Can We Take Two Personal Loans at a Time? Things You Must Know
Jul 30, 2026 | 4 mins read
Need funds for a wedding, medical treatment, higher education, or a major home upgrade? A Personal Loan of ₹ 8 Lakh can help you manage these expenses without touching your savings. With L&T Finance’s easy application processes, competitive interest rates, and faster disbursals, accessing funds has become much simpler. You can apply for a Personal Loan of ₹ 8 Lakh online and get the money you need for planned or unexpected expenses.
Before applying, it is important to understand your repayment capacity. That’s where an EMI calculator for a Personal Loan helps. With this tool, you can estimate your monthly EMIs based on the loan amount, interest rate, and tenure you choose. It helps you plan your budget smartly before committing to the loan.
1. Easy Disbursement
Avail quick digital disbursals for loan amount up to ₹ 30 lakh
2. Quick Loan Approval
Get approval in 2 minutes* ensuring a convenient financing solution
3. Competitive Interest Rates
Repay your loan with easy EMIs, interest rates starting from 11% p.a.*
4. Minimum Documentation
Apply for Personal Loan with minimal documentation
5. Top Up Available
Eligible customers can get a Top Up Loan on an existing Personal Loan
6. No collateral required
No security or collateral is required to avail Personal Loan
Apply for Personal Loan with these steps
1. Apply online in just few minutes
Select Personal Loan and click the 'Apply Now' button to start your seamless digital loan journey.
2. Fill in your details
Enter your personal details, such as income details, current address, and more, to instantly check your loan eligibility.
3. Get your customised offer
Explore personalised loan offers to match your needs. You may also get an option to enhance your offer.
4. Set up E-mandate
Securely provide your bank details to easily register for an E-mandate, ensuring smooth loan repayments.
5. Complete KYC
Verify your identity easily and securely with a quick KYC process from the comfort of your home.
6. Get loan disbursement
Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds.
To qualify for a ₹ 8 Lakh Personal Loan from L&T Finance, we evaluate key eligibility factors such as your age, income level, employment stability, and credit score. Meeting L&T Finance’s personal loan eligibility criteria helps ensure quicker approval and a smooth, hassle-free loan application process.
| Type | Criteria |
|---|---|
| Residency | Indian resident |
| Age requirement | 21 to 58 years |
| Profession | Salaried or self-employed individuals |
For an ₹ 8 Lakh Personal Loan from L&T Finance, you need to submit the required documents, such as identity proof, address proof, income documents, and bank statements. Providing complete and accurate documentation helps ensure faster verification and smooth loan approval.
| Document Type | Required Document & Checks |
|---|---|
| Identity Proof | Passport | PAN Card | Driver License | Voter ID | Aadhaar Card |
| Address Proof | Utility bill of any service provider not more than 2 months old (Electricity, Telephone, Post-paid Mobile Phone, Piped Gas, Water Bill) | Passport | Voter ID Card | Driving License |
| Income Proof | Income proofs vary for different professionals across salaried and self employed. |
Please find the easy detailed list of required documents here
| Type | Document |
|---|---|
| Salaried | Last 3 month's salary slips / Form 16 / Last 3 month's bank statement reflecting salary credits / Salary Certificate |
| Self Employed | Latest Income Tax Return (ITR) |
| Bank Statement | Last 3 month's statement is mandatory |
| Residence Ownership Proof | Not mandatory |
LT Finance offers ₹8 Lakh Personal Loans at competitive Personal Loan Interest Rates. Before submitting your application, review all applicable fees and charges to understand the overall cost of your loan.”
| Type | Interest Rate and Charges |
|---|---|
| Interest Rate | Starting at 11%* p.a. |
| Loan Processing Fees (non-refundable): | Up to 4%* of Loan Amount + applicable taxes |
| EMI Dishonour/Bounce Charge* *A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate | As shown in the table below |
| Sanctioned Loan Amount | Charges |
| < ₹ 5 Lakh | ₹ 500 |
| ₹ 5 Lakh - ₹ 30 Lakh | ₹ 1000 |
| Late Payment Charges (LPC)/ Penal Charges: | 2% (p.m.) on EMI overdue + applicable taxes |
| *LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec'23 | |
| *Taxes applicable on LPC w.e.f. 1st Apr'24 | |
| Part Payment Charges: | Up to 5% of pre-paid amount + applicable taxes |
| Foreclosure Charges: | 5% of POS (Principal Outstanding) + applicable taxes( As per the latest NBFC Master Circulars ) |
| Legal/ Recovery Charges: | As per actuals |
| Duplicate NOC Charges: | First 3 paper copies - free of cost |
| From 4th Paper copy - ₹250 + applicable taxes | |
| Repayment Swap charges (per swap): | ₹500 + applicable taxes (applicable only for branch walk-ins) |
| Loan Cancellation Charge: | Nil - for 3 days from date of disbursal |
| From 4th day - 5%+ applicable taxes (on the outstanding loan amount) | |
| Document Charges: | Nil for Statement of Account (SOA), Repayment Schedule, Foreclosure Letter, Welcome Kit |
| Annual Maintainance Charges (AMC): | Nil |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.
Here is a quick look at estimated EMI amounts for a ₹ 8 lakh instant loan at an interest rate of 11% per annum*
| Loan Amount | Interest Rate (p.a.) | Tenure | EMI (approx.) |
|---|---|---|---|
| ₹ 8 Lakh | 11% | 1 year | ₹ 70,705 |
| ₹ 8 Lakh | 11% | 2 years | ₹ 43,114 |
| ₹ 8 Lakh | 11% | 3 years | ₹ 30,775 |
| ₹ 8 Lakh | 11% | 4 years | ₹ 23,862 |
| ₹ 8 Lakh | 11% | 5 years | ₹ 20,000 |
Please note that these are approximate values. You should use the online EMI calculator for Personal Loan to check exact figures based on your offer. This calculation demonstrates the 8 lakh personal loan emi for 5 years.
Here’s how you can use the EMI calculator to plan better:
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