Understanding the Purpose of Internet Banking & PAN at Loan Singh



With the growth in number of digital avenues for availing products/services, & the Government’s Digital India program, we have showcased acceptance towards the advantages offered by digital transactions. When we say digital transactions, we mean online shopping using credit card or making payments towards ticket booking or making loan EMI repayments. Being a digital lending platform, everything at Loan Singh, i.e. from personal loan application to loan amount disbursement, happens digitally. Despite so much awareness being generated by banks to promote internet banking, some of us have still not adopted internet banking as an option.

Did you know that you can check your bank statement from your smartphone instead of going all the way to the bank? There are many more reasons why accessing your bank statement via internet banking is safer and easier.


What is a Bank Statement?

A bank statement is a record of all your financial transactions that you have performed using your bank account. Earlier, the most common way to print a balance statement was by visiting the bank branch and asking the clerk to print the statement of the intended tenure. A bank statement hosts information pertaining to your expenses, income, payments, auto debits, etc.

Spending Record – All that you spend via your bank account can be viewed on the bank statement. Transactions involving cheques, ATM cards, credit cards etc. are registered on your bank statement. It also tells you when you made the payments. If you want to maintain a budget, a bank statement is a quintessential requirement.

Proof of Reconciliation – The bank statement acts like a proof in case your loan is rejected due to less funds or no credit history. In case you feel you have more money in your account than what the bank claims, then you can reconcile your bank statement. This also can show you any unauthorized charges levied by the bank on your account.

Accounting Activity – The bank statement tells you how much funds you had at the start of the accounting year, how much at the end of it, how much you deposited and how much you withdrew. Any chances of fraud for e.g. in case of a credit card misuse can be detected via the bank statement. You can then report the misuse to the bank.

In recent years, there has been a shift towards paperless & electronic statements which can be accessed via the banks internet banking facility. You have to opt for internet banking facilities. ATMs also offer the facility to print a condensed version of the bank statement commonly called a Transaction History.


What is Internet Banking?

Internet banking refers to a set of banking services provided by banks to be performed via the internet. Internet banking is performed through your computer system or smartphone which connects to your bank’s server for any transaction or action. Banking is now no more limited to repeated visits to the bank in-person. You can do most of the banking activities via internet banking. You can easily keep track of your account transactions and balance. Some services that you can perform via Internet banking are:


Accounts Summary

  • Track your savings account transactions and balance.
  • Start and manage a Fixed Deposit, a Recurring Deposit or even an FCNR (Foreign Currency Non Repatriable) deposit
  • Get an overdraft against a fixed deposit


Fund Transfer

  • Transfer funds within the same bank (between Re.1 to Rs.10 Lakhs per day)
  • Instant fund transfer usingIMPS
  • Transfer funds to any other bank’s account viaNEFT
  • PerformRTGS between amount Rs.2 Lakhs to Rs. 10 Lakhs
  • Access to UPI
  • Transfer funds to someone outside of the country



  • Download a transaction statement
  • Track the status of Fixed or Recurring deposits, if any
  • Track any cheque transactions
  • Enquire about TDS (Tax Deducted at Source)



  • Request the bank for a credit bureau report
  • Update KYC information
  • Request for a new Cheque book
  • Request the issuing of Demand Draft which is couriered to the applicants updated address
  • Update Permanent Account Number (PAN Card Number)
  • Submission of Form 15H (No Tax deduction at TDS for Senior Citizens) & 15G (for others)
  • File your Income Tax Returns



  • E-Payments for bills like telephone, gas etc.
  • Send in a request for a new Credit Card, Debit card pin generation, Forex Card or Gift card
  • Invest in Mutual Funds
  • Purchase Insurance for protection, savings, health etc.
  • Offers on interest rates by banks


Advantages of Internet Banking

There are many advantages that Internet banking provides compared to traditional ones, making it easier to operate a bank account.

  • Easy to understand and operate
  • You can perform multiple financial operations at one portal. No need to stand in queues to update your passbook or pay bills.
  • It is available 24×7 and 365 days a year at your disposal. Now with telecom companies making 4G Internet available, you can operate your internet banking account on the go.
  • Fund transfer happens quickly from your account to others, also allowing you to monitor your account against any fraudulent activity or threat.
  • You can update personal information such as PAN, Aadhaar Number etc. easily.


How to be safe while using Internet Banking

Your personal and financial information is stored in your bank’s internet banking account so it is important to be careful when banking online. Some tips to ensure safety while internet banking, are:


Secured Connection

When connecting to your netbanking account, make sure you do so from a trusted network.

A padlock icon on the left-hand side of the netbanking URL means the connection is encrypted

Make it a habit to include ‘https’ at the beginning of each URL


Safe Browser

A good practice is to logout from a internet banking session thus preventing session hacks. And clear your cache at the end of a session removing traces of sessions from your history. You can even use browser’s incognito mode.


Strong Password

Use a combination of upper and lower case letters, numbers and symbols to make it unique.

When providing answers to security questions setup by the bank, they don’t have to be genuine.

Keep changing the password at least once in 2 months.



Always try and remember to switch-off your wi-fi when not in use. Do the same for Bluetooth. Avoid using unknown or public wi-fi/hotspots as information sent over an unsecured wireless network is information sent in plain sight – basically opening your internet banking website to anyone on that wireless network.


Protection Software

Use antivirus software on your system which prevents attacks from trojans and other malware.

Keep your operating system and other software updated.


Purpose of PAN Card Number & Internet banking at Loan Singh

At Loan Singh, we expect our borrowers to provide us with their bank statement and PAN Card Number.

The bank statement should only be in PDF format, as this prevents any over writing or tampering. It is also advisable to download the bank statement from your net banking account (in PDF format) and apply for the personal loan. While applying for the personal loan, it is best if you can login into your internet banking account from the Loan Singh website. Do not worry as your information is completely safe with Loan Singh. Our internet banking partner, named “Perfios”, is ISO 27001 (2013 standard) certified & is trusted by big banks like AXIS Bank, HDFC Bank, and more.
The purpose of the bank statement is to look at your monthly income and financial stability and the PAN Card number helps us to request your credit bureau report,if any, to determine if the borrower is credit worthy.


At Loan Singh, we don’t just use the conventional methods for assessing a consumer’s credit worthiness. We have our proprietary algorithm to calculate credit score based on multiple factors such as social footprint, academic & professional background, and more.

Applying for a loan on www.loansingh.com is safe, thanks to the presence of a Secure Socket Layer that maintains an encrypted link between the web server and the browser.


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