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L&T Finance Personal Loan: Is It Right for Your Needs?

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Mar 19, 2024
15 Mins

Introduction:

L&T Finance offers personal loans to meet urgent financial demands like festivals, weddings, home renovations, education, and healthcare costs. With interest rates starting at 11% and loan amounts up to ₹7 Lakhs, clients can benefit from repayment terms up to 48 months. Our completely digital, user-friendly application process positions L&T Finance as a favored option for personal loan seekers.

Explore Appealing Personal Loan Opportunities with L&T Finance

To begin the application, choose your city and locate L&T Finance. Enter your requested loan amount and monthly net salary. Authorize UrbanMoney to access your Experian credit data and agree to their terms for a seamless borrowing process.

L&T Finance Personal Loan: Detailed Overview

  • Interest Rate: 12% - 20%
  • Loan Amount: ₹50K - ₹7L
  • EMI Per Lakh: ₹2,224 - ₹2,649

Processing Fees:

  • Consumer Loan: Up to 2% of the outstanding principal plus taxes
  • Micro Loan: 1% of the loan amount plus taxes

Pre-Payment Charges:

  • Part Prepayment: Up to 5% of the prepaid amount plus taxes (Part prepayment up to 25% allowed twice a year)
  • Foreclosure: 5% of the outstanding principal plus taxes; none for Micro Loans

Advantages of Choosing L&T Finance Personal Loan

  • Competitive Rates: Enjoy economical interest rates.
  • Flexible Amounts: Loans tailored to various fiscal needs.
  • Convenient Repayments: Flexible repayment choices align with your finances.
  • Fast Processing: Rapid loan processing ensures timely funding.
  • Minimal Documentation: Simple application with minimal paperwork.
  • Customized Solutions: Terms tailored to distinct financial needs.
  • Transparency and Ethics: Committed to transparent procedures.
  • Dedicated Support: Customer service for any inquiries.
  • Online Management: Access loan details via an online portal.
  • Security and Privacy: Ensuring personal and financial information safety.

Eligibility and Required Documents for L&T Finance Personal Loan

Eligibility for an L&T Finance Personal Loan is determined by factors like age, income, employment status, and credit history:

  • Age: 21 - 60 years or retirement age, whichever is earlier.
  • Employment Type: Open to salaried and self-employed professionals.
  • Income: Steady income demonstrating repayment capability.
  • Credit History: A strong credit score and history enhance approval prospects.
  • Documentation: Includes identity, address, income and employment proof, bank statements, and passport photos.

EMI Computation for L&T Finance Personal Loans

Calculate EMI using the formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

(P: Principal, R: Rate of Interest, N: Number of Installments)

The Urban Money EMI Calculator helps simplify calculations by inputting the principal, interest rate, and loan duration for immediate results.

Applying for L&T Finance Personal Loan

  1. Visit Urban Money's website.
  2. Verify eligibility by submitting vital details like employment type, income, age, and desired loan amount.
  3. If eligible, accurately fill out the application form.
  4. Collect and securely upload necessary documents.
  5. Urban Money will review and reach out for clarifications if necessary.
  6. If approved, receive a loan offer stating loan amount, interest rate, and charges.
  7. Accept the offer following Urban Money's guidelines, after which the funds are disbursed to your bank account.

For assistance, reach our customer support:

Customer Care: +91 1800 2587 702

Toll-Free: +91 915800 4777, 1800-102-0476

Chargeable: 912262125000

At L&T Finance, our personal loans are committed to satisfying your financial requirements. Apply today to experience flexibility, transparency, and complete support.

Glossary: MSMEs: Micro, Small and Medium Enterprises, CIBIL: Credit Information Bureau (India) Limited, MICR Code: Magnetic Ink Character Recognition, RTGS: Real-Time Gross Settlement, IMPS: Immediate Payment Service, NEFT: National Electronic Funds Transfer, NBFCs: Non-Banking Financial Companies, TDS: Tax Deducted at Source, KYC: Know Your Customer, RBI: Reserve Bank of India, NSE: National Stock Exchange, BSE: Bombay Stock Exchange, UX: User Experience, NPAs: Non-Performing Assets, NRI: Non-Resident Indian, OD: Overdraft, EBLR: External Benchmark Lending Rate, MCLR: Marginal Cost of Funds Based Lending Rate, FATCA: Foreign Account Tax Compliance Act, OECD: Organisation for Economic Co-operation and Development, PPF: Public Provident Fund, EPF: Employees Provident Fund, UPI: Unified Payments Interface.

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