Personal loans are a great way to get financial assistance when you need it, and loan spaces like L&T Finance Personal loan in a click. Anyone who fulfils the eligibility criteria can apply for L&T personal loan online and get ahead in their financial journey.
With an easy application process, a personal loan from L&T Finance can be availed for an interest rate starting from 11%, of loan amount up to Rs 30 lakh. What makes applying for an L&T finance personal loan even more easy is their 100% digital process which requires no collateral or income proof.
To know more L&T Finance Personal Loan Details keep reading!
L&T Finance Personal Loan Details
L&T Finance offers personal loans that would help you fulfil different financial needs. Check the table below for L&T personal loan details:
| Loan amount | Up to 30 Lakhs |
| Tenure in months | 12 to 72 Months |
| Rate of Interest (p.a.) | 11% p.a. onwards |
| Processing Fee | Up to 3% of loan amount + applicable taxes |
| Eligible Borrower Categories | Salaried & Self-Employed |
| Income Proof | No Income Proof Needed |
| Purpose of borrowing | Emergency, Wedding, Medical, Personal Use & Others |
L&T Finance Personal Loan Interest Rates
Getting the right interest is crucial, it helps manage finances without burning a hole in your pocket, and L&T Finance Personal loan interest rates are set starting at 11% per annum. However, L&T Finance Personal Loan interest rates will vary with several factors of the applicant.
| L&T Finance Loan Interest Rate | Starting from 11% p.a. |
L&T Finance Personal Loan Fees & Charges
Banks and NBFCs charge extra for the services they provide, L&T finance also charge various fees for all loan related services. You can know more about L and T Finance Personal Loan fees and charges on the table below:
| Charge Type | Details |
|---|---|
| Processing Fee | Up to 3% of loan amount + applicable taxes |
| Repayment/EMI Bounce Charges | ₹500 for Loan sanction amount < ₹5 Lac |
| ₹1,000 for Loan sanction amount of ₹5 to 30 Lac | |
| Penal Charge/Late Payment Charge (LPC) | 2% per month (p.m.) on overdue EMI + applicable taxes* *LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023 *Taxes applicable on LPC w.e.f. 1st April 2024 |
| Part Prepayment Charges | Up to 5% of part prepaid amount + applicable taxes |
| Foreclosure Charges | 5% of principal outstanding + applicable taxes |
| Annual Maintenance Charges | Nil |
| Legal /Recovery Charges | As per actuals |
| Duplicate NOC Charges (Charge is applicable for paper copy post 3 free copies per customer) | ₹250/- + applicable taxes |
| Repayment Swap Charges (per swap) | ₹500/- + applicable taxes (applicable only for branch walk-ins) |
| Charges for documents like Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit | Nil |
| Cooling-off/ look-up period during which Borrower shall not be charged any penalty on prepayment of loan | 3 Days from the date of disbursement |
| Loan Cancellation Charges post cooling off period of 3 days | 5% + applicable taxes on the outstanding loan amount |
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L&T Finance Personal Eligibility Criteria
Eligibility for a loan is what determines whether someone has qualified for a loan or not. L&T finance personal loan criteria are simple, which are:
| Age | 23 – 58 years |
| Employment | Salaried or Self-employed |
| Income Proof | Not Required |
Documents Required for L&T Personal Loan
Having the right set of documents can accelerate the process of getting a loan. Find the necessary documents required for an L&T personal loan here:
- Identity proof: Voter’s ID, PAN card, Drivers licence, Passport, etc.
- Address proof: Aadhaar card, Ration card, driving licence, Voter’s ID, passport, utility bills, rent agreement, etc.
- Proof of income(if required): Latest salary slips of the last three months or income tax return certificate or latest Form 16.
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How to Calculate L&T Finance Loan EMI?
EMI calculator helps you determine your monthly payments for your instant loan. The EMI calculator will consider principal amount, interest rate, and loan tenure to provide your EMI amount. Check out the calculator below to determine how much EMI you need to pay for your tenure.
Your Amortization Schedule (Yearly/Monthly)
Here’s how to calculate the EMI for an L&T Finance loan:
Formula:
EMI = P x R x (1+R)^N / [(1+R)^N – 1]
Where,
- EMI is the equated monthly instalment.
- P is the principal amount.
- R is the interest rate.
- N is the loan tenure.
Features & Benefits of L&T Personal Loan
L&T Personal loan provides a range of important features and benefits, such as:
Compare L&T Finance Personal Loan Vs Other Lenders
Banks and NBFCs offer a wide range of interest rates and charges. Each lender differs with each other based on several factors. Compare L&T finance personal loan with other lenders and make a better financial decision –
| Banks/NBFCs | Interest Rates(p.a.) | Rates/ Charges |
|---|---|---|
| L&T Finance | Starts from 11% p.a. | Up to 3% of loan amount + applicable taxes |
| HDFC Bank | 10.05% to 21% p.a | 0.50% onwards |
| Axis Bank | 10.49% p.a onwards | 1% |
| Punjab National Bank | 8.90% p.a onwards | 0.30% + GST |
| Induslnd Bank | 10.49% p.a onwards | Up to 3% |
| ICICI Bank | 10.75% p.a onwards | Up to 2.5% |
| KreditBee | 12.24% p.a onwards | Up to 6% |
| Muthoot Finance | 14% p.a onwards | 2% |
| Bajaj Finserv | 11% p.a onwards | Up to 3.93% |
| MoneyTap | 13% p.a onwards | Up to 2% |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
Get Personal Loan Online Up to ₹15 Lakhs
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How to Apply For L&T Finance with Buddy Loan?
Follow these steps to apply for a L&T Finance personal loan on Buddy Loan:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Ready to take the next step? Apply for a Personal loan now!
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L&T Finance Personal Loan Repayment
Loan repayment is a crucial part of taking a loan, once a lender has approved your loans. It takes planning and controlled savings to be able to pay back the loan without any dues.
L&T finance provides an open eligibility for people seeking loans and provides flexible repayment schedules from 12 to 72 months. With each missed EMI there would be added charges on the existing EMI as applicable.
Quick Note:
| Not missing regular monthly payments and being aware of your EMIs increases your creditworthiness and helps in easy approval of future loans. |
Frequently Asked Questions
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