L&T Finance Personal Loan

In our busy lives we often face unexpected money needs. When that happens a personal loan from L&T Finance can be a big help. L&T Finance knows what you want for your money and is here to give you the right kind of personal loan. This article is here to help you understand everything about L&T Finance Personal Loans. We will talk about the unique stuff who can get it, what papers you need and how much it costs. We will also show you how to get started, step by step.

Distinct Features of L&T Finance Personal Loan

L&T Finance Personal Loans are crafted with your financial needs in mind and here are the standout features that make them exceptional:

  1. Loan Amount: Your financial needs can vary and that’s why L&T Finance offers personal loans ranging up to a generous INR 15,00,000. This flexibility ensures that you can meet various financial requirements, from home renovations to medical expenses.
  2. Loan Tenure: L&T Finance understands that each borrower is unique and thus offers a flexible loan repayment tenure that spans from 12 to 48 months. This feature allows you to manage your finances comfortably and according to your specific needs.
  3. Interest Rate: A significant concern with loans is the interest rate and L&T Finance addresses this with loans that start from an attractive 12%. With this you can rest assured that repaying your loan won’t break the bank.
  4. Completely Digital Process: Say goodbye to the days of lengthy paperwork and endless queues. L&T Finance Personal Loans offer a completely digital process ensuring faster disbursal with zero paperwork. Embracing technology means quicker access to your funds.
  5. Open Eligibility: L&T Finance believes in equal opportunity and that’s why their Personal Loans are accessible to both salaried individuals and self-employed professionals. You don’t have to jump through hoops to access financial assistance.
  6. No Income Proof Required: One of the standout features of L&T Finance Personal Loans is the absence of the need for income proof. This means you can secure a loan without having to produce complicated income documents. It is a hassle-free experience.
  7. No Collateral/Security: Worried about putting up your precious assets as collateral or security? Worry no more. L&T Finance Personal Loans allow you to apply without any collateral or security. Your assets stay safe and secure.

Eligibility for L&T Finance Personal Loan

To embark on your journey towards fulfilling your financial dreams you need to meet certain eligibility criteria. L&T Finance keeps it straightforward:

  1. Citizenship Proof: You must be an Indian citizen with a valid ID proof.
  2. Age: Your age should fall within the range of 23 to 58 years. This broad age range ensures that people from various walks of life can access this financial assistance.

Documents Required for L&T Finance Personal Loan

Now that you know you are eligible let’s delve into the documents you will need to kickstart your journey

  1. ID Proof: You can use any of the following documents as your ID proof: Passport, PAN card, Driver’s License, Voter’s ID, Aadhaar Card along with recent passport-size photographs.
  2. Address Proof: For your address proof you can choose from a range of documents including Ration Card, Passport, Utility bill, Voter’s ID card and Driving License.
  3. Income Proof (if required):
    • For Salaried Individuals, You will need to provide your last 3 months’ salary slips, Form 16, and your last 3 months’ bank statement reflecting salary credits or a Salary Certificate.
    • For Self-Employed Professionals, The required documents include the latest Income Tax Return, the last 3 months’ bank statement and Residence Ownership Proof.

These documents are essential to establish your identity and financial stability ensuring that you access the right loan amount at the most favorable interest rate.

Fees and Charges for L&T Finance Personal Loan

Financial transactions often come with costs and L&T Finance Personal Loans are no exception. Here’s a breakdown of the fees and charges:

