L&T Finance Personal Loan

L&T Finance Personal Loan Highlights 

L&T Finance Personal Loan Interest Rates

L&T Finance Personal Loan interest rates start from 11% p.a. onwards. The NBFC provides consumer loans at fixed interest rates. The personal loan interest rates for L&T Finance Consumer Loan depend on several factors like the loan applicants’ credit score, age and the loan amount.

Fees and Charges for Availing L&T Finance Personal Loan

The personal loan processing fees and other charges for availing L&T Finance Personal Loan are as follows:

Particulars	Charges
Processing fees	Up to 3% of the loan amount
Repayment bounce charges	For loan amounts less than Rs 5 lakhs – Rs 500 For loan amounts Rs 5 lakhs to Rs 50 lakhs – Rs 1,000 For loan amounts above Rs 50 lakhs to Rs 2 crores – Rs 1,500 For loan amounts above Rs 2 crore – Rs 2,000
Late payment interest	2% p.m. on overdue EMI
Part Prepayment Charges	Up to 5% of the prepaid amount
Foreclosure Charges	5% of principal outstanding
Annual Maintenance charges	Nil
Legal /Recovery charges	As per actuals
Duplicate NOC charges (applicable per copy after 3 free copies per customer)	Rs 250
Repayment swap charges (per swap)	Rs 500
Loan cancellation Charges post cooling off period of 3 days	5% on the outstanding loan amount

Features of L&T Finance Personal Loan

Purpose:

L&T Finance offers personal loan to procure funds for various end uses such as travel, medical bills, purchase of consumer durables, education, etc

Loan Amount:

Prospective borrowers can avail L&T Finance personal loan of up to Rs 30 lakhs

Tenure:

The NBFC offers personal loans for tenure ranging from 1 year to 6 years

Eligibility Criteria for availing L&T Finance Personal Loan

L&T Finance offers personal loan to both salaried and self-employed individuals aged 23 to 58 years of age. The applicant should be an Indian citizen having valid ID proof.

Additionally, L&T Finance may also consider the credit scores of their personal loan applicants to determine their eligibility for availing personal loans like other lenders. Personal loan applicants with low or zero credit scores can avail the Step Up Credit Card co-branded with SBM Bank India Ltd., a lifetime free secured credit card issued by Paisabazaar.com against fixed deposits of SBM Bank, in order to maintain or improve their scores.

L&T Finance Personal Loan Documentation Required

The personal loan documents required by L&T Finance for its loan scheme are as follows:

Identity proof for L&T Finance Personal Loan

• PAN card
• Aadhar card
• Voter ID
• Driving license
• Ration Card
• Job Card by NREGA

L&T Finance Personal Loan Proof of residence

• Aadhaar
• Passport
• Voter ID
• Driving Licence
• Water Bills
• Electricity Bills
• Mobile Postpaid Bill
• Municipal/Property Tax receipt
• National Population Certificate
• Job Card by NREGA

Income Proof for L&T Finance Personal Loan

• Consumer Loan: No income proof required
• Micro Loan: The lender considers their loan applicants’ income generating capacity before accepting their application

FAQ’s on L&T Finance Personal Loan

How to apply for a personal loan in L&T Finance?

You can apply for L&T Finance Personal Loans online by visiting the lender’s website, selecting the ‘Personal Loan’ option under the ‘Our Products;’ tab, and clicking on the ‘apply now’ button to check your eligibility and follow further instructions. You can also apply for personal loans through the offline mode by visiting the L&T Branches or through phone call or visit Paisabazaar.com to make the final personal loan application with L&T Finance.

What is the current interest rate of L&T Personal Loan?

The interest rates offered on L&T Finance Personal Loan start from 11% p.a. The final interest rate offered by the personal loan lender depends on their applicant’s credit score, loan amount and other eligibility conditions.

Does L&T Finance offer personal loans at fixed or floating interest rates?

The lender offers personal loans at fixed rate of interest starting from 11% p.a.

How to check L&T Finance Personal Loan status?

You can check the status of your L&T Finance Personal Loan application by calling on the lender’s customer service help-desk numbers. You can also visit any of the L&T Finance branches to check the status of your personal loan application.

How do I contact L&T Finance for a personal loan?

You can contact L&T Finance for availing personal loans by calling their customer care numbers or visiting any of the lender’s branches. You can also visit their website to know more about the personal loan scheme offered by the lender.

How much personal loan can I get from L&T Finance?

L&T Finance offers personal loans for loan amounts of up to Rs 30 lakh.

How long does it take L&T to disburse a personal loan?

L&T Finance has not specified the time taken for the disbursal of its personal loan schemes. However, lenders offering personal loans usually disburse the loan within a week for loans availed through the offline mode, while loans availed through the online mode are usually disbursed within a day.

What is the minimum salary required for availing L&T personal loan?

L&T Finance has not specified the minimum salary requirements for its personal loan applicants. However, lenders offering personal loans usually require their salaried applicants to have a minimum salary of Rs 15,000 per month