Faqs - L&T Finance

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What credit score do I need for an instant loan of ₹ 5 Lakh?

Having a good credit score is recommended to boost approval chances. It indicates good financial discipline, assuring lenders of timely repayments, which makes you a preferred borrower for instant Personal Loans.

What is the minimum and maximum loan amount for an instant Personal Loan?

Personal Loans at L&T Finance range between ₹ 50,000 to ₹ 30 Lakh. The loan amount depends on factors such as your monthly income, credit score and repayment capacity, which are determined by the lender's eligibility criteria.

What is the processing time for a Rs 5 Lakh Personal Loan?

The processing time for a ₹ 5 Lakh Personal Loan is quick after document verification and approval.

Can I avail of a ₹ 5 Lakh loan without documents?

We require basic documentation, such as ID and income proof, to process Personal Loans.

Can I get a ₹ 5 Lakh Loan on an Aadhaar card and PAN card?

Yes, Aadhaar and PAN cards are essential KYC documents and are sufficient for Personal Loans.

Can I get a Personal Loan of ₹ 5 Lakh without collateral?

Yes, Personal Loans are unsecured loans, meaning you don’t need to pledge collateral or security.

What factors can affect the EMI for ₹ 5 Lakh Personal Loan?

The interest rate, loan tenure and loan amount influence the EMI. Lower interest rates and longer tenures reduce EMIs, while higher rates or shorter ones can increase monthly repayment.

What will the EMI be for a Personal Loan of ₹ 5 Lakh?

For a ₹ 5 Lakh loan at an interest rate of 11% and a tenure of 5 years, the approximate EMI would be ₹ 11,000. Adjusting the tenure or interest rate will impact this monthly instalment.

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