  1. Processing Fee: This fee is a one-time charge amounting to up to 3% of the loan amount, along with applicable taxes.
  2. Repayment Bounce Charges: If for any reason your repayment bounces, you will incur a charge of Rs. 350/- along with any applicable taxes.
  3. Late Payment Interest: Missing an EMI payment may result in a late payment interest rate of 3% per month on the overdue EMI.
  4. Part Prepayment Charges: L&T Finance allows you to prepay up to 25% of the loan twice a year. For this you will be charged up to 5% of the prepaid amount, along with applicable taxes.
  5. Foreclosure Charges: Opting to pay off your loan ahead of schedule will incur a charge of 5% of the principal outstanding, plus applicable taxes.
  6. Annual Maintenance Charges: The good news is that L&T Finance does not levy any annual maintenance fees. Your financial journey remains cost-effective.
  7. Legal /Recovery Charges: Legal and recovery charges are as per actuals ensuring that you only pay for what is necessary.
  8. Duplicate NOC Charges: If you require more than 3 copies of your No Objection Certificate (NOC) you’ll be charged ₹250/- along with applicable taxes.
  9. Repayment Swap Charges (Per Swap): If you need to make changes to your repayment schedule a charge of Rs. 500/- along with applicable taxes per swap applies.
  10. Loan Cancellation Charges: If you decide to cancel your loan after the cooling-off period of 3 days you will be charged 5% plus GST on the outstanding loan amount.

Understanding these fees and charges is crucial for managing your finances effectively and avoiding any unexpected expenses.

How to Apply for an L&T Finance Personal Loan

Securing an L&T Finance Personal Loan is a straightforward process. Follow these steps to get started on your financial journey:

Step 1: Visit the L&T Finance Official Website.

Step 2: Navigate to the Personal Loan option and enter your name and mobile number. This initial information is essential to kickstart the loan application process.

Step 3: Fill in your personal details and validate your mobile OTP in the Insta Loan Section Tab. This step helps in verifying your identity and contact information, ensuring a smooth process.

Step 4: Move on to the next step; you are now one step closer to your financial goals.

Step 5: Proceed to check your loan eligibility and click continue. This step ensures that you are eligible for a loan and helps you plan your finances effectively.

Step 6: Wait for Loan Offer Approval and select the required amount. Once your loan offer is approved you can choose the loan amount that aligns with your specific needs.

Step 7: Choose your EMI Tenure. L&T Finance offers a flexible tenure, allowing you to select the one that best fits your financial goals.

Step 8: Complete the e-KYC process by using your Aadhar card. This is a crucial step for identity verification and is quick and hassle-free.

Step 9: Upload the required documents. Make sure you have all the necessary documents ready to expedite the process. 

Step 10: Fill in your bank details. This is where your loan amount will be transferred once it’s sanctioned.

Step 11: Once everything is in order your loan amount will be transferred to your bank account. Congratulations you have successfully secured your L&T Finance Personal Loan!

Customer Care for L&T Finance Personal Loan

In case you have any queries or require assistance, you can reach out to the L&T Finance Customer Care team at +91 22 6212 5000. Their dedicated team is ready to assist you and provide solutions to your concerns.


L&T Finance Personal Loans have a bunch of great features to help with your money needs. You can choose how much money you want to borrow, how long you want to pay it back, and they offer good interest rates. The best part is, you can apply for the loan online, so you don’t need to deal with a ton of paperwork. Almost anyone can apply, whether you have a job or you’re your own boss. You won’t need lots of documents to apply either.

It’s important to know about the fees and charges so you can plan your money stuff better. They give you a step-by-step guide to help you apply easily. If you ever run into problems, you can call their customer service team for help.

L&T Finance Personal Loan FAQs

Yes, L&T Finance is a good option for a personal loan. It offers competitive interest rates, a flexible repayment tenure, and a quick and easy loan application process. Additionally, L&T Finance has a good reputation in the industry and is known for its customer service.

There are two ways to check your L&T Finance personal loan:

  • Online: You can log in to your L&T Finance account on their website or mobile app to view your loan details, including the loan amount, interest rate, repayment tenure, and EMI amount.
  • Customer care: You can also contact L&T Finance customer care at 1800-102-5222 to check your loan details.

You can check your L&T Finance personal loan status in two ways. First, download the Planet App and log in to view the status of all your L&T Finance loans. Second, send an SMS with specific message codes to 9212025555 from your registered mobile number to get information on installments and outstanding balance. Keep in mind that you may also receive an approval confirmation SMS once your loan is approved.

L&T Finance Personal Loans are accessible to both salaried individuals and self-employed professionals, with no income proof required.

No, you can apply for an L&T Finance Personal Loan without having to provide any collateral or security.

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