Once your loan gets approved, you have to track the installments you have paid. However, it can be hard if you have multiple active loans. Just like you, banks also find it difficult to track loans they’ve issued. The loan account number or LAN helps reduces complexity for both you and the bank. Read below to know what is loan account number.
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A loan account number (LAN) is a unique identification number that your bank assigns to your loan account once your loan gets approved and the loan account gets created. Every loan account has a unique LAN. If you’ve availed more than one loan from the same bank, then each loan will have a different LAN. This LAN is used by banks to keep track of the loans they’ve sanctioned.
I hope now you know what is the loan account number.
Why You Need to Know Your Loan Account Number
You should know your loan account number as it helps you manage your loan, pay EMIs, and check your loan status. Whether you repay your loan via online wallets, debit cards, or net banking or by going to the bank’s branch, you need to give your LAN for the repayment.
Your LAN is also helpful when you want any other service or help regarding your loan. The bank will be able to assist you with your queries only after you will tell them your loan account number. If you have to change any personal detail in your loan account, you’ll need your LAN to proceed with the changes. For example, if you want to update your contact number, you’ll have to provide your LAN.
Read more:
How to find loan account number?
How to check ICICI home loan account online?
How to get SBI home loan statement?
I hope now you know what is loan account number.
Authors Of The Question
What is loan account number?
Wasim
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2 Year
2022-08-25T19:42:24+00:00 2022-08-25T20:19:29+00:00Comment
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