L&T Finance Personal Loan


Personal loans are a great way to get financial assistance when you need it, and loan spaces like L&T Finance Personal loan in a click. Anyone who fulfils the eligibility criteria can apply for L&T personal loan online and get ahead in their financial journey.

With an easy application process, a personal loan from L&T Finance can be availed for an interest rate starting from 11%, of loan amount up to ₹30 Lakhs. What makes applying for an L&T finance personal loan even more easy is their digital application process which requires no collateral or income proof.

To know more L&T Finance Personal Loan Details keep reading!

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L&T Finance Personal Loan Details

L&T Finance offers personal loans that would help you fulfil different financial needs. Check the table below for L&T personal loan details:

Loan amount Up to ₹ 30 Lakhs
Tenure in months 12 to 72 months
Rate of Interest (p.a.) Starting at 11% p.a.
Eligible Borrower Categories Salaried & Self-Employed
Income Proof No Income Proof Needed
Purpose of borrowing Emergency, Wedding, Medical, Personal Use & Others

L&T Finance Personal Loan Interest Rates

Getting the right interest is crucial, it helps manage finances without burning a hole in your pocket, and L&T Finance Personal loan interest rates are set starting at 11% per annum. However, L&T Finance Personal Loan interest rates will vary with several factors of the applicant.

L&T Finance Loan Interest Rate Starting at 11% p.a.

L&T Finance Personal Loan Fees & Charges

Banks and NBFCs charge extra for the services they provide, L&T finance also charge various fees for all loan related services. You can know more about L and T Finance Personal Loan fees and charges on the table below:

Processing fee Up to 3% of loan amount + Taxes
Late payment charges 2% per month (p.m.) on overdue EMI + applicable taxes
Foreclosure charges 5% of principal outstanding + applicable taxes
Repayment Bounce Charges ₹500 for < ₹5 Lakhs Loan
₹1000 for ₹5 to ₹30 Lakhs Loan
Late payment interest 3% per month on overdue EMI
Annual Maintenance charges NIL
Legal /Recovery charges As per actuals
Repayment swap charges ( per swap) Rs 500/- + Taxes

Note that:

*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023. *Taxes applicable on LPC w.e.f. 1st April 2024

*Repayment swap charges of ₹ 500/- + Taxes is applicable only for branch walk-ins

Also Note: Cooling-off/ look-up period during which Borrower shall not be charged any penalty on prepayment of loan is 3 Days from the date of disbursement.

Other Charges :

Part Payment -

  • Up to 5 % of prepaid amount + Taxes

Duplicate NOC charges (Charge is applicable for paper copy post 3 free copies per customer) - Rs 250/- + applicable taxes


No Charges for documents like Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit


Loan Cancellation Charges post cooling off period of 3 days


5% + applicable taxes on the outstanding loan amount

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L&T Finance Personal Eligibility Criteria

Eligibility for a loan is what determines whether someone has qualified for a loan or not. L&T finance personal loan criteria are simple, which are:

Age 21 - 58 years
Employment Salaried or Self-employed
Income Proof Not Required

Documents Required for L&T Personal Loan

Having the right set of documents can accelerate the process of getting a loan. Find the necessary documents required for an L&T personal loan here:

  • Identity proof: Voter’s ID, PAN card, Drivers licence, Passport, etc.
  • Address proof: Aadhaar card, Ration card, driving licence, Voter’s ID, passport, utility bills, rent agreement, etc.
  • Proof of income(if required): Latest salary slips of the last three months or income tax return certificate or latest Form 16.

    •

    How to Calculate L&T Finance Loan EMI?

    EMI calculator helps you determine your monthly payments for your instant loan. The EMI calculator will consider principal amount, interest rate, and loan tenure to provide your EMI amount. Check out the calculator below to determine how much EMI you need to pay for your tenure.

    ₹
    %
    Monthly EMI ₹86
    Principal Amount ₹1,000
    Total Interest ₹32
    Total Amount ₹1,032.00

    Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

    Here's how to calculate the EMI for an L&T Finance loan:

    Formula:
    EMI = P x R x (1+R)^N / [(1+R)^N - 1]

    Where,

    • EMI is the equated monthly instalment.

