L&T Personal Loan

L&T Finance Personal Loan Interest Rate

The L&T Finance personal loan interest rates start from just 12% per annum onwards. The interest rates are fixed, and there is also a minimal processing fee of 1.75% to 2% of the loan amount that is charged. The interest rate applicable depends on various factors including the borrower’s credit score, loan amount to be applied for, income, and other eligibility criteria.

L&T Finance Personal Loan Types

Consumer Loans: In this type of loan, borrowers can finance personal expenses such as wedding, education, medical needs, home renovation expenses etc. Consumer loan amounts start from 50,000 and go up to 7 lakhs

Micro Loans: Micro loans are short term loans offered to women borrowers from low income backgrounds to become self-reliant. And the lender offers 3 different types of loan schemes under its micro loan facility - L&T Finance Vikaas with loan amounts in the range of Rs. 30,000 to Rs. 40,000, L&T Finance Vishwas with loan amounts in the range of Rs 40,000 to Rs 75,000, and L&T Finance Pragati with loan amounts in the range of Rs. 60,000 to Rs 1.1 lakh.

What Are The Common Factors Affecting L&T Finance Personal Loan Eligibility?

• Credit Score: The most important factors in determining whether or not your personal loan will be approved are your credit score and credit report. 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 see whether you 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 lender wants 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.

How To Apply For L&T Finance Personal Loans?

Online Through CreditMantri

• Click on ‘CHECK ELIGIBILITY’
• The application page will open
• Fill in the basic details like the Email ID, loan amount required, date of birth, mobile number, residence city, residence pincode, marital status, and gender.
• Tick all checkboxes for agreement terms.
• Click on “Submit”
• Enter the OTP you get on your registered mobile number.
• Proceed with the rest of the application and your application will be processed in no time.

Online Via The L&T Finance Website

• Go to the official website of L&T Finance
• Click on ‘Our Products’
• Choose consumer loans
• Click Login
• After logging in, fill up the online form by providing the following information
• First Name
• Last Name
• Email
• Mobile Number
• City
• Check the check box for getting updates, alerts, notifications, and other loan details.
• Click on the ‘Submit’ button to complete the L & T personal loan application process

L&T Finance Personal Loan Status Check

After you apply for a personal loan with L&T, you will want to know about your personal loan application status. You will want to know whether the loan is approved, rejected, or under process. You can track your personal loan application through the following ways:

• Official website of the lender: Select customer support and then choose customer servicing. Choose consumer loans, loan details, and then check your loan status by entering your PAN, mobile, or LAN number.
• Through customer care: Email at customercare@ltfs.com or call the L&T personal loan contact number on +91 7264888777.

For more information on how to check your L&T Finance personal loan status, go to https://www.creditmantri.com/forum-how-can-i-check-my-lt-finance-loan-status/.

L&T Finance Personal Loan Statement

Conclusion

L&T Finance offers a hassle free and completely digital process of getting a personal loan. Apply for the loan through CreditMantri and enjoy the benefits. Before you apply, do a free credit score check on CreditMantri and download your credit report.

FAQs Of L&T Finance Personal Loan