L&T Finance Personal Loan

Features and Benefits of L&T Finance Personal Loan

L&T Finance was started in July 2008 with the purpose of assisting people in upgrading their businesses one way or the other. L&T Personal Loans (also called microloans), however, cater to the financial needs of women so that they grow and become completely self-reliant. Some of the best advantages of L&T Finance are that it only charges a 1% processing fee of the total amount and offers flexible term loans through the Joint Liability Group (JLG).

• A microloan product.
• Exclusively available for women
• Flexible tenure

Given below are the features and benefits of L&T Finance for a microloan:

• You can avail term loan via Joint Liability Group (JLG).
• The repayment tenure is only available for 24 months.
• The maximum loan amount available is Rs. 45,000.
• The processing fee is only 1% of the total loan amount.
• The rate of interest is 24% and is subjected to market risks.
• There is no requirement for collateral security.

L&T Finance Personal Loan Eligibility Criteria

The L&T Finance Personal Loan eligibility criteria are as follows:

• They are only available for women.
• The minimum age requirement for applying for a loan is 20 years.
• The maximum age for applying for the loan is 60 years.
• Self-employed or salaried applicants should have a steady income.

L&T Finance Fees and Charges

L&T Finance charges 1% on the outstanding amount as their processing fee for personal loans for women. They provide loans of up to Rs. 45,000 only for the tenure of 24 months.

L&T Finance Personal Loan Interest Rates

Check out all the details of the L&T Finance Personal Loan below:

Parameters	Values
Eligibility	Loan is available for women only
Maximum Loan Amount	Rs. 45,000
Loan Tenure	24 months
Collateral Security	Not Required
Processing Fee	1.00%
Rate of Interest	24.00%

Factors Affecting L&T Finance Personal Loan Interest Rates

The foremost factors affecting the L&T Finance Personal Loan Interest Rates are as follows: 

• Higher Earnings: Earning a good amount can help you in getting a lower and better interest rate on your loan amount. 
• Repayment Tenure: If you can repay the loan amount on time, L&T Finance will charge you a lower rate of interest. 
• Relationship: Having good contacts with a finance officer can benefit you in several ways. One of the benefits is having a lower interest rate. 
• Credit Score: L&T Finance does not check the credit score for microloans, but when they provide personal loans to their employees, they want the credit score to be 750 or more.

Documents Required for L&T Finance Personal Loan

Since L&T Finance provides personal loans in the form of microloans to women only, they need fewer documents as compared to banks and NBFCs who provide personal loans to all. Here are the document requirements for L&T Finance Personal Loan. 

• Income Proof: To apply for a microloan, women have to submit valid income proofs like their ITR, Form 16 or a salary certificate.
• Other Documents: Women must submit a copy of their Aadhar Card, Voter's ID card, Ration Card, and MGNREGA Card.

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 Does L&T Finance Compare with Other Lenders?

Here is the comparison of L&T Finance with other banks and NBFCs on the basis of interest rates offered by them on personal loans. 

Banks and NBFCs	Interest Rates per Annum
L&T Finance	24%
SBI	9.60%
HDFC Bank	10.25%
ICICI Bank	10.25%
Kotak Mahindra Bank	10.25%
Bajaj Finserv	13.00%
Tata Capital	10.99%
Deutsche Bank	24.00%
IDFC First Bank	10.49%
Clix Capital	14.99%
Axis Bank	10.25%
PNB	7.90%
IndusInd Bank	10.49%

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