Faqs - L&T Finance

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How is the EMI for Vikaas Loan Calculated?

The EMI for a Vikaas Loan is calculated based on the loan amount, interest rate, and tenure. A standard formula is used to determine the fixed monthly installment.

Can I Prepay My Vikaas Loan? Are There Any Penalties?

Yes, you can prepay your Vikaas Loan without any penalties. This allows you to clear the loan early and save on interest.

How Can I Check My Loan Eligibility for Vikaas Loan?

To check your eligibility, fill out an online application and provide necessary documents like Aadhaar card, voter ID, and income proof. Vikaas Loans are designed for joint liability groups of women borrowers.

What Is the Minimum and Maximum Loan Amount I Can Take with a Vikaas Loan?

Vikaas Loans offer flexible loan amounts ranging from ₹5,000 to ₹45,000, tailored to the needs of rural women.

How Do I Know the Interest Rate for My Vikaas Loan?

The interest rate for Vikaas Loans is between 18% and 24% per annum, depending on factors like loan amount, tenure, and creditworthiness.

Is the Vikaas Loan EMI Calculator Applicable to Existing Loans?

Yes, the Vikaas Loan EMI Calculator can be used for both new and existing loans to estimate monthly payments.

What Happens If I Miss a Loan Repayment?

Missing a repayment can impact your credit score. 1 While there are no late payment charges, it's crucial to make timely payments to avoid potential consequences.

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