Personal loans are useful when meeting unexpected expenses. Whether for marriage, travel, education, home or vehicle repair, you can get a personal loan easily. L&T Finance personal loans offer convenient online access with no restrictions on how to use the loan amount. Keep reading to learn more about personal loans from one of the leading financial institutions in India – L&T Finance.
About L&T Finance
L&T Finance (formerly called L&T Finance Holdings) is a leading Non-Banking Financial Company (NBFC) in India with headquarters in Mumbai. It caters to diverse financing needs with the aim of offering inclusive loan solutions.
Overview of Personal Loans
A personal loan is an unsecured loan that allows borrowers to borrow any amount based on eligibility. This type of loan is attractive because you can get a high loan amount without security. Also, these loans are often disbursed quickly to meet cash emergencies, especially for pre-approved ones.
Features of L&T Finance Personal Loan
Some of the popular features of this type of loan are:
- Flexible Loan Tenure: You can get a loan tenure varying from 12 to 72 months to plan your loan repayment at your convenience.
- Higher Loan Amount: People can get a loan up to ₹30 Lakhs based on their eligibility.
- Competitive Interest Rates: While personal loans are generally costlier, L&T Finance’s interest rates are competitive. The interest rates start from 11% and may vary based on the borrower’s assessment.
- Digital Process: From loan application to disbursal, L&T Finance offers personal loans using the digital platform. This means there will be zero physical paperwork involved, and you must upload digital documents as needed.
- More Inclusive: L&T Finance personal loans are available for both salaried and self-employed professionals.
- No Income Proof: Eligible borrowers can get personal loans from L&T Finance without proof of income.
- No Collateral: There is no need to use any asset as collateral or security to get personal loans from L&T Finance.
Fees and Charges
When you get a personal loan, additional fees apply. Here are the details:
| Charge Type | Details | |
| Processing Fee | Maximum of 3% of the loan amount, plus applicable taxes | |
| Repayment/EMI Bounce Charges | Charge Amount (₹) | Loan Sanction Amount (₹) |
| ₹500 | Below ₹5 Lakhs | |
| ₹1000 | Between ₹5 Lakhs and ₹30 Lakhs | |
| Penal Charge/Late Payment Charge (LPC) | 2% per month on overdue EMI, plus applicable taxes* | |
| Effective 4th December 2023, LPC reduced from 3% to 2% per month on overdue EMI | ||
| Taxes on LPC are applicable from 1st April 2024 | ||
| Part Prepayment Charges | Up to 5% of the prepaid portion of the loan, plus applicable taxes | |
| Foreclosure Charges | 5% of the outstanding principal amount, plus applicable taxes | |
| Annual Maintenance Charges | Not applicable | |
| Legal / Recovery Charges | Billed based on actual costs | |
| Duplicate NOC Charges (Applicable for additional paper copies after 3 free copies per customer) | ₹250/- plus applicable taxes | |
| Repayment Swap Charges (per swap request) | ₹500/- plus applicable taxes (only for branch visits) | |
| Charges for Documents (Statement of Account, Repayment Schedule, Foreclosure Letter & Welcome Kit) | No charges applicable | |
| Cooling-Off / Look-Up Period (No penalty for early loan repayment) | 3 days from the loan disbursement date | |
| Loan Cancellation Charges (Applicable after the 3-day cooling-off period) | 5% of the outstanding loan amount, plus applicable taxes | |
Eligibility for L&T Finance Personal Loans
L&T Finance has minimal eligibility criteria for getting a personal loan. Only two conditions apply:
- Must be an Indian citizen with valid ID proof
- Must be between 21 and 58 years of age
Documents Required to Get L&T Finance Personal Loans
The following are the necessary documents to apply for a personal loan:
- ID Proof – Aadhaar card, PAN card, passport, driver’s licence, voter’s ID
- Address Proof – Aadhaar card, passport, driver’s licence, and voter’s ID, utility bills, municipal tax receipts, pension payment orders, letters of accommodation allotment, and rent agreements, updated (current) address document
- Income Proof – For some borrowers, income proof such as the last 3 months’ salary slips (for salaried employees), the latest income tax return (for self-employed), and a bank statement may be needed
Steps to Apply
You can apply for L&T Finance Personal Loans through a trusted platform such as Bajaj Markets. It involves only 3 easy steps:
- Check your loan eligibility by providing personal details and loan requirements.
- Choose from available lender options.
- Upload the digital documents for loan approval and disbursal.
Digital loan processing ensures that you get funds within a few business days. Many customers have obtained L&T Finance personal loans within just 2 hours.
Key Takeaways
L&T Finance offers personal loans for a higher loan amount of up to ₹30 Lakhs with a repayment option of up to 6 years. From application to loan disbursal, the process is completed online for a faster loan service. Those without proof of income may also get a personal loan easily, but some borrowers may need proof of income. Getting a quick personal loan is easy and simple as long as you meet the eligibility criteria.
