L&T Finance Personal Loan – Apply Online

Personal Loan

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    In day-to-day life, the need for money can arise at any time. So, the fastest source available for borrowing money is a personal loan. In the need for money  up to INR 10 Lacs, a personal loan can be the best option if you need money for up to INR 10 lacs. But you will need income proof to get a personal loan with some other documents. Therefore, you can apply for an L&T Finance Personal Loan that doesn’t need any income proof. This personal loan is available at an interest rate of 11% and you can borrow a loan of up to INR 10 Lacs. The lender gives you a tenure of 48 months to repay the loan. Let’s explore other details of the L&T Personal Loan.

    L&T Personal Loan Details

    In the table given below, you can explore all the details of this personal loan and see how much interest will be charged on the loan.

    ParticularsDetails
    Interest rates 11% - 19% Per Annum
    Minimum Loan AmountINR 50,000
    Maximum Loan AmountINR 10,00,000
    Loan Tenure 12 Months to 48 months
    Loan Type Personal Loan (Unsecured)
    Minimum Cibil Score730 and Above
    Income ProofNot Needed
    Foreclosure Charges5% of the Principal Outstanding Amount + GST
    Part Payment25% of the Principal Outstanding up to twice a year (No Extra Charges)
    Locking PeriodA minimum of 6 months
    Target GroupAge 25 and above with a good credit history of minimum last 6 months.
    Minimum Age25 Years
    Maximum Age58 Years at Maturity
    Processing FeesUp to 2.25%, excluding all charges

    Features and Benefits of L&T Finance Personal Loan

    There are some outstanding features of this personal loan that make it unique from others. You must go through all the features of this loan.

    • You will get an instant pre-approved loan from the company.
    • There is no need for any income documents to apply for an L&T Personal Loan.
    • The whole application process will be digital and everything will be done online.
    • It is an unsecured personal loan so you will not need any collateral to apply for the loan.
    • There are 11000+ operational pin codes spread across 25 states and the Union Territories.
    • The loan disbursement process is really quick.
    • You can borrow a loan of up to INR 10 lakhs.
    • A Cibil Score of just 730 is needed. 
    • The rate of interest starts at 11% per annum.

    Eligibility Criteria for Personal Loans from L&T

    You will have to fulfill the following criteria in order to apply for the L&T Finance Loan:-

    • You will need a minimum Cibil Score of 730 or above to get this loan. 
    • The minimum age of the applicant should be 25 years.
    • The maximum age of the applicant should not be more than 58 years old at maturity. 
    • Individuals with all types of employment status can apply for this personal loan.
    • You will need a valid PAN, selfie, and Aadhaar to apply for this loan.

    How to Apply for an L&T Personal Loan

    You can apply for an L&T Finance Loan through their official website. You can even fill-up the form given above and get the loan digitally. The verification will be done through e-KYC and there is no need to visit the branch physically. The representative will ask you for a selfie, an Aadhaar Card, and a PAN card to complete the KYC, and your loan application process will be completed.

    Foreclosure Charges on L&T Loans

    This lender doesn’t allow you to foreclose on a loan before 6 months. You will have to pay regular EMIs for a minimum of 6 months, after which you can foreclose on the loan. But foreclosure charges will be applied to the principal outstanding amount and it will be 5% of the principal outstanding amount + GST. You will have to pay this charge at the time of loan foreclosure.

    L&T Finance Personal Loan EMI Calculator

    We have calculated the personal loan EMI on different loan amounts. You can see the EMI for the tenure of 24 months and 48 months. On the other hand, you can also go through the EMI that you will have to pay at different rates of interest. The EMIs on loan amounts of INR 1 Lakh to INR 10 Lakh are given below.

    Loan AmountROI 11% (24 Months EMI)ROI 11% (48 Months EMI)ROI 19% (24 Months EMI)ROI 19% (48 Months EMI)
    INR 1 LakhINR 4,661 p.m.INR 2,585 p.m.INR 5,041 p.m.INR 2,990 p.m.
    INR 2 LakhsINR 9,322 p.m.INR 5,169 p.m.INR 10,082 p.m.INR 5,980 p.m.
    INR 3 LakhsINR 13,982 p.m.INR 7,754 p.m.INR 15,123 p.m.INR 8,970 p.m.
    INR 4 LakhsINR 18,683 p.m.INR 10,338 p.m.INR 20,163 p.m.INR 11,960 p.m.
    INR 5 LakhsINR 23,304 p.m.INR 12,923 p.m.INR 25,204 p.m.INR 14,950 p.m.
    INR 6 LakhsINR 27,965 p.m.INR 15,507 p.m.INR 30,245 p.m.INR 17,940 p.m.
    INR 7 LakhsINR 32,625 p.m.INR 18,092 p.m.INR 35,286 p.m.INR 20,930 p.m
    INR 8 LakhsINR 37,286 p.m.INR 20,676 p.m.INR 40,327 p.m.INR 23,920 p.m.
    INR 9 LakhsINR 41,947 p.m.INR 23,261 p.m.INR 45,368 p.m.INR 26,910 p.m.
    INR 10 LakhsINR 46,608 p.m.INR 25,846 p.m.INR 50,409 p.m.INR 29,900 p.m.

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