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Highlights of L&T Finance Personal Loan 2023 |
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| Interest rates |
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| Loan amount |
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| Repayment tenure |
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| Processing Fees |
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Note: Interest rates as on 29th November 2023
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Table of Contents
L&T Finance Personal Loan Interest Rates
L&T Finance Personal Loan interest rates start from 12% 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.
| Loan Product | Interest rates (p.a.) |
| L&T Finance Consumer Loan | 12% p.a. onwards |
| L&T Finance Micro Loan | 24% p.a. onwards |
Comparison of Personal Loan Interest Rates of Top Banks/NBFCs
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 10.49% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.75% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.65% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 12.25% - 30.00% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| Moneyview | 15.96% onwards | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
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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 | Rates |
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| Repayment bounce charges |
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| Late payment interest |
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| Part Prepayment Charges | Consumer Loan: Up to 5% of prepaid amount plus applicable taxes (Part prepayment of up to 25% allowed twice per year) |
| Foreclosure Charges |
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| Annual Maintenance charges | Nil |
| Legal /Recovery charges | As per actuals |
| Duplicate NOC charges (applicable per copy after 3 free copies per customer) | Rs 250 plus applicable taxes |
| Repayment swap charges (per swap) | Rs 500 plus applicable taxes |
| SOA/RPS /FC letter & other documents |
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L&T Finance Personal Loan Types
L&T Finance Consumer Loan
- Purpose: L&T Finance Consumer Loan allows personal loan borrowers to procure funds for expenses related to home renovation, marriage, festivals, education and medical needs.
- Loan Amount: Rs 50,000 to Rs 7 lakh
- Tenure: 1-4 years
L&T Finance Micro Loan
- Purpose: L&T Finance Micro Loan offers short-term loans to joint liability groups of women borrowers. The lender offers 3 different types of loan schemes under its micro loan facility, which are mentioned below:
- L&T Finance Vikaas: This loan facility is offered to first time customers of L&T Finance
- L&T Finance Vishwas: L&T Finance offers this micro loan facility to its repeat customers who have paid at least 12 EMIs of their existing loan
- L&T Finance Pragati: This loan facility is a special high-ticket loan offered to select L&T Finance customers who have paid minimum 12 EMIs of their existing loan
- Loan Amount:
- L&T Finance Vikaas: Rs 30,000 to Rs 40,000
- L&T Finance Vishwas: Rs 40,000 to Rs 75,000
- L&T Finance Pragati: Rs 60,000 to Rs 1.1 lakh
- Tenure:
- L&T Finance Vikaas: 2 years
- L&T Finance Vishwas: 2 years to 33 months
- L&T Finance Pragati: 3 years
Eligibility Criteria for availing L&T Finance Personal Loan
The personal loan eligibility criteria set for loan applicants availing L&T Finance Personal Loans are as follows:
Residential Status
- Consumer Loan: Indian Citizens with valid ID proof
- Micro Loan: Women borrowers
Age
- Consumer Loan: 23 to 57 years
- Micro Loan: 20 to 60 years
Availability
- Consumer Loan: Availability across all major Indian towns and cities
- Micro Loan: Across India
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.
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L&T Finance Personal Loan Documentation Required
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