A Personal Loan is an unsecured form of loan that can be used for multiple reasons, like education, home renovation, weddings, travel purposes, medical arrangements, or general purposes. It is considered to be one of the Best Banks for Personal Loan facilities that provides a completely digital process, quick disbursal, transparency, no collateral required, and minimal documentation. One can avail of a personal loan of up to INR 7 lakhs at an interest rate of 12% with flexible loan tenures of 12 to 48 months.
Processing Fees and Charges
Mentioned below are the processing fees and charges in order to apply for L&T Finance Personal Loans:
| Particulars | Fees and Charges | ||||||||||
| Processing Fees | Up to 3% of loan amount + Taxes as applicable | ||||||||||
| Repayment or EMI Bounce Charges |
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| Late Payment Interest (LPI) | 2% per month on overdue EMI *LPI revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023 |
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| Part Prepayment Charges | It is up to 5% of the prepaid amount + Taxes as applicable. | ||||||||||
| Foreclosure Charges | It is 5% of the principal outstanding + Taxes as applicable. | ||||||||||
| Annual Maintenance Charges | Nil |
Eligibility Criteria
Mentioned below are the eligibility parameters to be met in order to apply for L&T Finance Personal Loan:
In the case of Consumer Loans:
- An applicant must be an Indian citizen with valid proof of ID.
- The minimum age of an applicant should not be less than 23 years.
- The maximum age of an applicant should not exceed 57 years.
- This loan can be availed across all major towns and cities in India.
In the case of Micro Loans:
- An applicant must be a woman borrower.
- The minimum age of an applicant should be 20 years.
- The maximum age of an applicant should be 60 years.
- This loan can be availed across India.
Documentation Required
Mentioned below is the list of documents required to be provided while applying for L&T Personal Loan:
| Particulars | Documents Required |
| ID Proof: |
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| Address Proof: |
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| Income Proof (if required): |
– Form 16 – Last 3 months’ bank statement reflecting salary credits – Salary Certificate
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L&T Personal Loan Interest Rates
The L&T Finance personal loan interest rates start from 12% p.a. onwards. The NBFC provides consumer loans at a fixed interest rate. The interest rates depend on multiple factors, such as the applicant’s credit score, age, and loan amount.
| Loan Product | Interest rates (p.a.) |
| L&T Finance Consumer Loan | 12% p.a. onwards |
| L&T Finance Micro Loan | 24% p.a. onwards |
How do you check L&T Personal Loan Application Status?
Mentioned below are the different ways to check the L&T Personal Loan Application Status:
Through L&T Website:
- Visit the L & T Financial Services webpage.
- At the bottom of the page, click the tab “Self-Help” option.
- Now, click on the loan details.
- Now, provide the loan agreement number provided at the time of applying for the loan.
- Next, click “Get OTP”.
- You will get an OTP on the registered mobile number.
- After which, you can check the loan status along with the other details.
Through SMS:
- Below is the format of the message that is to be sent to 9212025555 from the registered mobile number to know the loan status:
- ‘INST’ for the number of instalments paid and the number of future instalments
- ‘OSB’ for the outstanding balance of your loan
- ‘SANC’ for the loan sanctioned amount and tenure
- ‘BRN’ space ‘first three letters of your city’ to know the nearest LTFS branch locations in your city
- ‘EMI’ to get your next EMI amount and due date
- ‘POS’ to get the outstanding principal amount on the loan
- ‘LAN’ to find out your loan account number, which is linked to your registered mobile number
By Calling Customer Care:
- You can also check the L&T Loan Status by calling customer care at 7264888777 or by sending an e-mail to [email protected] from your registered e-mail address.
How do you apply for an L&T Finance Personal Loan?
Step 1: The official webpage of the lender bank, i.e. L&T Bank, should be opened.
Step 2: Under the tab “Our Products”, choose the option “Personal Loans”.
Step 3: Check eligibility and then click “Apply Now” once all the eligibility parameters are met.
Step 4: Provide your personal and professional details as required.
Step 5: Choose “L&T Finance” from the list of loan providers.
Step 6: Fill out the loan amount and tenure along with it. Click “Submit”.
Step 7: You can also apply for an L&T Personal loan by visiting the nearest branch or calling.
How to Use L&T Personal Loan EMI Calculator?
L&T Personal Loan EMI Calculator is an online personal financial tool that can help customers plan their long-term and short-term financial needs in an easy and hassle-free manner. It is designed to make the process of EMI calculation easy and eliminate errors that occur during manual calculation. The financial tools that take into account parameters like –
- Loan amount
- Tenure of the loan
- Rate of interest applied to the loan.
The L&T First Bank personal loan calculator has a pre-set formula, which is:
E = P x r x (1+r) ^ n / ((1+r) ^ n-1)
Where:
E = EMI amount
P = Principal
R = Rate of interest
N = Tenure of the loan
The following are the benefits of the ICICI bank EMI calculator
- It will help customers to properly determine their EMI.
- It will help to determine the loan tenure.
- It will make the calculation process very easy.
- It will eradicate any error that can happen in any calculation.
- It will help customer to plan their budget effectively.
L&T Finance Personal Loan Customer Care Numbers
| Type of Loan | Contact Number | Email Address | Timings |
| Personal Loan | +91 7264888777 | [email protected] | 9 am to 6 pm (All days of the week) |
| Micro Loan | + 9118002587702 | [email protected] | 9 am to 6 pm (i.e. from Monday to Saturday) |