LTFS Consumer Loans Key Highlights
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| Key Highlights | Details |
|---|---|
| Interest Rate | 11% onwards |
| Minimum Loan Amount | INR 50,000 |
| Maximum Loan Amount | INR 7,00,000 |
| Loan Tenure | Upto 48 months |
| Loan Type | Personal Loan (Unsecured) |
| Minimum Cibil Score | 730 and Above |
| Income Proof | Not Needed |
| Foreclosure Charges | 5% of the Principal Outstanding Amount + GST |
| Part Payment | 25% of the Principal Outstanding up to twice a year (No Extra Charges) |
| Locking Period | A minimum of 6 months |
| Target Group | Age 25 and above with a good credit history of minimum last 6 months |
| Minimum Age | 25 Years |
| Maximum Age | 58 Years at maturity |
| Processing Fees | Upto 3% + GST |
LTFS Consumer Loans Interest Rates
| Loan Product | Interest rates (p.a.) |
|---|---|
| L&T Finance Consumer Loan | 12% p.a. onwards |
| L&T Finance Micro Loan | 24% p.a. onwards |
Features and Benefits of LTFS Consumer Loans
- Maximum Loan Tenure: With LTFS consumer loans, borrowers have the flexibility to choose a loan repayment tenure ranging from 12 to 48 months.
- Interest Rates: LTFS consumer loans offer competitive interest rates, starting from 12%. These rates are often lower compared to traditional lending institutions.
- Loan Amount: Borrowers can avail of consumer loans ranging from ₹50,000 to ₹7,00,000.
- Quick Approvals and Completely Digital Process: LTFS consumer loans provide quick approvals, thanks to the completely digital loan application and approval process. Borrowers can apply for loans online and submit the necessary documents electronically.
- Flexible Repayment: LTFS consumer loans come with flexible repayment options. Borrowers can choose from various repayment plans based on their financial capabilities.
- Open Eligibility: LTFS consumer loans are available for both salaried individuals and self-employed professionals.
- No Income Proof: Unlike traditional loans that typically require income proof, LTFS consumer loans offer the convenience of obtaining a loan without having to produce detailed income documentation.
- Simple and Open Process: LTFS consumer loans follow a simple and transparent application process. Borrowers can apply for loans easily through online platforms, providing all the necessary information and documentation.
- No Collateral/Security: LTFS consumer loans do not require any collateral or security, making them unsecured loans. Borrowers can apply for these loans without pledging any assets as collateral, providing them with peace of mind.
Eligibility Criteria For Ltfs Consumer Loans
| Criteria | Salaried | Non Salaried |
|---|---|---|
| Age | 21-65 years of age | 21-65 years of age |
| Citizenship proof | Indian citizen with valid passport, driver's license, or any other government-issued identification document. | Indian citizen with valid passport, driver's license, or any other government-issued identification document. |
| Employment details | Offer letters, employment contracts, or appointment letters. | -- |
Documentation Required for LTFS Consumer Loans
| Documents Required | Salaried Individuals | Self-Employed Individuals/Professionals |
|---|---|---|
| Application form | A completed and signed loan application form provided by the lending institution. |
A completed and signed loan application form provided by the lending institution. |
| Identity proof | Any one of the following documents can be submitted as proof of identity: |
Any one of the following documents can be submitted as proof of identity: |
| Address proof | Any one of the following documents can be submitted as proof of address: |
Any one of the following documents can be submitted as proof of address: |
| Income Proof | Salary Slips: Latest 3 to 6 months’ salary slips. |
Business Proof: Documents like business registration certificate, GST registration, etc. |
| Property Documents | Documents related to the property being offered as collateral for the loan, such as: |
Documents related to the property being offered as collateral for the loan, such as: |
LTFS Consumer Loans EMI Calculation
To calculate the Equated Monthly Instalment (EMI) for an LTFS personal loan, you need to consider the loan amount, the interest rate, and the loan tenure. The EMI is the fixed amount that you need to pay every month towards your loan repayment. Here’s how you can calculate it:
Step 1: Determine the loan amount (Principal): Let’s say you are taking a personal loan of ₹1,00,000.
| Processing Fees and Charges | Details |
|---|---|
| Processing Fee | Up to 3% of the loan amount + applicable taxes |
| Repayment Bounce Charges | Rs. 350/- + applicable taxes, if any, for bounced repayments |
| Late Payment Interest | % per month on the overdue EMI amount |
| Part Prepayment Charges | Up to 5% of the prepaid amount + applicable taxes. Up to 25% of the outstanding loan amount can be prepaid twice in a year. |
| Foreclosure Charges | 5% of the principal outstanding + applicable taxes for closing the loan before the scheduled tenure. |
Step 2: Check the interest rate: Assume the interest rate on your LTFS personal loan is 10% per annum. Convert it to a monthly interest rate by dividing it by 12 (months). In this case, the monthly interest rate would be 10% / 12 = 0.00833.
