L&T Finance provides personal loans to individuals by providing financial assistance to meet their personal needs. Whether funds are to be raised for wedding purposes, home renovation, planning a vacation, or meeting unexpected medical expenses. It provides customer satisfaction and provides quicker disbursal of loans.
Salient Features of L&T Finance Personal Loans
Mentioned below are the key features of L&T Finance Personal Loan:
- Get a repayment tenure for a personal loan ranging from 12 to 48 months.
- Get personal loans of amounts up to INR 15 lakhs.
- Make your personal loan repayments at an interest rate starting from 12%.
- Get faster disbursal of loans with zero paperwork.
- It can be availed of both by salaried and self-employed individuals.
- Get a personal loan without any proof of income.
- Get a personal loan without any collateral or security for personal loans.
- Get a quicker processing of personal loans.
- Get a simplified process of applying for a loan with minimal documentation.
- Get customised loan solutions with tailor-made terms and conditions suiting individual requirements.
- Get transparent and ethical practices throughout the loan process.
- Get dedicated customer support to assist borrowers with queries or concerns regarding personal loans.
Documentation Required
Mentioned below is the list of documents required to be provided while applying for L&T Finance Personal Loan:
| Particulars | Documents Required |
| ID Proof: |
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| Address Proof: |
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| Income Proof (if required): |
– Form 16 – Last 3 months’ bank statement reflecting salary credits – Salary Certificate
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Eligibility Criteria
Mentioned below are the eligibility parameters to be met in order to apply for L&T Finance Personal Loan:
- In the case of Consumer Loans:
- An applicant must be an Indian citizen with valid proof of ID.
- The minimum age of an applicant should be 23 years.
- The maximum age of an applicant should be 57 years.
- This loan can be availed across all major towns and cities in India.
- In the case of Micro Loans:
- An applicant must be a woman borrower.
- The minimum age of an applicant should be 20 years.
- The maximum age of an applicant should be 60 years.
- This loan can be availed across India.
Processing Fees and Charges
Mentioned below are the processing fees and charges in order to apply for L&T Finance Personal Loans:
| Charge Type – Personal Loans | Details | ||||||||||
| Processing Fee | Up to 3% of loan amount + applicable taxes | ||||||||||
| Repayment/EMI Bounce Charges |
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| Late Payment Interest (LPI) | 2% per month on overdue EMI *LPI revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023 |
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| Part Prepayment Charges | It is up to 5% of the prepaid amount + applicable taxes. | ||||||||||
| Foreclosure Charges | It is 5% of the 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) | INR 250/- + applicable taxes | ||||||||||
| Repayment Swap Charges (per swap) | INR 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 |
Types of L&T Finance Personal Loan
Mentioned below are the 2 types of L&T Finance Personal Loan:
- L&T Consumer Loan:
- Purpose: L&T Finance Consumer Loan allows personal loan borrowers to procure funds for expenses related to home renovation, marriage, festivals, education and medical needs.
- Loan Amount: INR 50,000 to INR 7 lakhs
- Tenure: 1 – 4 years
- L & T Micro Loan:
- Purpose:
- L&T Finance Vikaas: This loan facility is offered to first-time customers of L&T Finance
- L&T Finance Vishwas: L&T Finance offers this micro loan facility to its repeat customers who have paid at least 12 EMIs of their existing loan
- L&T Finance Pragati: This loan facility is a special high-ticket loan offered to select L&T Finance customers who have paid a minimum of 12 EMIs of their existing loan
- Loan Amount:
- L&T Finance Vikaas: INR 30,000 to INR 40,000
- L&T Finance Vishwas: INR 40,000 to INR 75,000
- L&T Finance Pragati: INR 60,000 to INR 1.1 lakh
- Tenure:
- L&T Finance Vikaas: 2 years
- L&T Finance Vishwas: 2 years to 33 months
- L&T Finance Pragati: 3 years
Factors affecting the eligibility criteria of a Personal Loan
Below are the factors that affect the eligibility for a Personal Loan:
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- CIBIL Score: A CIBIL score above 720 is considered to be ideal to meet the eligibility criteria for getting an HDFC Personal Loan.
- Income: An individual shall meet the minimum income criterion to avail of HDFC Personal Loan.
- Repayment History: Approval of a loan becomes easier if the Applicant has a good repayment history.
- Employment Type: As the borrowers do not have any assets to be pledged as collateral, the lender bank will check the consistency in the monthly income
How to Get an L&T Finance Personal Loan Statement?
Mentioned below are the steps to obtain L&T Finance Personal Loan Statement:
Step 1: Visit the official website of L&T Financial Services.
Step 2: Click the tab “Provisional IT Certificate or Final IT Certificate”.
Step 3: Next, provide the L&T Finance Personal loan statement number.
Step 4: Request an OTP, which will be received on the registered mobile number and then be used to log in.
Step 5: Now, one can download the L&T Personal Loan Interest certificate easily.
L&T Finance Personal Loan Customer Care Numbers
| Type of Loan | Contact Number | Email Address | Timings |
| Personal Loan (Consumer Loan) | +91 7264888777 | [email protected] | 9 am to 6 pm (All days of the week) |
| Micro Loan | + 9118002587702 | [email protected] | 9 am to 6 pm (i.e. from Monday to Saturday) |