Faqs - L&T Finance

Topics

What information do I need to use the LAP Balance Transfer Calculator?

You’ll need details like the outstanding loan amount, current tenure, interest rate, new interest rate, and any applicable processing fees.

How is my new EMI calculated after a LAP balance transfer?

The EMI is calculated based on the revised principal, interest rate and tenure after the balance transfer.

Are there any fees associated with a LAP balance transfer?

Yes, there is a processing fee of up to 3% of sanctioned amount + applicable taxes (this is inclusive of Login Fee).

How much can I save by transferring my LAP to another lender?

Savings depend on the difference between your current and new interest rates and the remaining loan tenure.

Can I get an additional loan amount with a LAP balance transfer?

Yes, you can get a top-up loan as part of the balance transfer process.

What are the eligibility criteria for a LAP balance transfer?

Eligibility includes age, stable income, profession and a good repayment history.

Which documents are required for a LAP balance transfer?

Common documents include age proof, address proof, photo ID, income proof, and existing loan detail documents.

How long does the LAP balance transfer process take?

The process usually takes 7-15 working days.

Can I prepay or foreclose my LAP after transferring it?

Yes, you can, but you must check the prepayment charges or foreclosure fees.

Will transferring my LAP affect my credit score?

A balance transfer may improve your credit score if managed well, as it reflects responsible financial behaviour.

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