Loan SSR India's No.1 Finance Blog
L&T Finance Personal Loan: Do you want to make your dream come true? So now there is L&T finance for you! Our simple and user-friendly app gives you an easy way to get an instant loan. By just making a few taps on your mobile, you can apply for a loan, get instant approval and withdraw the money directly into your account.
So don’t delay! Download the L&T finance app now and fulfill your dream!
L&T Finance gives you personal loan when you need money. Their interest rate starts from 12% for the whole year. You can earn Rs. You can take a loan up to Rs 7 lakh and repay it in 4 years. This loan can be used for decorating the house, celebrating festivals, marriage, studies or medical expenses.
L&T Finance has a special loan for women with low income. This is called micro loan. This loan is to help them. It is very easy to apply for a loan because everything is online. There is no need for much paperwork and the loan gets approved quickly.
Do Read: MoneyView App Se 2024 Mein Personal Loan Kaise Le ?
Types of L&T Finance Personal Loan
L&T Finance Consumer Loan
Purpose: Through L&T Finance Consumer Loan, applicants can meet home renovation, wedding, festivals, education and medical needs.
Loan amount: ₹50,000 to ₹7 lakh.
Duration: 1-4 years
L&T Finance Micro Loan
Objective: L&T Finance Micro Loan helps low-income women applicants to achieve secure livelihood
Loan amount: Rs 35,000 to Rs 1.1 lakh.
Duration: 2-3 years
L&T Finance Personal Loan – Year 2024
Rate of interest
Consumer Loan: Starting from 12% per annum
Micro Loan: 24% per annum
loan amount
Consumer Loan: ₹50,000 to ₹7 lakh
Micro Loan: ₹35,000 to ₹1.1 lakh
payment period
Consumer Loan: 1-4 years
Micro Loan: 2-3 years
processing fee
Consumer Loan: 2% of principal outstanding + applicable taxes
Micro Loan: 1% of loan amount + applicable taxes
L&T Finance Personal Loan Interest Rates
L&T Finance Personal Loan interest rates start from 12% per annum. This NBFC offers consumer loans at fixed interest rates. Personal loan interest rates depend on several factors such as the applicants credit score, age and loan amount.
Loan Interest Rates (per annum)
L&T Finance Consumer Loan starting at 12% p.a.
L&T Finance Micro Loans starting at 24% p.a.
L&T Finance Personal Loan: Documents Required
- Identity proof
- PAN card
- Aadhar card
- Voter ID
- driving license
- Ration card
- NREGA job card
- address proof
- Base
- Passport
- Voter ID
- driving license
- water bill
- electricity bill
- mobile postpaid bill
- property tax receipt
- National Population Certificate
- NREGA job card
- income proof
- Consumer Loan: No income proof required
- Micro Loan: Before giving this loan, L&T Finance considers the income of the applicant.
Eligibility criteria for L&T Finance loan
Residential status
1. Consumer Loan: To be eligible for the loan, you must be an Indian citizen who must have valid ID proof.
2. Micro Loan: Application for Ladies
Age
1. Consumer Loan: 23 To 57 years
2. Micro Loan: 20 To 60 years
Availability
1. Consumer Loan: Available in most big towns and cities in India.
2. Micro Loan: All over India
L&T finance loan fees and charges
Processing fee
1. Consumer Loan: If you take a consumer loan, you will have to pay a processing fee, which is 2% of the loan amount and also includes additional taxes on the remaining money.
2. Micro Loan: There is a processing fee here, which is 1% of the loan amount and additional taxes on the remaining money are also included.
Payment bounce charges
1. Consumer Loan: If you miss a payment and it bounces (transaction fails), you will be charged ₹350. If applicable, additional taxes may also have to be paid.
2. Micro Loan: If any payment bounces then you do not get charged.
Late payment interest
1. Consumer Loan: If you pay your monthly installment late, then you will have to pay 3% of the missed payment as late payment interest every month.
2. Micro Loan: There is no late payment fee in micro loan.
Part prepayment charges
1. Consumer Loan: If you decide to prepay part of the loan (part prepayment), you will be charged 5% of the prepayment amount, plus additional taxes applicable on it. You can prepay it twice a year, but cannot prepay more than 25% of the entire loan amount.
2. Micro Loan: Part prepayment charges are not applicable on Micro Loan.
Foreclosure charges
1. Consumer Loan: If you want to pay off the entire loan early (foreclosure), you will be charged 5% of the remaining loan amount, along with additional taxes.
2. Micro Loan: Foreclosure charges are not imposed on Micro Loan.
Do Read: KreditBee App Se Loan Kaise Le?
How to take loan from L&T finance?
Friends, now let us see how you can apply for online loan using L&T Finance app. Just follow these easy steps:
Step 1: First of all, install “Planet By “L&T Finance app” from Google Play Store or App Store.
Step 2: Open the app and login with your mobile number.
Step 3: OTP has arrived, enter it and click on “Instant”.
Step 4: Fill personal details like your name, email, and date of birth.
Step 5: Go to the Loan Page and click on “Instant Personal Loan”, then tap on “Apply Now”.
Step 6: Check your CIBIL Score by filling the necessary information, this will know how much loan you can get.
Step 7: Complete the application form, select the loan amount and repayment schedule.
Step 8: Fill your nominee’s name, address, date of birth, relation with you, and their phone number.
Step 9: Verify your identity with Aadhaar card number, PAN number, and address. Upload your selfie and tap “Next”.
Step 10: Fill your bank details like account number, account type, and IFSC code.
Step 11: Accept the Terms & Conditions and tap on “E-sign agreement” to confirm the loan agreement.
Step 12: The message of loan application successful will come.
Step 13: After the loan is approved, the money will be transferred to your bank account.
Conclusion (L&T Finance Personal Loan)
So friends, this is how you can take loan from L&T Finance app. I sincerely hope that you liked this article.
I hope you have learned from this post how to take loan from L&T Finance app. If you still feel that some improvements need to be made in this post, then you can tell us by commenting.
Also, if you liked this post, then share it with all your social media accounts and friends.
