Taking a loan has never been easier. Whether one needs credit to build a residential property or buy a car or go on a dream vacation, there are plenty of options available to take out a loan from a bank or a non-banking finance company. A loan, however, is a responsibility that the borrowers must take seriously.
Needless to say, the borrower must repay the loan as per the agreed terms. The borrower must also keep proper documentation of the loan, necessary paperwork and other important information. One such piece of information is the loan account number.
Knowing The Loan Account Number
The loan account number is a unique series of numbers assigned to a borrower by a bank or a non-banking financial institution. The loan account number helps the lender to differentiate one loan to another. If a borrower takes more than one loan, each loan will have a unique number.
It is important for the borrower to remember the loan account number. For any communication with the lender, the borrower will have to quote the account number.
Finding The Loan Account Number
If you don’t remember your loan account number, there are many ways to check your loan account number.
Loan Sanction Letter:
The sanction letter by the lender will have all details of the loan, including the loan account number, interest rate, number of installments and tenure of the loan.
Most lenders periodically issue a statement of the loan account. This statement will also have the loan account number, amount repaid and the outstanding amount on the loan.
Log Into Online Account:
If the borrower has an online account for the loan, the loan account number can be found without much difficulty. Also, if the loan is taken from a bank where they have a savings account, the loan will be linked to the savings account.
Call Customer Care:
A borrower can call the customer care of the lender and get details about the loan account after establishing their credentials.
Many lenders also provide the loan account number by SMS, if you send a message from your registered mobile number.
Borrowers can find details about the loan account if they visit the branch from where they have taken the loan. They must make sure they carry identity proofs like PAN card and Aadhaar Card for the lender to verify their credentials.
Like your name, the loan account number is the key through which the lender identifies your loan. Make sure you write it down and keep it safe so that you don’t have to hunt around for the number or go through the hassle of visiting the branch or calling customer care. You will also need the loan account number in case you want to make any prepayments and when you close the loan after paying back the principal and interest.