L&T Finance Personal Loan

Key Features of L&T Finance Personal Loan

L&T Finance offers personal loans with a range of key features that make it a preferred choice for individuals seeking financial assistance. Here are the key features of L&T Finance Personal Loan:

Competitive Interest Rates

L&T Finance provides personal loans at competitive interest rates, ensuring affordability for borrowers. 

Flexible Loan Amount

L&T Finance offers a flexible loan amount based on the borrower’s financial requirements and eligibility. 

Convenient Repayment Options

L&T Finance understands the importance of flexibility in loan repayment. Hence, it offers convenient repayment options with flexible tenures, allowing borrowers to choose a repayment schedule that aligns with their financial capabilities.

Quick Loan Processing

L&T Finance values its customers’ time and strives to provide quick loan processing. 

Minimal Documentation

L&T Finance aims to simplify the loan application process by minimising the required documentation.

Customised Solutions

L&T Finance understands that each borrower’s financial needs are unique. Hence, it offers personalised loan solutions, tailoring the loan terms and conditions to suit individual requirements.

Transparent and Ethical Practices

L&T Finance upholds transparency and ethical practices throughout the loan process. 

Dedicated Customer Support

L&T Finance provides dedicated customer support to assist borrowers with any queries or concerns they may have regarding their personal loans.

Online Account Management

L&T Finance offers online account management facilities, allowing borrowers to conveniently access loan-related information, check repayment schedules, and make online payments.

Security and Privacy

L&T Finance prioritises the security and privacy of its customers’ personal and financial information.

L&T Finance Personal Loan – Overview

L&T Finance offers personal loans to individuals who require financial assistance for various personal needs. Whether it’s funding a wedding, renovating a home, planning a vacation, or managing unexpected medical expenses, L&T Finance’s personal loans provide a convenient solution. L&T Finance values customer satisfaction and provides quick loan approvals, often within a few business days. The loan disbursal is equally prompt, ensuring borrowers can easily access the necessary funds.

L&T Finance Personal Loan Eligibility Criteria

Certain criteria must be met for Union Bank of India personal loan eligibility. The eligibility criteria may vary based on factors such as income, employment status, age, and credit history. Some of the common factors affecting personal loan eligibility include:

Age

The applicant must be at least 21 years old at the time of loan application. The maximum age limit may vary but is typically around 60 years or retirement age, whichever is earlier.

Employment Type

L&T Finance personal loans are generally available to salaried individuals, self-employed professionals, and businessmen. 

Income

The applicant should have a regular source of income to demonstrate repayment capacity.

Credit History

A good credit history enhances the chances of loan approval. L&T Finance assesses the applicant’s creditworthiness based on their credit score, repayment history, and any existing loans or liabilities.

Documentation

Applicants are required to provide the necessary documents to verify their identity, address, income, and employment details.

L&T Finance Personal Loan Fees and Charges

The fees and charges for L&T personal loan application are as follows:

Particulars	Rates
Fees for Loan Processing	Loan for Consumers: Up to 2% of outstanding principal amount + taxes Micro Loan: 1% of the amount of the loan + taxes
Charges for Payment Bounce	Loan for Consumers: Rs 350 + taxes (if any) Micro Loan: Nil
Interest on late payment	Loan for Consumers: 3% each month on the EMI, which is overdue. Micro Loan: Nil
Charges for part prepayment	Loan for Consumers: Up to 5% of the amount which is prepaid + taxes (Part prepayment of around 25% is allowed twice per year)
Charges for Foreclosure for Loan	Loan for Consumers: 5% of the principal amount is outstanding + taxes Micro Loan: Nil
Annual Maintenence Charges	Nil
Legal /Recovery charges	As Applicable
Charges for Duplicate NOC	Rs 250 + taxes
Charges for repayment swap (per swap)	Rs 500 + taxes
SOA/RPS /FC letter & other documents	Loan for Consumers: Nil Micro Loan: Nil

L&T Finance Personal Loan Documentation

 When applying for an L&T Finance Personal Loan, applicants are required to provide certain documents as part of the documentation process. These documents are necessary to verify the applicant’s identity, income, employment details, and other relevant information. Here are the general documents typically needed for an L&T Finance Personal Loan:

Identity Proof

Applicants need to provide valid proof of identity, such as a PAN card, Aadhaar card, passport, or driver’s license.

Address Proof

A document verifying the applicant’s residential address is required. This can be a utility bill (electricity, water, gas, etc.), bank statement, rental agreement, or any other document recognised by L&T Finance.

Income Proof

Applicants must provide documents to validate their income. For salaried individuals, this typically includes salary slips, bank statements, and Form 16. Self-employed individuals and businessmen may need to provide income tax returns, balance sheets, profit and loss statements, and other relevant financial documents.

Employment Proof

Salaried applicants need to submit proof of their employment, such as a current employment certificate, offer letter, or appointment letter. Self-employed individuals and businessmen may need to provide business registration documents, partnership deeds, or other relevant documents.

Bank Statements

Applicants are usually required to submit bank statements for the past few months to verify their financial transactions and repayment capacity.

Passport-sized Photographs

Recent passport-sized photographs of the applicant are typically required for identification purposes.

How Does the EMI Calculation Work for L&T Finance Personal Loans?

Borrowers can repay the principal loan amount within 24 months in the form of EMI. The EMI can vary depending on the monthly budget and paying abilities. 

The primary formula for manually calculating monthly EMI is as follows:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] 

Here, every character has a different meaning. They are as follows:

• EMI means Equated Monthly Instalments
• N means Number of Monthly Instalments
• P means Principal Amount
• R means Rate of Interest

Apart from the manual calculation, you can ease your work using the Urban Money EMI Calculator. Simply enter the principal amount, interest rate and tenure of the loan and press the Enter button. The results will be displayed on your screen.

How to Apply For L&T Finance Personal Loan 

To apply for a personal loan through Urban Money, you can follow the steps below:

Step 1: Visit the Urban Money Website.

Step 2: Look for the loan eligibility check option on the website. Provide the required details, such as your employment type, income, age, and loan amount desired. This step will help you determine if you meet the initial eligibility criteria for a personal loan.

Step 3: If you are eligible, complete the online application form. Provide accurate and complete information, including personal details, contact information, employment details, income details, and any other information required by Urban Money.

Step 4: Gather the necessary documents as specified by Urban Money. These may include proof of identity, address proof, income proof, bank statements, and any other supporting documents.

Step 5: Scan or take clear photos of your documents and upload them securely through the Urban Money website or mobile app. Ensure the documents are legible and in the required format (PDF, JPEG, etc.).

Step 6: Urban Money will review your loan application and documentation. They may contact you for any additional information or clarification if needed.

Step 7: If your application meets the eligibility criteria and is approved, Urban Money will provide you with a loan offer. This offer will include details such as the loan amount, interest rate, repayment tenure, and any applicable fees or charges.

Step 8: If you are satisfied with the loan offer, accept it as per the instructions provided by Urban Money. The loan amount will be disbursed to your registered bank account upon acceptance.

L&T Finance Personal Loan Customer Care Number

You can contact the L&T Finance Personal Loan customer care at the following numbers:

• Customer Care: + 91 18 00 2587 702
• Toll-Free Number: +91 91 5800 4777 and 1800-102-0476
• Chargeable Call Centre Number: 912262125000