Get up to ₹30 lakh with L&T Finance personal loan – Know the details
L&T Finance provides personal loans without collateral or income proof, catering to individuals aged 23-58. Loan amounts can reach Rs. 30 lakh, with a flexible tenure of 12 to 72 months. Higher credit scores yield lower interest rates.
L&T Finance is a NBFC which provides personal loans to individuals who require quick funds to cover their sudden expenses or need some extra cash for an upcoming event or luxury vacation. This loan is available for both salaried as well as self employed individuals. Let us understand this in detail:
Key features of L&T Finance personal loan
Digital application process: You can enjoy a completely digital application process with quick loan disbursal so that you can have a great overall user experience.
No income proof required: L&T Finance offers you personal loans options without any income proof requirements. Hence, even if you are unemployed, you can still apply for the personal loan.
No collateral required: Personal loans do not require any collateral. So you do not have to pledge any asset in order to be eligible to apply for the loan.
Loan tenure: You can avail a loan tenure of 12 to 72 months.
Loan amount: L&T Finance offers personal loan amounts of up to Rs. 30 lakh.
Eligibility criteria for L&T Finance personal loan
Age:Must be between 23 years to 58 years of age.
Citizenship: Must be an Indian citizen with valid ID proof.
Credit score:A higher credit score will attract lower interest rates and help you in getting your desired loan amount.
Fees and charges of L&T Finance personal loan
| Particulars | Charges |
| Processing fees | Up to 3% of the loan amount |
| Repayment bounce charges | For loan amounts less than ₹5 lakhs – ₹500 For loan amounts ₹5 lakhs to ₹50 lakhs – ₹1,000 For loan amounts above ₹50 lakhs to ₹2 crores – ₹1,500 For loan amounts above ₹2 crore – ₹2,000 |
| Late payment interest | 2% p.m. on overdue EMI |
| Part Prepayment charges | Up to 5% of the prepaid amount |
| Foreclosure charges | 5% of principal outstanding |
| Annual maintenance charges | Nil |
| Legal/Recovery charges | As per actuals |
| Duplicate NOC charges(applicable per copy after 3 free copies per customer) | Rs. 250 |
| Repayment swap charges (per swap) | Rs. 500 |
| Loan cancellation charges post cooling off period of 3 days | 5% on the outstanding loan amount |
Source: Paisabazaar
In conclusion, you must understand that personal loans generally offer higher interest rates as compared to other loans in the market. Before you decide on applying for a personal loan, you must first understand your needs and whether or not you really need a personal loan. Higher interest rates attract higher EMIs which may become a burden for you in the long run.
Hence, you must first make a plan and a specific budget before applying for the loan as you can then have an estimate of the principal amount you can afford to borrow. With this, you can avoid any future debt traps and make informed decisions.
(Note: Personal loan interest rates and other provisions keep changing with time. Readers are advised to check the relevant bank's official website for the latest updates)
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