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L&T Finance Personal Loan Interest rates from 11% p.a

Get L&T Finance Personal Loans at interest rates starting from 11%. Enjoy quick disbursal, flexible EMIs, and hassle-free processing. Apply now!

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Fincover® > Banking > Loan > personal loan > Personal Loan Interest Rates > L&T Finance Personal Loan Interest Rate
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Key Takeaways ✦

    L&T Finance Personal Loan Interest Rate

    L&T Finance offers personal loans with interest rates starting from 11.00% per annum, depending on the credit profile of the borrower. These rates are determined based on the borrower’s creditworthiness, income level, and repayment capacity.

    L&T Finance uses an internal credit scoring model and market prime rate as benchmarks to finalize the interest rate. Key factors such as credit history, employment status, existing debts, and loan tenure significantly influence the final rate offered to an applicant.

    L&T Finance Interest Rate VS Other NBFCs
    NBFC NameInterest Rate
    InCred16% – 42%
    Finnable16% – 28%
    L&T Finance11% – 24%
    Aditya Birla10% – 32%
    Shriram Finance11% – 42%
    Bajaj Finserv10.75% – 31%
    Piramal Finance12.99% onwards
    Tata Capital11.99% – 35%
    Poonawalla11.49% – 19%
    SMFG13% – 36%
    Axis Finance13% onwards
    Mahindra Finance12% – 36%
    Paysense16.8% – 33%
    Dhani13.99% onwards
    CASHe2.79% – 33.5%

    Elements That Determine Personal Loan Interest Rates

    1. Credit Score
      • Applicants with a credit score of 750 and above are more likely to receive favorable interest rates due to their proven creditworthiness.
    2. Income and Employment Type
      • Employees of reputed organizations or civil services generally receive better rates due to their stable income.
    3. Debt-to-Income Ratio
      • A low debt-to-income ratio improves the lender’s confidence, resulting in more favorable terms.
    4. Loan Amount
      • Higher loan amounts might attract slightly higher interest rates as they pose a greater risk to the lender.
    5. Relationship with L&T Finance
      • Existing customers with a history of timely repayments may receive preferential interest rates or special packages.
    6. Loan Tenure
      • Shorter tenures typically come with lower interest rates as they involve reduced repayment risk.

    How to Get the Best Interest Rate on Personal Loans

    • Maintain a High Credit Score
      Regularly check your credit score and promptly pay off any pending loans or credit card balances.
    • Choose an Optimal Loan Tenure
      Opt for shorter repayment terms to benefit from reduced interest rates.
    • Leverage Seasonal Offers
      Take advantage of seasonal discounts and promotional offers by L&T Finance during festivals or special occasions.
    • Apply with a Strong Financial Profile
      Demonstrate stable income and low existing debt levels to highlight your repayment capability.
    • Negotiate as an Existing Customer
      Leverage your existing relationship with L&T Finance for extended benefits or lower rates.

    L&T Finance Personal Loan Example

    Scenario Details
    Loan Amount ₹3,00,000
    Interest Rate 12% per annum
    Loan Tenure 2 years (24 months)
    Monthly EMI ₹14,122
    Total Interest Payable ₹38,929
    Total Payment (Principal + Interest) ₹3.39 Lakhs

    FAQs About L&T Finance Personal Loan Interest Rates

    1. Why should I avail of a personal loan from L&T Finance?
    Key features include:

    • Completely digital process
    • Quick disbursal
    • No collateral or security required
    • Minimal documentation

    2. How is my loan eligibility calculated?
    Loan eligibility depends on factors such as income, credit score, employment stability, and existing financial obligations.

    3. Is part payment allowed for personal loans?
    Yes, part payments are allowed, but up to 5% of the part-prepaid amount + applicable taxes will be charged.

    4. What is the processing fee for personal loans?
    Processing fees typically range up to 3% of the loan amount + applicable taxes.

    5. What are the interest rates and maximum loan amount offered by L&T Finance?
    L&T Finance offers personal loans up to ₹30 Lakhs, with interest rates starting from 11% per annum.

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