L&T Finance Ltd. offers personal loans of up to Rs. 7 lakh with interest rates starting at 12% p.a. and repayment tenures of up to 4 years. The loans can be used to finance a variety of personal expenses, including home renovation, festivals, marriage, education, and medical needs. L&T Finance also offers micro-loans to low-income women borrowers. Both salaried and self-employed applicants can access these loans through a streamlined digital application, requiring minimal documentation and ensuring swift approval.
L&T Finance Personal Loan interest rates start at 12% p.a. onwards. The actual interest rate you are offered will depend on your credit score, loan amount, and other factors. L&T Finance offers competitive interest rates on personal loans, and its rates are comparable to other leading lenders in the market.
| Loan Type | Rate of Interest | Suitable For |
| Consumer Loan | 12% p.a onwards | wedding, education, medical, Home Renovation etc |
| Micro Loan | 24% p.a onwards | for women borrower |
Consumer Loan: Consumer loans are personal loans that can be used to finance a variety of personal expenses, such as weddings, education, medical needs, and home renovations. Consumer loan amounts typically range from Rs. 50,000 to Rs. 7 lakh.
Loan Amount: Rs 50,000 to RS 7,00,000
Tenure: 1 year to 4 years
L&T Finance Micro Loan offers short-term loans to groups of women borrowers who are jointly liable for the loan. It has three different kinds of microloan schemes.
How much loan can be offered under L&T Finance Vikas?
Under the L&T Finance Vikas scheme, individuals can avail loans ranging from Rs 30,000 to Rs 40,000, with a repayment period of 2 years.
What is the maximum loan amount that can be availed under L&T Finance Vishwas?
The L&T Finance Vishwas scheme allows borrowers to avail loans ranging from Rs 40,000 to Rs 75,000, with a flexible tenure spanning from 24 to 33 months. This program caters to a broader range of financial requirements.
What is the maximum loan limit in L&T Finance Pragati?
Under the L&T Finance Pragati scheme, borrowers can avail of loans ranging from Rs 60,000 to Rs 1.1 lakh, with a maximum tenure of 3 years. This scheme is designed to accommodate a variety of financial needs.
| Description | Rates |
| Processing Fee |
Consumer Loan: Upto 2% of Principle Amount + Taxes Micro Loan: 1% of Loan Amount + Taxes |
| Repayment Bounce Charges |
Consumer Loan: RS 350 +Taxes Mico Loan: Nil |
| Late Payment Interest | Consumer Loan: 3% per month on Overdue EMI |
| Part Prepayment Charges | Consumer Loan: Upto 5% of the prepaid amount + Taxes ( part payment of up to 25% allowed twine in a year) |
| Foreclosure Charges | Consumer Loan: 5% of outstanding principal amount + Taxes |
| Legal /Recovery charges | As per actuals |
| Duplicate NOC charges (applicable per copy after 3 free copies per customer) | Rs 250 + Taxes |
| Repayment swap charges (per swap) | Rs 500 + Taxes |
| Loan cancellation charges post cooling off period of 3 days | 5% + Taxes on outstanding loan amount |
The eligibility criteria for an L&T Finance Personal Loan are as follows:
Citizenship Proof
Age
In addition to the above criteria, L&T Finance may also consider other factors such as your employment history, debt-to-income ratio, and existing loan obligations when determining your eligibility for a personal loan.
The following documents are required for applying for an L&T Finance Personal Loan:
L&T Finance may also ask for additional documents depending on your individual circumstances. For example, if you are applying for a loan to finance a business expense, you may be asked to provide a copy of your business plan or financial statements.
Grievance Redressal
Name of the Officer: Shantanu Chowdhury
Office Address: 533 Somdutt Chamber 2, Bhikaji Cama Place, New Delhi 110066
Email: shantanu.chowdhury@investmentcover.com
Contact Number: +911140793102