Step 3: Decide the loan tenure (in months): Consider the duration for which you want to repay the loan. Let’s assume it’s 24 months.
Step 4: Calculate the EMI using the formula: The EMI can be calculated using the following
formula:
EMI = P * r * (1 + r)^n / ((1 + r)^n – 1)
Where: EMI = Equated Monthly Instalment
P = Loan amount (Principal) r = Monthly interest rate n = Loan tenure in months
Applying the values from the above example: EMI = 1,00,000 * 0.00833 * (1 + 0.00833)^24 / ((1 + 0.00833)^24 – 1)
Step 5: Calculate the EMI using a calculator or spreadsheet software: You can use a calculator or spreadsheet software (such as Microsoft Excel or Google Sheets) to perform the calculation based on the formula mentioned above.
By using the formula or a loan EMI calculator, you will find the EMI amount for the given loan amount, interest rate, and tenure. In this example, the calculated EMI would be the monthly instalment you need to pay towards your LTFS personal loan.
Comparison of LTFS loans with other NBFC’S
| Bank/NBFC | Interest Rate Range | Processing Fee Range | Prepayment Charges | Part-Payment Charges |
|---|---|---|---|---|
| LTFS | 10.75% - 21.30% | Upto 3% + applicable taxes | Nil | Upto 5 % of prepaid amount + applicable taxes Upto 25% allowed twice in a year |
| ICICI Bank | 1.00% - 21.00% | Up to 2.25% of the loan amount | Nil | Up to 5% of the outstanding principal |
| SBI | 9.60% - 15.65% | Up to 1.50% of the loan amount | Nil | Nil |
| Axis Bank | 12.00% - 24.00% | Up to 2% of the loan amount | Nil | Up to 4% of the outstanding principal |
| Bajaj Finserv | 12.99% - 16.00% | Up to 3.99% of the loan amount | Nil | Nil |
| Tata Capital | 10.99% - 19.50% | Up to 2.50% of the loan amount | Nil | Up to 3% of the outstanding principal |
| Fullerton India | 11.99% - 23.99% | Up to 3% of the loan amount | Nil | Up to 7.5% of the outstanding principal |
| Kotak Mahindra Bank | 10.50% - 24.00% | Up to 2.5% of the loan amount | Nil | Up to 5% of the outstanding principal |
| IDFC First Bank | 10.99% - 20.50% | Up to 2% of the loan amount | Nil | Up to 4% of the outstanding principal |
| Standard Chartered Bank | 10.50% - 19.00% | Up to 3% of the loan amount | Nil | Nil |
| IndusInd Bank | 11.00% - 16.75% | Up to 2.5% of the loan amount | Nil | Up to 4% of the outstanding principal |
Types of LTFS Consumer Loans
- Wedding Loan: This loan is designed to help individuals cover the expenses associated with weddings, such as venue booking, decorations, catering, and other related costs.
- Travel Loan: It is a loan specifically meant for funding your travel plans, including airfare, accommodation, sightseeing, and other travel-related expenses.
- Medical Loan: This type of personal loan is provided to individuals who require financial assistance for medical emergencies, surgeries, hospitalization, or any other medical treatments.
- Home Renovation Loan: If you are planning to renovate your home, LTFS offers personal loans to cover the expenses associated with home improvement, repairs, remodelling, or interior designing.
- Education Loan: This loan is designed to assist individuals in financing their educational expenses, such as tuition fees, books, accommodation, or any other educational-related costs.
- Debt Consolidation Loan: If you have multiple debts and want to simplify your repayment process, you can opt for a debt consolidation loan.
- Consumer Durable Loan: This type of personal loan is provided for purchasing consumer durables like electronics, appliances, furniture, or other household items.
- Personal Loan for Business: LTFS also offers personal loans for individuals who require financial assistance to start or expand their business.
LTFS Personal Loan Customer Care
To contact the customer care of LTFS (L&T Financial Services) for personal loans, you can use the following contact details:
Customer Care Helpline:
Phone Number: 1800-200-4565 (toll-free)
Email Support:
Email: customersupport@ltfs.com
Website:
Visit the official website of LTFS (L&T Financial Services) and look for the “Contact Us” or “Customer Care” section for further assistance.
Social Media:
You can also reach out to LTFS through their official social media channels such as Facebook, Twitter, or LinkedIn. They may have dedicated customer support teams to assist you.
When contacting the customer care, it is helpful to have your loan details and relevant documents on hand to provide the necessary information for faster assistance.
Terms & condition of LTFS Consumer Loans
The specific terms and conditions of a personal loan from L&T Finance (LTFS) may vary based on the loan product, loan amount, repayment tenure, and other factors. However, here are some common terms and conditions that are typically associated with LTFS personal loans:
- Eligibility Criteria:- You need to be of age between 25 years to 58 years at maturity.
