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Get personal loans in India that are best matched to your credit profile
24 to 38 months
11% to 19%
L&T Financial Services is a major lender for commercial and personal finances across India. It is one of the most sought after NBFC offering various kinds of consumer and business loans to eligible applicants.
L&T Consumer Loan offers borrowers with a credit facility to take care of their personal needs. One can use the L & T Consumer Loan to take care of expenses related to marriage, festivals, holidays, home renovation, higher education, and emergency medical expenses. They come with speedy approvals and instant disbursals to put the funds in your hands in a timely manner.
About L&T Consumer Loans
L&T Consumer Loan is aimed at assisting salaried & self-employed individuals to avail quick credit to take care of financial emergencies. Here is why you should get your personal loan from L&T Finance
- Speedy approval and instant disbursal into your bank account
- Collateral free loans of up to Rs.7 lakhs
- Interest rates as low as 11%
- Repay in comfortable repayments of up to 48 months
- Completely online processing for a smooth and transparent process
- Get services and support in all major towns and cities
- Pay your EMIs through the ECS or NACH mandate.
- Online Customer Portal to access all loan related information in one place
- Part payments allowed twice in a year
- Pre-close loan after 6 months of EMI payments
- Avail Credit Shield insurance policy with the loan for nominal premium payment. Protect your family from loan repayment in case of your untimely death.
The loan application is done completely online. You only have to upload the soft copy of the documents. Once the documents are verified, your loan will be approved and the amount disbursed in your account instantly.
1. Visit the L&T Financial Services portal
2. Choose ‘Our Products’ and click on ‘Consumer Loan’
3. Fill the online form with your name, email address, phone number and city. Click on ‘Submit’.
4. A representative from L&T will contact you for further loan processing. They will guide you with the next steps of the loan, document upload and form filling.
L&T Personal Loan is available for the following individuals
- Salaried & Self-employed
- Aged between 23 – 57 years
You will be required to submit the following documents –
- PAN Number
- KYC Documents
- Bank Account Details
L&T accepts the following KYC Documents –
- Voter ID
- Driving License
- Water Bills
- Electricity Bills
- Mobile Postpaid Bill
- Municipal/Property Tax receipt
- National Population Certificate
- Job Card by NREGA
A Personal Loan may be a short-term obligation, but banks thoroughly examine the eligibility criteria to ensure that the loan does not default. Here are some of the factors that the bank considers when determining your eligibility for a personal loan:
Credit Score: The most important factors in determining whether or not your personal loan will be approved are your credit score and credit report. The RBI has approved four credit rating agencies, also referred to as bureaus, to issue credit reports and ratings. In partnership with banks, credit card companies, and other formalized lending institutions, they compile and maintain records of all credit-related transaction data. The bureaus receive monthly reports on all of your credit transactions from these financial institutions. This contains information about your EMI and credit card payments (including any late or missed payments), balance due, any changes to your total credit limit, and any other pertinent information.
A basic mathematical formula is used to calculate your credit score based on all of this information. The credit score is a measurement of your past and current credit behavior that prospective lenders can use to determine your creditworthiness. Your credit score will be high if you have a good track record of making all of your payments on time and in full. If you have a history of missing payments or overusing credit, it can hurt your credit score.
Employment Type and Employer: Your employment status is also considered during the loan approval process. Because personal loan borrowers do not have any assets to pledge as collateral, lenders must guarantee that you will have a consistent monthly income throughout the loan's term, allowing you to make timely payments. That is why they are worried about your job situation. They'll consider whether you've had consistent employment and if you've been in the same place for an extended period of time.
Your Salary: Another important consideration is the average income. Because there is no collateral, the banks want to know that you have sufficient income (from salary and other sources) to make your monthly payments. The higher your income, the more likely you will be approved for a personal loan.
Existing loans & liabilities: Lenders will look at your credit report to see if you have a track record of financial stability and on-time EMI payments. If they see that you have made regular payments and fulfilled your debt obligations, they are more likely to consider your loan request favorably.
1. How much loan can I get with L&T Consumer Loan?
You can get up to Rs.7 lakhs personal loan with L&T Consumer Loan
2. What is the interest rate on L&T Consumer Loan?
Interest rates start at 11% p.a.
3. How can I repay the loan?
You can repay the loan via ECS or NACH mandate with tenures of up to 48 months.
4. Can I make part payments or foreclose my loan?
Yes, you are allowed to make a maximum of 25% of the loan amount as part-payment, twice in a year. Once you have completed 6 EMIs, you can foreclose the loan.
5. What is the processing fee on the loan? Are there other fees or charges to be paid?
The processing fee is around 1.75% - 2% of the loan amount. There are no other fees or charges to be paid to get this loan.
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