card provides several reward points on the transactions you make. These points can be redeemed to obtain gifts according to your choice or even pay your bills. You can also see the summary of your reward points. This section will consist of information like Earned Reward points in the current billing cycle, Total Reward Points, Points that will expire in the next 30 days or 60 days, etc.
Mutual Fund Account Statement
There has been a sharp increase in individuals who have started investing in mutual funds for the last few years. Mutual Funds have been one of the perfect investments to achieve the desired financial goals according to your risk appetite. When you invest in any mutual fund, you can check all the important information related to your mutual fund with the help of the Mutual Fund Account Statement.
What Does the Mutual Fund Account Statement Include?
Your Mutual Fund account statement will consist of details like Name of Mutual Fund Holder/s, Mobile Number, Registered Email ID, and most importantly, all the transaction details related to your mutual fund.
How Can You Get your Mutual Fund Account Statement?
There are mainly two ways by which you can get your Mutual Fund Account Statement – Online and Offline. If you have invested in a mutual fund scheme online, you can check your statement online by putting details like your Folio Number, PAN, etc. Other than this, you can also visit your mutual fund branch and fill out a form to check your Mutual Fund Account Statement. If you are unable to go to the branch, you can also visit the official website of the CAMS, which is one of the official registrars of Mutual Funds. You can check your mutual fund statement by following a few basic steps.