Introduction to L&T Finance Personal Loan:
If you're contemplating a personal loan, L&T Finance Holdings Ltd. provides options tailored to diverse financial needs, with interest rates beginning at 12% p.a. and loan amounts of up to Rs. 7 lakh. This guide covers in detail L&T Finance Personal Loan features, including interest rates, associated fees, loan types, eligibility, documentation, and more.

Key Features of L&T Finance Personal Loan:

• Maximum Loan Amount: Up to ₹7L
• Interest Rate: 12% - 24% p.a.
• Loan Tenure: Up to 4 Years
• Processing Fee: Up to 2%
• 100% Digital Process
• Quick Disbursal

L&T Finance Personal Loan Interest Rates: L&T Finance offers fixed interest rates from 12% p.a., subject to variations based on credit scores, age, and loan amount. For micro loans, rates start from 24% p.a.

L&T Finance Personal Loan Fees and Charges: It's critical to understand all fees and charges when taking a personal loan. Here are the specifics:

• Processing Fees: Up to 2% for consumer loans and 1% for micro loans, plus taxes.
• Repayment Bounce Charges: Rs 350 plus taxes for consumer loans.
• Late Payment Interest: 3% per month on overdue EMIs for consumer loans.
• Part Prepayment Charges: Up to 5% of prepaid amount plus taxes for consumer loans.
• Foreclosure Charges: 5% of outstanding principal for consumer loans.
• Annual Maintenance Charges: Nil
• Legal/Recovery Charges: As per actuals
• Duplicate NOC Charges: Rs 250 plus taxes after 3 free copies per customer.

Types of L&T Finance Personal Loans:

• Consumer Loan: Ideal for home renovation, marriage, festivals, education, and medical expenses. Loan ranges from Rs 50,000 to Rs 7 lakh, with a tenure of 1 to 4 years.
• Micro Loan: Targets joint liability groups of women, comprising schemes like Vikaas, Vishwas, and Pragati for different needs and repayment capacities.

Eligibility and Documentation for L&T Finance Personal Loan: Before applying, ensure to meet eligibility criteria and gather necessary documents.

Eligibility Criteria: To qualify:

• Residential Status: Indian citizens with valid ID can apply for consumer loans, while micro loans are available to women.
• Age: 23-57 years for consumer loans; 20-60 years for micro loans.
• Availability: Consumer loans are pan-India; micro loans are accessible nationwide.

L&T Finance may assess credit scores for eligibility. Applicants with low or no credit scores can apply for a Step Up Credit Card co-branded with SBM Bank India Ltd., available through Paisabazaar.com, against fixed deposits to improve credit scores.

Required Documentation:

• Identity Proof: PAN, Aadhar, Voter ID, Driving License, Ration Card, NREGA Job Card.
• Proof of Residence: Aadhaar, Passport, Voter ID, Driving Licence, Utility Bills, Property Tax Receipt, National Population Certificate, NREGA Job Card.
• Income Proof: None for consumer loans. For micro loans, assessing income capacity is required.

Ensure all criteria are met and documents are ready for a faster application process and increased approval chances.

Conclusion: L&T Finance Personal Loan offers flexible solutions for diverse financial necessities, boasting competitive interest rates and rapid disbursement with minimum documentation. Ideal for funding personal projects like home renovations or education expenses, L&T Finance also benefits from a collaboration with Paisabazaar.com, granting easy access with digital processing. Through transparent fees and customer-centric features, L&T Finance strives to empower financial independence. Prospective borrowers should thoroughly check eligibility and documentation requisites before applying to make informed decisions. L&T Finance remains a robust financial ally, devoted to fostering customers' goals and aspirations with accessible lending options.