Definition of loan account in English:

loan account

noun

  • An account through which a customer is able to repay a bank loan.

    ‘he authorized a withdrawal from my loan account’
    • ‘In some cases, a customer may open some special type of account, such as a loan account or a savings account, in addition to his current account.’
    • ‘The fact that the loan account is significantly in excess of the agreed amount is conceded.’
    • ‘A borrower would have a loan account and a savings account and the balance in the savings account could be used to reduce the interest paid on the mortgage.’
    • ‘He had an overdraft of £3,125 and a debit on his loan account of some £45,000.’
    • ‘There is a debit charge to his loan account in the amount of the surplus payment.’
    • ‘To secure the debit balance in the loan account, he gave the bank as a security some shares and bonds belonging to his clients.’
    • ‘Its report investigates whether there is a viable market for technology that prevents a loan account being opened by a person who has stolen another's identity.’
    • ‘The bank offers the customer an option of linking his personal loan account with his savings account.’
    • ‘He and his wife owed around £50,000, mostly on their credit cards and a loan account.’
    • ‘Accrued interest is debited to the loan account two weeks after each of those dates.’