Can We Take Two Personal Loans at a Time? Things You Must Know
Jul 30, 2026 | 4 mins read
Welcome!
neha chavan
Welcome!
neha chavan
If you are thinking, "I need 9 lakh rupees urgently," a 9 Lakh Personal Loan can offer immediate financial support for planned or unplanned expenses. At L&T Finance, an established and trusted NBFC with over 75 years of rich experience in the Indian financial sector, you can apply online and get a loan of up to ₹ 30 Lakh with interest rate starting as low as 11% p.a. (Interest rates are dependent on your risk profile and loan tenure) for a tenure extending up to 72 months. Be it a child’s wedding, home upgrade, higher education, or emergency medical bills, this amount is ideal to handle all your needs without dipping into your savings.
A ₹ 9 lakh loan is useful for funding your urgent needs. Here are some common reasons to choose this loan amount:
Check the eligibility requirements, including minimum income, age limit, employment type, and credit score, to qualify for a ₹9 lakh instant personal loan.
| Type | Criteria |
|---|---|
| Residency | Indian resident |
| Age requirement | 21 to 58 years |
| Profession | Salaried or self-employed individuals with a stable source of income |
We adhere to strict KYC norms for lending compliance.
| 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 (like 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 |
L & T Finance offers competitive interest rates on personal loans, making it easier to repay a ₹900,000 loan. However, keep in mind that various factors can affect the interest rates on personal loans.
| Type | Interest Rate and Charges |
|---|---|
| Interest Rate | Starting at 11% p.a. |
| Loan Processing Fees (non-refundable): | Up to 3%* 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 |
| Legal/ Recovery Charges: | As per actuals(Charges applied only in case of default) |
| Duplicate NOC Charges: | First 3 paper copies - free of cost (Soft copy is always free) 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: | 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. This KFS is a mandatory document as per RBI guidelines.
It is important to understand your monthly commitment before you apply. The table below shows estimated EMIs for different tenures at an indicative interest rate of 11% p.a.:
| Loan Amount | Interest Rate (p.a.) | Tenure | EMI (approx.) |
|---|---|---|---|
| ₹ 9 Lakh | 11% | 1 year | ₹ 78,709 |
| ₹ 9 Lakh | 11% | 2 years | ₹ 42,018 |
| ₹ 9 Lakh | 11% | 3 years | ₹ 29,554 |
| ₹ 9 Lakh | 11% | 4 years | ₹ 23,437 |
| ₹ 9 Lakh | 11% | 5 years | ₹ 19,575 |
Apply for your 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.
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