L&T Finance Personal Loan
L&T Finance Personal Loan Details
The key details of the LNT Finance personal loan are mentioned below:
| Loan amount | Rs. 50,000 to Rs. 30 Lakhs |
| Rate of interest | Starting from 11.00% p.a. |
| Tenure | 12 months to 72 months |
| Processing fee | 3% of the loan amount or Rs. 40,000 (whichever is lower) + applicable taxes is applicable |
| Prepayment charges | 5% of prepaid amount/ principal outstanding + applicable taxes |
| Age criteria | 21 to 58 years |
| Purpose | Education, home renovation, wedding, travel, medical or for general purposes. |
| Approval TAT | 2 minutes |
| Top-up loan | Available on existing personal loans to eligible customers |
Features & Benefits of L&T Personal Loan
The features of the L&T personal loan are mentioned below in detail:
- Loan amount: You can avail of a loan amount of Rs. 50,000 to Rs. 30 Lakhs from L&T Finance app or website.
- Purposes: L&T personal loan can be used for a variety of reasons such as education, home renovation, wedding, travel, medical emergency or general purposes.
- Tenure of repayment: The repayment tenure for the loan ranges from 12 months to 72 months.
- Processing fee: A processing fee of 3% of the loan amount or Rs. 40,000 (whichever is lower) + applicable taxes is applicable.
- Eligible applicants: Salaried and self-employed professionals who are Indian citizens and have valid ID proof.
- Key benefits: Completely digital application process, fast disbursal, and no income proof documents required.
- Cooling-off/ look-up period: L&T offers a cooling-off or look-up period of 3 days from the date of disbursement, during which you will not be charged any penalty on prepayment of the loan.
- Instant application: If you want an L&T personal loan, apply online instantly on the L&T Finance app.
L&T Finance Personal Loan Interest Rates & Charges
- Interest rate: L&T Finance personal loan interest rate starts from just 11.00% p.a. onwards, depending on the borrower’s credit score, loan amount to be applied for, income, and other eligibility criteria.
- Part prepayment charges: 5% of prepaid amount + applicable taxes.
- Foreclosure Charges: 5% of principal outstanding + applicable taxes.
- Processing fee: 3% of the loan amount or Rs. 40,000 (whichever is lower) + applicable taxes.
- EMI dishonour/ bounce charge: Rs. 500 to Rs. 2,000, depending on the loan amount.
- Penal charge/ Late payment charge: 2% per month on overdue EMI + applicable taxes.
- Statement/ document retrieval charges: Rs. 500 + applicable taxes (after 3 free copies).
- Repayment instrument swap charge for branch walk-ins: Rs. 500 per swap + applicable taxes.
- Loan cancellation charges post cooling-off period of 3 days: 5% of the principal outstanding loan amount + applicable taxes.
- Field collection service charge: Rs. 500 per collection + applicable taxes.
- Legal fees & charges: Up to Rs. 30,000 + applicable taxes.
- Recovery charges: Up to Rs. 15,000 + applicable taxes.
Compare HSBC Bank Personal Loan with Other Banks
Below is the comparison of HSBC Bank personal loan interest rate with other lenders:
| Lenders | Loan Amount | Interest Rate | Tenure |
|---|---|---|---|
| HSBC Bank | ₹1 Lakh to ₹50 Lakhs | 9.99%% to 14% p.a. | 6 to 60 months |
| Axis Bank | ₹50,000 to ₹40 Lakhs | 9.99% to 22.00% p.a. | 12 to 84 months |
| Unity Small Finance Bank | Up to ₹5 Lakhs | 16.00% to 30.00% p.a. | 6 to 36 months |
| IDFC First Bank | Up to ₹10 Lakhs | 9.99% to 23.99% p.a. | 9 to 60 months |
| IndusInd Bank | ₹50,000 to ₹50 Lakhs | 10.49% p.a. | 12 to 84 months |
| Kotak Mahindra Bank | ₹50,000 to ₹35 Lakhs | 10.99% to 16.99% p.a. | 12 to 72 months |
| Yes Bank | ₹1 Lakh to ₹40 Lakhs | 11.25% to 21.00% p.a. | 12 to 60 months |
| DBS Bank | ₹50,000 to ₹50 Lakhs | 10.99% to 30.00% p.a. | 12 to 72 months |
| ICICI Bank | ₹50,000 to ₹50 Lakhs | 10.85% to 16.65% p.a. | 12 to 72 months |
| Federal Bank | Up to ₹25 Lakhs | 11.49% to 14.49% p.a. | Up to 48 months |
L&T Personal Loan Eligibility Criteria
The eligibility criteria for the LNT personal loan are mentioned below:
- Nationality: Indian citizens having a valid ID proof
- Occupation: Salaried and self-employed professionals
- Age criteria: 21 to 58 years of age
Documents Required for L&T Finance Personal Loan
If you want an LNT loan, you can apply online with the following documents:
- A valid ID proof: PAN and any one of the following:
- Aadhaar Card
- Driving License
- Passport
- Voter ID
- Job Card by NREGA
- A letter issued by the National Population Register (NPR) containing details of name and address
- Address Proof:
- Utility bills not older than 2 months (Electricity, Telephone, Post-paid Mobile Phone, Piped Gas, Water Bill)
- Aadhaar Card
- Driving License
- Passport
- Voter ID
- Income Proof:
- Salaried – Last 3 months’ salary slips/ Form 16/ Last 3 months’ bank statement reflecting salary credits/ Salary Certificate
- Self-employed – Latest Income Tax Return (ITR
How to Apply for L&T Personal Loan Online
If you want to get a L&T Finance personal loan, apply online by following the easy steps as mentioned below:
- Open and log in to the L&T Finance website or open the L&T Finance PLANET app.
- Select ‘Personal Loan’ and click on the ‘Apply Now’ button to start your digital loan journey.
- Enter your details, including income, current address, etc., to instantly check your loan eligibility
- Explore personalised loan offers and select one that matches your needs.
- Securely provide your bank details to register for an E-mandate for smooth loan repayments
- Verify your identity with a quick online KYC process.
- Get your loan disbursed directly to your bank account.