What is a Loan Account?

Loan Account is usually opened after a bank approves the loan for the person who requested it. The loan account is the sum of money what borrower received including the interest charged. The customer after the predefined time starts repaying his loan in to this account. For example you take out an X amount of money from the bank and after it has been granted to you the bank opens a loan account where you deposit your payments. This account is similar to a debit account only exception is that it's for your loan.