A Loan Account Number (LAN) is your financial fingerprint for loans. It is a unique identification of your loan account, allowing the loan provider to manage and track your loan efficiently.
The structure of a LAN is not random; it's carefully crafted. It has different components like - the branch code, loan type, and a unique identifier. This structure helps categorise and track loans efficiently, ensuring each loan has a distinct footprint.
The primary purpose of a LAN is to make managing your loans a breeze. It's an important tool for banks to organise loan records and for you to access your loan details without much hassle or crossovers with other accounts.
It is very important to understand and utilise your LAN the right way if you want to make the most of it. It's not just a number; it's your access pass to managing your loan effectively. Without it, performing simple tasks like querying your loan balance or making online payments becomes difficult.
Banks follow a systematic approach to generate LANs. This process involves encoding information about the loan type, the branch issuing the loan, and a sequence number to ensure each LAN is unique.
● Keep your LAN confidential. ● Check your loan balance and statements using your LAN. ● Utilise online banking to manage all your loan accounts in one place.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
