What Is my Personal Loan Number & How Do I Find My Loan Number?
When you apply for a personal loan and it is accepted, you must keep records of your payments. However, it might be hard, especially if you already have more than one current loan. Banks also work to keep a record of each personal loan they make. The LAN, or loan account number, makes things a lot easier for both sides.
What Is the Account Number for The Loan?
When the personal loan is accepted as well as the loan account is formed, your bank gives a special set of numbers to your loan account. Each loan account has its loan account number. If you’ve taken out two or even more loans with the same organization, the personal loan account numbers would be varied. Banks use the loan account number, which is specific to each loan account, to keep a record of all the personal loans you have approved.
Loan Features and Advantages
- Loans are classified into different types depending on a variety of criteria.
- You may choose the type of loan you want depending on your needs and eligibility.
- The lender will have the last decision on the personal loan amount they want to provide you based on various criteria such as repayment ability, income, and so on.
- Every personal loan will have a payback period and an interest rate
- Each loan may be subject to several charges set by the bank.
- Many banks provide fast loans that are paid between minutes and hours.
- The bank sets the interest rate depending on the Reserve Bank of India’s rules.
- The bank sets the amount of security required.
- In some situations, a third-party guarantee might be applied place of security.
- Loan repayments must be paid in equal monthly instalments during the loan’s specified time.
- Prepayment in whole or in part could or could not be an option.
- Prepayment fees may be applied by these types of personal loan and banks.
Eligibility for Loan
The loan qualifying conditions depend on the form of loan you want. In general, you may confirm your eligibility using the basic criteria listed below.
- A good credit scores
- Continual income flow
- At the time of taking a personal loan, you must be between the ages of 23 and 60.
- Security proof, such as investments, FDs, real estate, and so on.
- A good working relationship with your bank
- A track record of regular debt payback
Types of Loans
According to the security provided by the clients, a personal loan is divided into two parts;
Loans with Security
These loans demand the client to put up assets as security for the funds borrowed. If the client becomes unable to pay back the loan, the bank may use the offered assets to recover the due amounts. When compared to unsecured loans, the rate of interest on a such personal loan is much less.
Loans with No Security
No security is required for loan delivery on unsecured loans. To decide whether or not to provide the loan, the bank examines the borrower’s previous connection, credit rating, and other factors. Because there is no means to collect the loan amount if the client fails, the rate of interest on a such personal loan may be high.
The Required Documents.
Applicants with a Salary
- Formal application with picture
- Identity and address verification
- Bank account report over the last six months
- The most recent salary slip
- Form 16
Applicants Who Are Self-Employed
- Formal application with picture
- Identity and address verification
- Bank account report over the last six months
- Business proof
- Overview of the business
- Income tax returns (personal and company) for the past 3 years
- Last 3 years’ financial gains or loss reports and balance sheets
What Is the Benefit of Knowing Your Loan Account Number?
To handle your loan, review your loan progress, and submit Instalments, you must remember and understand your personal loan account number. If you return your loan by online banking, online wallets, debit card, or by contacting a bank office, you must provide your loan account number.
Your loan account number is also useful if you want any extra help or support related to your loan. Only when you have provided the personal loan account number the bank would be able to help you with your questions. If you would like to edit any personal details on your account, then you will need your loan account number to do so. For example, if you updated your contact details and want to change them, you must provide your loan account number.
How Can You Get Your Loan Account Number?
There are various methods for getting your personal loan account number. Here are a few examples:
Review Your Loan Statement
The loan report sent by your bank when your personal loan is approved contains all of your loan data, including your account number. The report will also provide details on the instalments you paid and the unpaid balance.
Browse Your Bank’s App or Website.
You may also confirm your loan account number by connecting to your current banking account on the internet site or mobile banking app’s client login tab.
Dial The Bank’s Toll-Free Customer Service Line.
Contact the bank’s toll-free customer service number for guidance and help with your personal loan.
Go to any of your bank’s branches.
You may take your PAN card and bank account information to the branch where you received the personal loan. Give the information to the bank’s officer. Following verification, the agent will give you your personal loan account number.
Conclusion
The loan account number is an important feature to be aware of. You can monitor your Installments, verify the amount you’ve received, and make smarter investment choices by using your loan account number. Remember your personal loan account number now that you understand what it is and how necessary it would be for your personal loan information. To know more about such types of topics, visit Piramal Finance.