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.
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:
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.