Loan Account Numbers (LANs) are issued by lenders upon approval of your loan application and used by banks, NBFCs, and other lending institutions to track individual loan applications.
Your lender should send a loan statement outlining your account number when your loan has been approved, or call their helpline or visit their nearest branch to enquire about this number.
Know Your Loan Account Number
Loan account numbers are unique identifiers assigned by lenders to loan accounts belonging to individual borrowers, which play an essential role in various loan-related activities, such as tracking loan repayments and accessing statements. They help borrowers stay on top of their loan journey by making it easy to follow repayments without missing payments or incurring other issues, so individuals must know how to check and keep track of their loan account number.
Individuals often fail to recognize the significance of knowing their loan account number or forget it altogether. With digital technologies rapidly disrupting banking sector operations, however, individuals can quickly access funds via loan-related apps and websites of banks and NBFCs, offering fast processing, approvals, and disbursals of loans for individuals to avail now. Thus, individuals must keep tabs on their LAN numbers regularly by conducting regular LAN checks so they won’t run into issues while repaying their loans.
A Loan Account Number, or LAN, is assigned to individuals when their loan applications are approved and serves as an individual identifier for each loan account. Banks and lending institutions utilize these LANs to keep track of loans they disburse to customers; borrowers must know their LAN in order to manage and track their loans as well as monitor EMIs more easily.
If a person wants to make changes in their loan information, they will require their Loan Account Number (LAN). It’s essential to keep their LAN safe as they will need it every time they make a payment through net banking, debit card, or online wallets.
One can quickly locate their loan account number (LAN) by checking their loan statement sent regularly by their lender, logging onto their lender’s website/app and searching for their LAN section, or even reaching out to customer care or contacting their toll-free number directly in order to find their LAN.
Track Your Loan
Loan account numbers may appear random at first glance, but their numbers contain essential meanings. A Loan Account Number (LAN) serves as the unique identifier for one individual loan that allows him or her to track status updates, make payments, and communicate with lenders; its digits play an essential role in creating an enjoyable, safe, and convenient lending experience for the borrower.
A loan account number (LAN) is assigned to every loan account upon approval from a lender, giving each one its own 14 or 15-digit identification code. Lenders also use this system to keep track of which loans have been disbursed to individuals.
So borrowers need to have their Loan Account Number (LAN) handy so as to stay abreast of their loan repayments while also preventing any unnecessary confusion or delays during processing or disbursal of their loans.
To determine your Local Area Number (LAN), there are various methods available, including using your lender’s online portal. Most major banks, NBFCs, and lending institutions offer customers access to their information online via these portals. In order to use one effectively to locate your LAN number, you will need to provide details such as your name, date of birth, address, and phone number, in addition to other information that helps pinpoint it.
An additional way to verify and assist with your loan account number is by calling your lender’s customer service department. This can be accomplished using their official toll-free numbers or helpline, emailing, or even via SMS text messaging. A customer support executive will request your loan account number along with other details in order to help verify and assist you further.
An alternative way of checking your loan account number is by visiting a branch of your lender with your PAN card and documents for verification. After verification, their customer service representative can inform you in person about your loan account number as well as address any queries or issues pertaining to it.
Pay EMIs
EMIs, or Equivalent Monthly Instalments, provide an easy way to purchase big-ticket items such as houses, cars, and appliances without breaking your budget. Furthermore, this method helps spread costs over a longer duration and eases your wallet by spreading payment obligations over multiple payments based on the amount borrowed, term of loan, and interest rate.
If you want to pay your EMIs early, visit your lender’s website or mobile app and log in using your customer ID and OTP to access your account. Select which loan account requires advance payments before clicking “Advance EMI.” This will take you directly to an EMI payment page where you can submit all relevant details and make your payments.
Visit your lender’s branch and make an advance EMI payment; however, before doing so, it is advisable to carefully read through their terms and conditions first, as you may incur pre-closure fees if closing before your scheduled closing date. Alternatively, you could lower your EMIs by repaying all outstanding loan balances at once or an upfront sum to partially repay the loan amount in full or partially repay the loan early.
Apart from their other advantages, EMIs also play an essential part in building creditworthiness by positively impacting your credit score and encouraging timely repayment. Furthermore, having an excellent credit score opens the doors to more favorable loan rates and amounts.
Maintaining financial stability requires more than paying your EMIs on time; it also means keeping an accurate record of every transaction that occurs in your bank account and avoiding discrepancies or issues in the payment of EMIs.
If you need assistance tracking down your loan account number, the lending institution is always willing to assist. In order to verify your identity and approve your loan application, they’ll require your loan account number as proof. Alternatively, check your bank statement that was provided upon loan approval as it contains this number, as well as prevent any official notification of its release.