L&T Finance Personal Loan

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L&T Finance Holdings Ltd. offers personal loans starting at 12% per annum for amounts up to Rs. 7 lakh, with repayment periods of up to 4 years. They cater to various needs such as home renovation, festivals, marriage, education, and medical expenses. The company also extends micro loans to low-income women. L&T Finance provides a fully digital application process with minimal documentation and speedy approval for both salaried and self-employed applicants. They have partnered with mybankingtips.com to provide pre-qualified personal loans to selected customers, ensuring a 100% digital and quick disbursement process.

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L&T Finance

Max. Loan Amt.

Up to ₹7L

Rate of Interest

12% - 24%

Tenure up to

Upto 4 Years

Processing Fee

Up to 2%

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Quick Disbursal 100% Digital Process*

L&T Finance Personal Loan Interest Rates

L&T Finance offers personal loans with interest rates starting at 12% per year. These loans have fixed interest rates. The actual interest you get depends on factors like your credit score, age, and the amount of loan you're applying for.

Loan Product Interest Rate (p.a.)
L&T Finance Consumer Loan 12% p.a. onwards
L&T Finance Micro Loan 24% p.a. onwards

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.49% onwards Apply Now
HDFC Bank 10.50% onwards Apply Now
ICICI Bank 10.50% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
Tata Capital 10.99% onwards Apply Now
Bajaj Finserv 11.00% onwards Apply Now
Federal Bank 11.49% onwards Apply Now
DMI Finance 12.00% - 40.00% Apply Now
L&T Finance 12.00% onwards Apply Now
Kreditbee 12.25% - 30.00% Apply Now
MoneyTap 12.96% onwards Apply Now
Piramal Finance 12.99% onwards Apply Now
Aditya Birla 13.00% onwards Apply Now
MoneyView 15.96% onwards Apply Now
Cashe 27.00% onwards Apply Now

Also read: Best Personal Loan Interest Rate

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The personal loan processing fees  and other charges for availing L&T Finance Personal Loan are as follows:

Particulars Rates
Processing Fee
  • Consumer Loan: Up to 2% of principal outstanding plus applicable taxes
  • Micro Loan: 1% of loan amount plus applicable taxes
Repayment bounce charges
  • Consumer Loan: Rs 350 plus applicable taxes (if any)
  • Micro Loan: Nil
Late payment interest
  • Consumer Loan: 3% per month on overdue EMI
  • Micro Loan: Nil
Part Prepayment Charges
  • Consumer Loan: Up to 5% of prepaid amount plus applicable taxes (Part prepayment of up to 25% allowed twice per year)
Foreclosure Charges
  • Consumer Loan: 5% of outstanding principal amount plus applicable taxes
  • Micro Loan: Nil
Annual Maintenance charges Nil
Legal /Recovery charges As per actuals
Duplicate NOC charges (applicable per copy after 3 free copies per customer) Rs 250 plus applicable taxes
Repayment swap charges (per swap) Rs 500 plus applicable taxes
SOA/RPS /FC letter & other documents
  • Consumer Loan: Nil
  • Micro Loan: Nil

Also read: Best Personal Loan in India

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L&T Finance Consumer Loan

  • Purpose: L&T Finance Consumer Loan enables individuals to secure funds for various purposes such as home renovation, marriage, festivals, education, and medical expenses.
  • Tenure: 1-4 years
  • Loan Amount: Rs 50,000 to Rs 7 lakh

L&T Finance Micro Loan

  • Purpose: L&T Finance Micro Loan provides short-term loans to groups of women borrowers with joint liability. The micro loan facility includes three different types of loan schemes, outlined below:
    • L&T Finance Vikaas: This loan facility is offered to first time customers of L&T Finance
    • L&T Finance Vishwas: L&T Finance offers this micro loan facility to its repeat customers who have paid at least 12 EMIs of their existing loan
    • L&T Finance Pragati: This loan facility is a special high-ticket loan offered to select L&T Finance customers who have paid minimum 12 EMIs of their existing loan
  • Loan Amount:
    • L&T Finance Vikaas: Rs 30,000 to Rs 40,000
    • L&T Finance Vishwas: Rs 40,000 to Rs 75,000
    • L&T Finance Pragati: Rs 60,000 to Rs 1.1 lakh
  • Tenure:
    • L&T Finance Vikaas: 2 years
    • L&T Finance Vishwas: 2 years to 33 months
    • L&T Finance Pragati: 3 years

Also read: Best Personal Loan Status

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For L&T Finance Personal Loans, the eligibility criteria are determined based on different factors:

1. Age:
  • Consumer Loan: Applicants must be between 23 to 57 years old.
  • Micro Loan: Available for individuals aged between 20 to 60 years.
2. Residential Status:
  • Consumer Loan: Open to Indian Citizens with valid ID proof.
  • Micro Loan: Specifically available for women borrowers.
3. Availability:
  • Consumer Loan: Accessible across all major towns and cities in India.
  • Micro Loan: Across India.

Also read: Best Personal Loan Eligibility

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Identity proof for L&T Finance Personal Loan

  • Aadhar card
  • PAN card
  • Ration Card
  • Voter ID
  • Driving license
  • Job Card by NREGA

L&T Finance Personal Loan Proof of residence

  • Aadhar
  • Driving Licence
  • Passport
  • Voter ID
  • Water Bills
  • Electricity Bills
  • Mobile Postpaid Bill
  • Job Card by NREGA
  • Municipal/Property Tax receipt
  • National Population Certificate

Income Proof for L&T Finance Personal Loan

  • Consumer Loan: No income proof required
  • Micro Loan: Before approving loan applications, the lender looks at how much money applicants are capable of earning.

Also ReadBest Personal Loan Documents Required

1. How to apply for a personal loan in L&T Finance?

To apply for an L&T Finance Personal Loan, you can do it online by going to their website. Look for the 'Personal Loan' option under 'Our Products,' and click on 'apply now.' Follow the instructions to check if you are eligible. Alternatively, you can apply offline by visiting L&T branches, making a phone call, or visiting mybankingtips.com to complete the final personal loan application with L&T Finance.

Also read: Best Personal Loan Balance Transfer

2. How to check L&T Finance Personal Loan status?

To find out the status of your L&T Finance Personal Loan application, you can either call the customer service help-desk numbers provided by the lender or visit any of the L&T Finance branches in person.

Also read: Best Personal Loan Salaried Employees

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