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L&T Finance Personal Loan Highlights
L&T Finance
Up to ₹7L
12% - 24%
Upto 4 Years
Upto 2%
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.
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 |
| Processing fees |
|
| Repayment bounce charges |
|
| Late payment interest |
|
| 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 |
|
| 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 |
|
L&T Finance Personal Loan Types
The different personal loan schemes offered by L&T Finance are as follows:
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: Up to Rs 15 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.
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 12% 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 12% 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 15 lakh. The lender also offers the Micro Loan scheme to joint liability groups of female borrowers for loan amounts ranging between Rs 30,000 and Rs 1.1 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