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Loan Account Number: Why it is important and how to find it?
- Updated on: 18 Sep 2024
- Published on: 14 Sep 2023
Having your Loan Account Number (LAN) readily available is crucial. This alphanumeric code specifically corresponds to your loan account and serves as a distinct identifier for borrowing money. Today, the process of getting a Personal loan has become easier than ever. All you need to do is meet a lender’s eligibility terms, fill out an application online and attach the needed documents.
However, you must repay on time to service your obligation and maintain your financial health. This can be tricky to manage when you have more than one loan. Here’s where your LAN becomes vital to help you track your payments.
Read on to learn what is loan account number and how to run a loan number check online.
A loan account number or LAN is a 14 or 15-digit unique identifier that your lender assigns after approving your loan application. This number ensures that each loan account has a distinct identifier. Now that you know what is a loan account number, it is essential to understand its significance.
Knowing your LAN is essential when making EMI payments to ensure your funds get credited to the right account. You need it while paying your monthly loan instalments, regardless of your chosen payment method.
It is essential to track and manage your loan account consistently. Your LAN enables you to access your loan status, view the balance and address queries associated with your loan.
Knowing your LAN is also necessary to revise your personal information. This includes updating your contact details, employment status, residential address, or other essential information.
Check out the different ways through which you can find your LAN.
When you apply for a loan, you get a loan statement. It includes all the essential details of your loan, including your LAN.
Another way to execute a loan number check online is by accessing your lender’s official website or app. Log in to your account and access this information conveniently within minutes.
You can also run a loan number check online by reviewing your credit report. It will showcase the details of your past and current loan accounts. Examine your credit report to find the specific loan amount and note the LAN.
Another method of performing a loan account number check is by getting in touch with your lender’s customer service team. You can call the helpline or send an SMS or email to get the information.
You can also visit the nearest branch of your lender and request your LAN. A representative will provide you with the information after verification.
Now that you know how to perform a loan account number check, you can keep track of repayment with ease. To ensure this is easy on your pocket, select a lender who offers affordable financing. Get an instant loan online of up to ₹5 lakhs in just 2 minutes on Fibe! Simply download our Personal Loan App or sign up on our website.
No, a loan account and bank account numbers are not the same. The LAN is a unique number that a financial institution assigns when your loan application gets approved. Conversely, a bank account number is a unique number associated with each bank account you maintain with a financial institution.
A loan account number or LAN is a unique identifier that a financial institution assigns to your loan account once the loan is approved and sanctioned.
A loan account number or LAN has 14 or 15 digits.
You can find your LAN using various methods. You can check it by examining your loan statement, logging in to the lender’s website or app, checking your credit report, contacting the lender’s customer service or visiting the lender’s branch.
