The Loan Account Number (LAN) is a unique identifier assigned to your loan account by the lender. It's important for tracking and managing the loan and maintaining accurate records. It also helps ensure timely repayments and provides effective communication with your lender.
What is a Loan Account Number?
A Loan Account Number is like a unique ID given to a loan that you borrow from a bank or a lender. It helps keep track of the loan so both you (who borrowed the money) and the bank know how much has been paid and how much is still owed. This number ensures all the payments and details about the loan are available in one place and are easy to find. It helps all the parties stay on the same page until the loan is fully paid off.
Importance of Loan Account Number
1. Efficient management
A Loan Account Number (LAN) improves efficient loan account management by providing each account with a unique number. This lets you easily track payments, outstanding balances, and account details.
2. Seamless transactions
Banks can process payments and disbursements seamlessly using a Loan Account Number. This helps minimise delays and ensures all transactions are accurately recorded for a better experience.
3. Crediting EMI
Regular EMIs are credited into the loan account with the help of a Loan Account Number. It helps prevent any kind of discrepancies in payment records, allowing you to monitor repayment progress effectively.
4. Identification
A Loan Account Number helps lenders quickly access your account information, including payment history and outstanding balances. Knowing your LAN simplifies communication with the lender regarding enquiries or issues related to the loan.
5. Updates and changes
A Loan Account Number makes updating and changing any data in the account easy. You can easily make changes through the lender's website or mobile applications such as Axis Bank's Open App. This helps maintain accurate documents and up-to-date records for both parties involved.
Why do you need to know the Loan Account Number?
The purpose of a Loan Account Number is to provide a unique identifier for each loan, facilitating efficient tracking and management of the account. It helps in accurate payment processing, enables easy access to account information, and simplifies communication between you and the lender. Overall, it improves transparency and organisation in the loan management process.
How to check the Loan Account Number online?
1. Net Banking
- Log in to your bank’s official website using your credentials.
- Navigate to the loan section to view all your loan accounts.
- All the relevant details, such as outstanding balance and payment history, are displayed, ensuring easy access to your information.
2. Mobile Banking
- Open your bank's mobile app and log in with your credentials.
- Check for the loans or accounts section within the app.
- All the account numbers and other details are visible so that you can check them quickly.
Also Read: Understanding the need for a Personal Loan co-applicant
Conclusion
A Loan Account Number is like a unique name for a loan. When you borrow money, the bank gives it this ID to keep track of it. This number helps the bank and you know how much money has been paid, how much is left to pay, and all other essential details about the loan. It helps ensure everything is organised so everyone can easily see the loan's progress until it’s fully paid back.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