    • P is the principal amount.

    • R is the interest rate.

    • N is the loan tenure.

    Features & Benefits of L&T Personal Loan

    L&T Personal loan provides a range of important features and benefits, such as:

    Flexible Loan

    Upto ₹30 Lakhs
    Avail the loan
    amount of your choice

    No prepayment
    penalty

    Repay your loan early
    without any charges.

    Zero Paperwork

    Get personal loans
    quickly and with no
    hassle.

    100% Digital

    Streamline online
    process with minimal
    documentation.

    No Income Proof

    Get loans without
    income proof

    No Collateral/Security

    Apply loans without any
    collateral or security

    Compare L&T Finance Personal Loan Vs Other Lenders

    Banks and NBFCs offer a wide range of interest rates and charges. Each lender differs with each other based on several factors. Compare L&T finance personal loan with other lenders and make a better financial decision -

    Banks/NBFCs Interest Rates(p.a.) Rates/ Charges
    L&T Finance 11% p.a. onwards Up to 3% + GST
    HDFC Bank 10.05% to 21% p.a 0.50% onwards
    Axis Bank 10.49% p.a onwards 1%
    Punjab National Bank 8.90% p.a onwards 0.30% + GST
    Induslnd Bank 10.49% p.a onwards Up to 3%

    Read More

    Read Less

    Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.

    How to Apply For L&T Finance with Buddy Loan?

    Follow these steps to apply for a L&T Finance personal loan on Buddy Loan:

    • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
    • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
    • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
    • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
    • Step 5: Enter your work details (Including company name, years of service and Designation)
    • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
    • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

    Ready to take the next step? Apply for a Personal loan now!

    L&T Finance Personal Loan Repayment

    Loan repayment is a crucial part of taking a loan, once a lender has approved your loans. It takes planning and controlled savings to be able to pay back the loan without any dues.

    L&T finance provides an open eligibility for people seeking loans and provides flexible repayment schedules from 12 to 72 months. With each EMI missed there is an added 2% per month (p.m.) on overdue EMI + applicable taxes.

    Quick Note:

    Not missing regular monthly payments and being aware of your EMIs increases your creditworthiness and helps in easy approval of future loans.

    Frequently Asked Questions on L&T Finance Loan

    The rate of interest for L&T finance personal loans starts at 11% p.a.

    Individuals from the age of 21-58 years, and who are citizens of India (basic eligibility criteria). There are other factors that ultimately determine your eligibility for L&T personal loan.

    L&T Finance loan is a personal loan offered by L&T Finance Limited, a non-banking financial company (NBFC).The loan amount ranges up to ₹30 lakh with an interest rate starting at 11%.p.a.

    You can apply for a L&T Finance personal loan from their website or their application. You can also get a loan from them through the Buddy Loan app and website.

    You can find L&T Finance status online or offline by visiting the bank.

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    Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.

    The information provided above is for general informational purposes only and does not constitute an offer or solicitation to avail of any financial services or products. Buddy Loan is a Digital Fintech Marketplace that connects borrowers with lenders and is not a lender itself. While we strive to ensure that the information regarding interest rates, loan amounts, and terms provided by our partner Banks and NBFCs is accurate and up-to-date, these details are subject to change at the discretion of the respective lenders.


    Before making any financial decisions, we strongly advise you to read the terms and conditions of the specific loan product and consult with the lender directly. Buddy Loan does not guarantee the approval of any loan application, as approval is subject to the lender's assessment and your creditworthiness. Buddy Loan will not be held responsible for any discrepancies or damages arising from the use of this information. Please verify all loan-related details & documents with the respective lender before proceeding.


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    Mr. Vinod Varadan
    Grievance Redressal Officer
    L&T Finance Limited (formerly known as L&T Finance Holdings Limited),
    3rd Floor, "Brindavan Building", Plot No 177,
    C.S.T Road, Kalina, Santacruz (East),
    Mumbai - 400 098
    Contact Number: 1800 1020 476 between Monday to Friday (except National Holidays) from 9am to 6pm
    Email ID: gro@ltfs.com

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