- Loan Amount and Tenure: The loan amount can be a minimum amount of Rs 50000 to a maximum amount of Rs 10,00,000.
- Interest Rate: The interest rate applicable to the personal loan is 11%-19% per annum.
- Processing Fees and Charges: LTFS may charge a processing fee upto 2.25% excluding all charges.
- Documentation: Applicants will be required to provide certain documents, such as proof of identity, address, income, bank statements, and other supporting documents, as per LTFS’s documentation requirements.
It’s important to note that the above terms and conditions are provided as a general guideline, and the actual terms and conditions of an LTFS personal loan may vary based on the specific loan product and individual circumstances. It is advisable to refer to the official LTFS website or directly contact LTFS for accurate and up-to-date information regarding their personal loan terms and conditions.
What is the minimum credit score required to avail LTFS personal loan?
To be eligible for this loan, you must have a minimum CIBIL Score of 730 or higher. The applicant should be at least 25 years old and must not exceed 58 years of age at the time of loan maturity.
How to check LTFS Consumer Loan Status?
To check the status of your L&T Finance (LTFS) Personal Loan, you can follow these steps:
- Visit the official website of L&T Finance or LTFS.
- Look for the “Customer Login” or “Loan Account Login” option on the website’s homepage. Click on it.
- You will be redirected to the login page. Enter your login credentials, such as your username and password. If you haven’t registered for an account, you may need to click on the “Register” or “Sign Up” option to create a new account.
- After logging in, navigate to the “Loan Account” or “Personal Loan” section. Here, you should be able to view the status of your personal loan.
- The loan status may be displayed as “In Process,” “Approved,” “Disbursed,” or “Closed.” If your loan is still in process, you may see additional details regarding the progress or any pending requirements.
- If you have trouble finding the loan status online, you can also contact the customer support or helpline of L&T Finance. Provide them with your loan details and they will assist you in checking the status of your personal loan.
Advantages of LTFS Consumer Loans
LTFS (Loan Against Property) consumer loans offer several benefits to borrowers. Here are some key advantages of LTFS consumer loans:
- Lower Interest Rates: LTFS consumer loans typically come with lower interest rates compared to unsecured personal loans or credit cards.
- Higher Loan Amounts: Since LTFS consumer loans are secured by property, lenders are often willing to offer higher loan amounts.
- Longer Repayment Tenure: LTFS consumer loans usually come with longer repayment tenures compared to unsecured loans.
- Flexible Usage: Borrowers have the flexibility to utilize LTFS consumer loans for various purposes, including personal expenses, business expansion, marriage, or any other financial need.
- Quick Processing: LTFS consumer loans often have a faster processing time compared to other secured loans.
- Potential Tax Benefits: Depending on the borrower’s country and its tax regulations, LTFS consumer loans may offer certain tax benefits.
- Credit Score Improvement: By successfully repaying an LTFS consumer loan, borrowers can improve their credit score.
Drawbacks of LTFS Consumer Loans
LTFS (Long Term Financial Solutions) consumer loans, like any other financial product, have certain drawbacks that borrowers should consider before opting for them. Here are some potential drawbacks of LTFS consumer loans:
- Strict eligibility criteria: LTFS consumer loans may have stricter eligibility criteria, requiring borrowers to have a good credit history, stable income, and a certain level of financial stability.
- Long repayment period: While the long repayment period of LTFS consumer loans can be advantageous for some borrowers, it can also be a drawback for others.
- Potential impact on credit score: If borrowers fail to make timely repayments or default on their LTFS consumer loans, it can have a negative impact on their credit score.
- Prepayment penalties: Some LTFS consumer loans may have prepayment penalties, meaning borrowers are charged a fee if they choose to pay off their loan earlier than the agreed-upon term.
- Limited flexibility: LTFS consumer loans often come with strict terms and conditions that limit flexibility for borrowers.
- Potential for overborrowing: The availability of large loan amounts through LTFS consumer loans can tempt borrowers to overborrow and accumulate more debt than they can comfortably repay.
Does LTFS give instant Personal loans?
Yes, LTFS (L&T Financial Services) offers instant personal loans. These loans are designed to provide quick and hassle-free access to funds for urgent financial needs. The process for applying and getting approval for an instant personal loan with LTFS is typically faster compared to traditional personal loans. However, it’s important to note that the exact processing time may vary based on factors such as the completeness of the application, document verification, and the borrower’s eligibility criteria. It is recommended to directly contact LTFS or visit their official website to get the most accurate and up-to-date information regarding their instant personal loan offerings.
Does LTFS offer a pre-approved Personal Loan facility?
Yes, LTFS (L&T Financial Services) does offer pre-approved personal loan facilities. Pre-approved personal loans are loans that are pre-approved for eligible customers based on their creditworthiness, income, and other relevant factors. These loans are typically offered to customers who have a good credit history and meet the pre-defined criteria set by the lender.
