Are you in need of quick funds to meet your personal requirements? Then you may consider availing L&T Finance Personal Loan. L&T Finance is a leading NBFC that offers a range of financial products, including personal loans, to its customers. In this article, we will discuss everything you need to know about L&T Finance Personal Loan.
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What is L&T Finance Personal Loan?
L&T Finance Personal Loan/Consumer Loan is an unsecured loan that you can avail of to meet your financial requirements. The loan can use for any personal needs such as medical emergencies, home renovation, wedding expenses, etc., and you don’t need to provide any collateral or security to get it. The loan amount can range from Rs. 50,000 to Rs. 7 lakhs, depending on your eligibility.
L&T Finance Personal Loan Details
| Personal Loan | Details |
|---|---|
| Name | L&T Finance Personal Loan |
| Loan Amount | Rs. 50,000 to Rs. 7,00,000 |
| Interest Rate | Starts from 13% |
| Repayment Tenure | 12- 48 months |
| Age Eligibility | 23-58 Years |
Features and Benefits of L&T Finance Personal Loan
1. Quick Disbursal
L&T Finance Personal/Consumer Loan has a quick disbursal process, which means you can get the funds in your bank account within a few hours of loan approval.
2. Flexible Repayment Tenure
The loan comes with a flexible repayment tenure of 12 – 48 months, which means you can choose a repayment term that suits your financial situation.
3. No Collateral or Security Required
Since L&T Finance Personal Loan is an unsecured loan, you don’t need to provide any collateral or security to get the loan.
4. Minimal Documentation
The documentation process for L&T Finance Consumer Loan is minimal, making it easier for borrowers to apply for the loan.
5. Competitive Interest Rates
L&T Finance Personal Loan comes with competitive interest rates, which are based on your credit score, repayment history, and other factors.
6. Pre-Approved Offers
L&T Finance may offer pre-approved consumer loan offers to its existing customers, making it easier for them to avail of the loan.
Eligibility Criteria for L&T Finance Personal Loan 2023
To be eligible for L&T Finance Personal Loan, you need to meet the following criteria:
- You must be an Indian citizen
- You must be between 23 and 58 years of age
- You must have a minimum monthly income of Rs. 15,000
- You must have a good credit score and a clean repayment history
How to Apply for L&T Finance Personal Loan?
You can apply for L&T Finance Personal Loan online by following these simple steps:
- Visit the official website of L&T Finance
- Click on the Personal Loan/Consumer Loan tab
- Check Eligibility Criteria
- Fill in the required details and submit the application
- Upload the necessary documents
- Wait for loan approval and disbursal
Documents Required for L&T Finance Personal Loan
The documents required for L&T Finance Personal Loan are as follows:
- Identity proof – Aadhaar card, PAN card, Voter ID, Passport, Driver’s License etc.
- Address proof – Electricity bill, Passport, Driving License, Ration Card, etc.
- Income proof –
- For Salaried Person – Last 3 month’s salary slips/ Form 16/Last 3 month’s bank statement reflecting salary credits/Salary Certificate
- For Self Employed – Latest Income Tax Return (ITR)
- Bank Statement -Last 3 month’s statement is mandatory
- Residence Ownership Proof – Not mandatory)
- Passport size photographs
L&T Finance Personal Processing Fees & Other Charges Details
| Charge Type – Consumer Loans | Details |
|---|---|
| Processing Fee | Upto 2% of principal outstanding + applicable taxes |
| Repayment bounce charges | Rs.350/- + applicable taxes if any |
| Late payment interest | 3% per month on overdue EMI |
| Part Prepayment Charges | Upto 5 % of prepaid amount + applicable taxes Upto 25% allowed twice in a year. |
| 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) | Rs 250/- + applicable taxes |
| Repayment swap charges ( per swap) | Rs 500/- + applicable taxes |
| SOA/RPS /FC letter & other documents | Nil |
FAQs – L&T Finance Personal Loan
You can get a loan amount ranging from Rs. 50,000 to Rs. 7 lakhs, depending on your eligibility and repayment capacity.
The interest rate for L&T Finance Personal Loan starts from 13% per annum and varies based on your credit score, repayment history, and other factors.
The loan approval process for L&T Finance Personal Loan is quick and may take anywhere between a few hours to a few days, depending on the completeness of your application and the verification process.
Yes, you can prepay your L&T Finance Personal Loan after paying the first EMI. However, some lenders may charge a prepayment penalty, so it’s best to check with L&T Finance before making any prepayments.
Having a good credit score is one of the eligibility criteria for L&T Finance Personal Loan. However, if you have a low credit score, you may still be eligible for the loan, but you may have to pay a higher interest rate.
The repayment tenure for L&T Finance Personal Loan ranges from 12 months to 48 months, depending on your loan amount and repayment capacity.
L&T Finance Personal Loan: Get Funds When You Need Them the Most
In conclusion, L&T Finance Personal Loan is a viable option if you need quick funds for your personal requirements.
The loan is easy to apply for, and the documentation process is minimal. The loan comes with attractive features such as quick disbursal, flexible repayment tenure, and competitive interest rates, making it a popular choice among borrowers.
If you are looking for a personal loan, consider L&T Finance Consumer Loan and get funds when you need them the most.
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