With the financial sector digitising to a great extent, it has become extremely easy to find, apply for, and access loans online. The digital process allows us to expedite the loan processing and let you, as a borrower, enjoy convenience while seeking the funds you need. However, these benefits are not limited to loan application and acquisition but extend to financial management. Once you apply for a loan online and get it approved, tracking the instalments to pay and already paid is crucial. If you have multiple active loan accounts, tracking them can become complicated and confusing.
We at Hero FinCorp, allow our customers to manage loans online anywhere, anytime. That is when a loan account number (LAN) is necessary to reduce the complexity. Similarly, we need this unique number to track the loans we have issued. So, LAN is essential for all parties involved in a credit transaction.
In this article, we will discuss what is loan account number and how to check it online.
What is Loan Account Number?
A Loan account number or LAN is a unique series of digits we assign to each loan account we approve. That means every loan issued in India has this unique number assigned to it. If you have multiple loans from other finance providers or us, each loan will have a different loan account number. You can track all your active loans using the LAN, which differs for each loan account.
Read More: When Should I get a Personal Loan
Why Do You Need a Loan Account Number?
Your LAN is crucial to successful loan management both online and offline. Therefore, checking the loan account number is essential to successfully manage the loan, check its status, pay EMIs, and several other purposes. Whether you want to crosscheck your loan information, seek assistance, or update some information, you will need your unique LAN to approach us. Our representatives will confirm this number before answering your query or offering a service. Knowing this number also avoids mistakes while processing or managing the loan.
Here are a few reasons why a loan account number is necessary:
- You will need your LAN while paying the loan EMIs so that the amount gets credited into the correct loan account. Whether you pay the EMI offline by visiting our office or online via e-wallet, debit card, or net banking, providing the correct LAN is mandatory for successful EMI payment.
- Providing the unique loan number is helpful whenever you need to raise a concern or require assistance regarding your loan facility. Our representatives will find it easier to answer your questions if you provide them with your loan account number.
- If you have changed your phone number, residential address, employment, or any other detail in the loan account, you must provide your LAN to make the necessary changes. Keeping the information updated is essential to avoid complications during loan closure.
Why LAN is 15 Digit Number
LAN (Loan Account Number) is typically a 15-digit number for several reasons. Firstly, it provides enough combinations to uniquely identify individual loans within a financial institution. Secondly, the length ensures compatibility with existing systems and standards, facilitating efficient record-keeping and communication between borrowers and lenders.
Different Types of Loan Account Number
Loan account numbers vary in format and structure based on institution preferences and industry standards.
- Sequential Numbers: These are sequentially generated numbers assigned to each loan account, starting from a predefined initial value.
- Alphanumeric Codes: Loan account numbers consisting of a combination of letters and numbers, often designed for easier memorization or identification.
- Customer Identification Numbers: Some institutions use a portion of the customer's identification number or other personal details as part of the loan account number.
- System-Generated Codes: Unique identifiers automatically generated by the institution's system based on predefined algorithms or rules.
- Customized Codes: Loan account numbers customized according to specific criteria or preferences of the institution or customer, such as incorporating certain patterns or symbols.
- External Reference Numbers: Loan account numbers assigned by external entities or systems, such as government agencies or third-party service providers, for specific types of loans or programs.
How to Know Loan Account Number?
Wondering how to find loan account number if you don't know it already? Here are a few ways to access this unique number:
1. Request Your Credit Report
The first place to check your loan account number is your credit report. It is a statement that includes details of all your past and active credit accounts, including the loan account numbers.
India has four credit bureaus, and each bureau provides one credit report to the borrowers for free. Checking the credit report regularly is essential to track your financial standing and plan finances accordingly. It also helps identify errors in the report and correct them in time. Each listing in the credit report has the loan details, which you can check to know your LAN. Go through the credit report, identify the loan account you are concerned with, and note its account number.
2. Check Your Loan Statement
Once the loan is approved and a borrower starts making monthly payments, we issue a monthly loan statement that features the sanctioned loan amount, the interest rate, the amount paid, and the balance amount.
Along with the loan details, this loan statement also has the loan account number, unique to every applicant, that applicants can use for further communication or clarification. If you want to check the loan account number, refer to this loan statement we generated at the time of loan approval. You may also refer to any previous emails or letters we sent you, which must include your account number.
3. Login to Our Website or Mobile App
Login to our Herofincorp website or download our customer Loan app at to create an account to access your loan details. You will find your loan account number example at the top of your screen.
4. Call the Customer Service Department
Call our toll-free customer service department at 1800 102 4145, speak to our representative, and ask about your LAN. They will ask a few questions to verify your credentials and give you your unique loan number. You can also start a Whatsapp chat at +91 9289386204 by sending ‘Hi’ and providing other details as asked by our chatbot. Apart from checking the LAN, you can also use these numbers for any other loan-related queries.
5. Visit Your Nearest Hero FinCorp Office
Find your nearest office and visit there to ask for your LAN. You will need to provide your loan details and PAN number to obtain the number you are looking for. The officer at the office will complete the verification process and provide you with a unique loan number.
Tips to Manage Loan Account Number
Manage your loan account number securely by maintaining the below focus things.
- Keep it Secure: Treat your loan account number like sensitive financial information and store it securely.
- Memorize or Record: Memorize your loan account number or keep a record in a secure location for easy reference.
- Avoid Sharing: Avoid sharing your loan account number unless necessary and only with trusted parties or institutions.
- Update Contact Information: Keep your contact information updated with the lender to ensure smooth communication regarding your loan account.
- Regularly Monitor: Regularly monitor your loan account activity for any discrepancies or unauthorized transactions.
- Notify Changes: Notify your lender immediately of any changes in personal details or contact information to prevent disruptions in loan account management.
When You Can Get the Loan Account Number?
The loan account number is typically provided to you upon approval of your loan application. Once your loan has been approved by the lending institution, they will furnish you with all relevant details, including your loan account number. This number serves as a unique identifier for your loan, facilitating easy tracking and management of your account. You may receive this information through various channels, such as email, physical mail, or directly from a representative during the loan processing stage. It's important to keep this number safe and accessible for future reference, as it will be required for any inquiries or transactions related to your loan.
Steps to Apply for Personal Loan Online?
Step 1. Visit Hero FinCorp's official website or download the personal loan app.
Step 2. Select the 'Apply Now' option.
Step 3. Input your mobile number and confirm the OTP sent to the provided mobile number.
Step 4. Indicate the desired loan amount.
Step 5. Validate your KYC details to assess income eligibility.
Step 6. Press 'Submit' to finalize your application.
Conclusion
The moment we approve your loan, we provide you with a unique loan account number. This number is the key to accessing loan details with the company and appears on your loan statement and other correspondence mediums. You will need to quote this number in all your queries with us so that our representatives can address your requests and questions immediately. For instance, if you borrowed a
Personal Loan for 15000 salary from Hero FinCorp and want to pay its EMIs, you will need this number for easy online payment. After verifying your details against our records, we will send your Loan Account Number.
