Faqs - L&T Finance

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What are the typical fees and charges for a Tractor Loan?

Typical Tractor Loan charges during disbursement include processing fees and documentation charges. These fees contribute to the overall loan cost and are crucial for financial planning.

How is the processing fee for a Tractor Loan calculated?

The processing fee is a percentage of the sanctioned loan amount. L&T Finance charges a processing fee of up to 2% of the loan amount plus applicable taxes GST including documentation charges.

Are there any hidden charges in a Tractor Loan?

There is No hidden charges in L&T Finance's Tractor Loan. All charges are mentioned in the website and in the loan agreement.

Is GST applicable on Tractor Loan fees and charges?

Yes, GST is applicable on certain fees, such as processing fees for Tractor Loans. It's included in the calculation to ensure compliance with tax regulations.

Are there late payment penalties for Tractor Loans?

Yes, there are late payment penalties. It is levied at 2% per month on overdue EMI + applicable taxes. To Avoid paying the penal charges, ensure repayment on time.

Are there any additional charges for agricultural Tractor Loans?

Yes, additional charges might include RC non-submission charges, and repo or parking fees, as applicable. The charges are levied depending on the actual costs incurred.

Is there a loan cancellation fee in case of rejection?

No. There is no cancellation fees charged, in case the loan is rejected by L&T Finance

What is the foreclosure charge on a Tractor Loan?

Foreclosure charges typically amount to 2% of the outstanding principal loan amount plus applicable taxes.

How can I avoid extra fees on a Tractor Loan?

To avoid extra fees, ensure timely payments, read the loan agreement thoroughly and discuss all possible charges beforehand.

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