In times of urgent financial need — whether for medical expenses, home improvement, travel or consolidating debts — personal loans offer a quick and flexible solution. One option to consider is the L&T Finance Personal Loan, which offers competitive interest rates, a simple online application process and fast disbursal.
Here’s a breakdown of the process to apply for an L&T Finance Personal Loan online. Check all important details like eligibility, steps to apply and interest rate, among others.
About L&T Finance Personal Loan
The L&T Finance Personal Loan offers hassle-free financial support with a digital-first approach. Customers can apply online and receive loan amounts of up to Rs 30 lakhs. The repayment tenure can go up to 72 months. One of the features of this loan is the competitive interest rates, starting at 11% per annum.
Additional benefits include:
- Quick loan approval in as less as 2 minutes
- Minimal documentation requirements
- No collateral or security needed
- Option for a top-up loan for existing borrowers
You can also head to the Moneycontrol app or website and find out about personal loans up to Rs 50 lakhs. It lets you compare offers from eight leading lenders. The entire application process is fully digital, with some lenders approving and disbursing funds within minutes. Interest rates start at 10.5% per annum, providing flexible options for various financial requirements.
Who is eligible for L&T Finance Personal Loan?
Knowing the eligibility criteria is the first step before you apply for L&T Finance Personal Loan. Here’s a look at who qualifies:
- Residency: Must be an Indian resident.
- Age: Between 21 and 58 years at the time of application.
- Profession: Open to both salaried and self-employed individuals.
- Employment: Minimum of one year of continuous employment or business experience.
- Credit Score: A good score, usually 750 or above, would be preferred.
A high credit score is important since it shows how you have historically borrowed money and repaid it. Lenders use this score to ascertain your loan-repayment ability. You can get loans with better terms if your credit score is high.
Documents required for L&T Finance Personal Loan
When applying for a L&T Finance Personal Loan Online, certain documents must be submitted for verification:
- Identity proof: Passport, PAN Card, Driver’s Licence, Voter ID or Aadhaar Card.
- Address proof: Recent utility bills (electricity, telephone, post-paid mobile, gas, water – not older than two months), Passport, Voter ID, or Driving Licence.
- Income proof:
- For salaried professionals: Last three months’ salary slips, Form 16, last three months’ bank statements showing salary credits or a salary certificate.
- For those self-employed: Latest Income Tax Return (ITR), bank statements for the past three months and residence ownership proof, which is not mandatory but can be submitted, if available.
How to apply for L&T Finance Personal Loan online
Applying for an L&T Finance Personal Loan is easy, thanks to the digital process that allows you to complete everything from the comfort of your home.
Follow these steps to apply:
- Visit the official L&T Finance website and select the personal loan option.
- Click on ‘Apply Now’ to start the process.
- Fill in your details such as income, current address, employment details and more to instantly check your eligibility.
- Review your customised loan offer based on your profile.
- You may have options to improve your offer or select different repayment tenures.
- Set up an e-mandate by securely submitting your bank details to enable smooth EMI payments.
- Complete your KYC through a quick and secure online verification process.
- Receive loan disbursal directly into your bank account once all formalities are completed.
To explore and compare multiple personal loan offers on a single platform, you can also visit Moneycontrol app or website.
L&T Finance Personal Loan rates
The L&T Finance personal loan rates start at 11% per annum, depending on the borrower’s profile and credit score. The exact interest rate may vary based on factors like loan amount, repayment tenure and risk assessment.
Repayments are made in easy EMIs, helping borrowers plan their finances without strain. The flexible tenure of up to 72 months ensures you have sufficient time to repay comfortably.
Why does a good credit score matter?
Your credit score reflects your creditworthiness. It is calculated based on your repayment history, credit utilisation and other factors.
- Good credit score (750 and above): Higher chances of loan approval, lower interest rates.
- Average credit score (650-750): May receive approval but interest rates would be higher.
- Poor credit score (below 650): Higher chances of rejection or loan offers at very high rates.
Maintaining a good credit score by paying bills and EMIs on time will help you avail loans like the L&T Finance Personal Loan with better terms.
The L&T Finance Personal Loan offers a convenient way to access funds for various needs. The fully digital application process allows you to apply online, get quick approval and receive funds without unnecessary delays.
Personal loans up to Rs 50 lakhs can also be accessible through the Moneycontrol app and website, where borrowers can compare offers from eight major lenders. The application process is entirely digital. Interest rates for these loans start at 10.5% per annum.
Disclaimer
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