In today’s fast-paced world of finance, personal loans are the lifeline in dealing with unexpected costs or the achievement of long-time goals. One of the organizations in the financial services space, L&T Finance, has personal loans that are fit for all kinds of monetary needs. Let’s look at some of the major features of personal loans offered by L&T Finance, which make them quite attractive to borrowers.
What are personal loans?
Personal loans are, technically, an unsecured loan that allows people to borrow a certain amount of money from a lender like a bank, credit union, or internet platform without demanding security. Personal loans are not secured loans because it does not require people to put up any assets as security, unlike secured loans, such as mortgages or auto loans. This makes it very flexible because it prevents the lender from taking any of your assets in case of default.
Eligibility criteria of L&T Finance personal loans
Personal loans from L&T Finance are offered to self-employed as well as salaried individuals within the age group of 23 to 58. Candidates must be Indian citizens and carry official identity. The requirements are simple and accessible to a vast range of borrowers, even though credit ratings are considered while making the approval.
Documents required for L&T Finance personal loans
The following are the personal loan documentation that L&T Finance needs for its loan program:
(Source: Paisa Bazaar)
Features of L&T Finance personal loans
1. Flexible repayment: L&T Finance offers customers a choice of loan tenor that best suits their financial situation; the terms of repayment could be 12 to 72 months. The flexibility ensures a hassle-free borrowing experience, regardless of your preference for shorter commitments or longer repayment terms.
2. High loan amount: L&T Finance provides personal loans with an amount of as high as ₹30 lakhs to cater to the multiple financial demands. High cap ensures that all financial needs, be it on unexpected medical, wedding organisation, house re-designing, or reduction in debt, are dealt with.
3. Competitive interest rates: Grab the interest rates that range as low as 11%, which allow predictable and affordable loan repayment. The rate structure in this case is so enticing that the overall cost of borrowing goes down, reducing the stress on EMIs.
4. No collateral needed: With this form of financing, secured by no collateral or security, the borrower reduces his or her personal assets from any risk.
5.Rapid approvals: The entire approach of L&T Finance has been digitalised and it thus promises a seamless borrowing experience. This would further enhance the speed of loan approval and disbursement.
In conclusion, it is quite imperative to deal with personal loans sensibly. Higher interest rates can be pricey and missing a few payments may decrease your credit score. Before applying, look into your ability to repay, explore other options, and choose a loan plan which works out best for your spending limit.
(Note: Raising a loan comes with its own risks. So, due caution is advised)
