When you apply for a loan, the bank will give you a unique account number known as the Loan Account Number (LAN). It is also known as a loan number. This LAN (loan account number) is basically a doorway to one’s loan details. As your LAN gets approved, you need to track the paid instalments. It can get tricky, specifically if you own more than one available loan. On the other side, banks can also find following each loan they have issued challenging. So, the lender’s loan numbers will reduce intricacy for both parties.
So, are you looking to find your LAN?
No more hassle! This post provides a step-by-step guide, so you understand how to get your loan number and use it most.
Before finding your loan number, let’s first understand what it is and how it benefits lenders and borrowers.
Loan Number OR Loan Account Number
Your loan account will be opened when a loan has consented to you. The bank will provide a unique number to represent that loan. All given loans will be identified by their loan numbers. A single bank cannot reduce the loans for you under one account number, even if you accepted many loans from them. Your same bank can maintain track of all approved loans with the date and credit-related details.
Most banks these days provide an option on their site where borrowers can instantly enter their Loan Numbers and retrieve all relevant information about their loans! The loan payment is mentioned at the top of the credit report. This report is created for the loan servicer’s monthly loan statement allocated to every customer.
Let’s dig deeper into how it is beneficial to have loan numbers.
Benefits of Loan Numbers
It’s incredible to track all the loan records when people have loan numbers. You don’t need to put all the details in your mind. It’s because the loan account number will store in-depth information. Here are some benefits that will help you understand your loan number’s needs.
- With the loan account numbers, borrowers can reach their loan details easily.
- The loan numbers also help the bank keep track of all the loans they have issued to their customers.
- The loan number is a customer reference number. It remains constant irrespective of changes in name or address. So whether you move cities or switch banks, this number will remain the same.
- Apprehending a loan account number is convenient, particularly when you like to make payments via mobile banking towards your loans or view any past/current transactions.
Finally, it is beneficial for both lenders and borrowers to have loan numbers. The loan account number helps borrowers easily track their loan details and help the bank keep track of all the loans they have issued.
It’s time to find your loan number. By following the given steps, you can have your loan number. Read on.
How to Find Loan Number
There are many ways to find the correct loan account number. You can keep an eye on your loan statement, log in to your bank’s site or app, or call your toll-free customer care number to find your loan number. Alternatively, you can visit any branch and carry your PAN card and bank details. The bank officer will verify all the details and provide you with your loan number, after which you can access all your loan details.
Let’s discuss all these methods one by one.
1. Review all your loan statements
Once your loans are approved, your lender will create a loan statement containing the LAN account number. This report will also include everything essential to know about your loan.
2. Go to the website of your bank and sign in
Linking to your specified bank account via the customer sign-in section on the website or the mobile banking collection agency is another option for confirming your LAN account number.
3. Contact the bank’s customer Support system by dialling their toll-free number
You can receive answers to your questions and help to process your loan application by calling the bank’s toll-free consumer helpline. You may contact the bank’s loan support between office hours if you have requested a loan. You may contact IDFC FIRST Bank if you need to find out the number associated with the loan account or if you have any other questions about your monthly statements.
4. Visit the nearest branch of your bank
If you secured a loan from the bank, you should bring your Permanent Account Number (PAN) card with bank details back to the bank. The bank officer requires the loan application date and interest rate. Once everything has been checked out, the manager will give you a loan number.
Why it is Important to Have Loan Number
You’ll need access to your loan number if you want to make payments on time and keep track of your loan progress. You’ll need to provide your loan number whether you’re making a repayment using the bank’s website, a debit card, a digital wallet, or a personal visit to a branch.
Whenever you call customer support or submit a request for assistance with your loan, having your account number on hand will be pretty beneficial. Getting answers from the bank without getting the loan account numbers is impossible. You will need your loan numbers to make any necessary modifications to your personally identifiable information.
For example: If you have a new phone number and want to add it to your loan account, you’ll need to provide your loan number.
What is a Student Loan Account Number?
The student loan account number is a unique identifier for a financial aid package or federal student aid. Your loan servicer will provide you with a unique number consisting of a string of numbers. You will have many account numbers if you have more than one supplier. A separate account number for a federal and non-federal student loan is possible with a provider like Navient.
Student Loan Repayment
Having a specific student loan account number will help you avoid identity theft and simplify the process of deducting interest paid on federal taxes. The student loan account number
will also help you with student loan repayment. Remember, you must pay your interest loan money to your loan servicer. Being a lender, you must maintain your monthly statements, credit, and savings.
- The “Student Loan Refinance” for California residents will be set to a California Financing Law License.
- One American bank account (member FDIC) and a Paypal account can facilitate both borrower and the lender to avail of federal loans.
- The lender and borrower can check federal student loans, credit union and private loans, monthly payment statements and account details.
- Remember, there is a difference between a bank and a credit union (One American bank (member FDIC) versus an earnest LLC). You can sign up for FSA ID.
- One American bank can provide loans to anyone, while earnest LLC provides loans to students. In both cases, note that the lender is supposed to pay back.
- If you are going to apply for earnest operations LLC, check the due date and You can also get guidance from the earnest operations LLC helpdesk.
Private Student Loans & Federal Student Loans
There is a difference between private student loans and federal student loans. The federal government provides funding for federal student loans as well as federal parent loans. Non-government organizations (NGOs), banks, credit unions, governmental agencies, and educational institutions can provide private student loans. In both cases, your monthly statement, savings account, credit union, and loan balance-related information will be available to the user via a bank link or a bank letter.
Conclusion
In a nutshell, it can be challenging to trace your loan information and repayment options, specifically if you have more than one active loan. Banks also find it hard to track each loan they have issued. This is where the Loan Account Number works. It reduces complexity for both parties and makes life a whole lot easier. Knowing your LAN is handy, especially when you want to make financial decisions. You can use your account information and go for online payment via mobile banking before the due date.
So next time you want to check your loan details or make a payment, don’t forget to have your LAN-Loan number at hand!
If you have more questions related loan servicer’s loan amount or due date for payment, note down your query in the comment section, and we will be there for you. If you like reading, share this blog with your friends and loved ones.
FAQs
What is a loan ID number?
A loan ID number is a unique identifier for your loan account. This number helps you track your loan account details easily.
How many digits is a loan account number?
A loan number typically has 8 to 10 digits.
How do I know my student loan account number?
You can find your student loan account number or federal student aid on your loan statement or by logging into your bank’s website or app. You can get your student loan account number in one of two ways:
- Verify written or electronic communication like your mail or letter. Whenever your servicer contacts you, your account number will most likely be shown on the top of messages that the service sends.
- Make sure you’re logged into your online account. The account number is shown on the servicer’s website after you sign in.
What is the use of a loan number?
A loan account number helps you easily track your loan details and helps banks keep track of all the loans they have issued.
Is my loan account number the same as my customer ID?
No, LAN is different from your customer ID. Your customer ID is assigned to you by your bank when you open an account with them.
