What is Loan Account Number

What is a Loan Account Number? Steps to Find Loan Account Number

January 30, 2023 • 114888 views

Digitization in the lending sector has made it easier for individuals to avail of funds instantly. Various banks, Non-Banking Financial Companies (NBFCs), and lending institutions are now offering online loan applications. This has also speed up processing, approvals, and disbursals. Additionally, borrowers have the option to manage their loans online. With general information, they can track their loan journey. Here, the most important factor is the loan account number. In this blog, we’ll figure out what a loan account number is and how to find a loan account number.

What is a Loan Account Number? 

Your loan account number is a 14- or 15-digit number that is given to you by your lender when your loan application gets approved. Every loan account has a unique account number. In case you have two ongoing loans, the loan account numbers will differ respectively. Lending institutions and banks keep track of the loans given out by them through loan account numbers that are unique to every customer.

Why is a Loan Account Number Important?

When you apply for a loan, it is important to track and manage your loans for financial stability. Hence, it is important to know your loan account number and check your loan account number beforehand to check your loan status and to pay monthly EMIs. No matter which mode of payment you are using for your monthly payments, you will have to enter your loan account number. 
Besides this, your loan account number is important in case you want any assistance with your loan procedure. If you are facing any issues with your loan account, the bank or lending institution will ask for your loan account number to find your details. In case you need to rectify your personal details such as your contact number or address, the lending institution will need your loan account number. 

How to Know Loan Account Number?

Here are some of the ways through which you can check loan account number:

  • Loan Statement: When you apply for a loan, your lender issues a loan statement that contains your personal details and other information regarding your loan. It also includes your loan account number and the EMIs you have paid to date. 
  • Lender’s Website or App: You can log in to your lender’s official website or mobile application to find your loan account number. You may find it in the customer login section of the website or application. 
  • Toll-free Numbers and Helpline: You can call the official helpline number and email your lender to enquire about your loan account number. 

Visit Your Nearest Branch: In case you are not able to get your loan account number through these ways, you can always visit your lending institution's nearest branch to ask for the same. Post verification, the customer service executive will provide you with your loan account number. 

Different Types of Loan Account Numbers

There are three types of loan account numbers that are mostly used in India. These numbers are alphanumeric and have respective prefixes, which lenders use to understand the type of loan you have taken. You can find them below:

  • Home loan account numbers
  • Personal loan account numbers
  • Car loan account numbers

How to Use Your Loan Account Number?

There are various uses of a loan number. These include:

  • Identification of Payments

Loan account numbers help you identify and ensure that your loan repayments are accurate.

  • Tracking Loan and Repayment Status

You can check if your loan has been approved or not through this number. Even, you can utilise it to check your repayment status and history.

  • Access Loan Statement

Loan account numbers can be used to check your loan statement through the bank’s online portal. These statements help you know your remaining dues, repayment schedules, and interest accrued.

ALSO READ :- The Common Issues Faced By Personal Loan Customers…!

Tips for Managing Your Loan Account Number

It is vital for you to properly manage your loan account number. Below are some tips that will help you in managing a loan account number:

  • Regularly Check Your Loan Statement

Reviewing your bank statement at regular intervals will help you avoid discrepancies. Errors can identified and your repayments can tracked to avoid issues.

  • Manage Your Loan Account Virtually

You can use your loan account number to manage and access your loan account via online portals. This will allow you to stay updated with your loan details and track your monthly installments.

  • Contact Your Lender 

In case you are facing problems regarding your loan account number, contact the lender immediately. Resolving these issues is vital to avoid any future problems.

To Conclude

Your loan account number is essential for keeping track of your loan journey, from application to repayment. In case you want to change or update your personal details in your loan account, the loan account number is required. If you are not able to find this number, check your loan statement.

Frequently Asked Questions About Loan Account Number

1.    How do I get my loan account number?
You can find your loan account number on your loan application. When you submit your application, the lender will send a confirmation letter with the loan account number on it.

2.    Is the loan account number the same as the account number?
No, the loan account number and bank account number are two separate numbers. 

3.    How many digits is a loan account number?
Your loan account number is a 14-15 digit figure.

 

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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