Faqs - L&T Finance

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How can I prepay my Personal Loan as I cannot visit a branch?

You can prepay online through the lender’s customer portal or mobile app, allowing for convenient management.

What is a Personal Loan Balance Transfer?

A Personal Loan Balance Transfer involves shifting your outstanding loan from one lender to another so that you can benefit from lower interest rates and better terms.

Is balance transfer a good idea for a Personal Loan?

Yes, it can help reduce your interest burden and monthly EMIs, enhancing your financial flexibility.

Can the repayment tenure change while opting for the Personal Loan Balance Transfer?

Yes, you can select a new tenure to potentially lower your monthly payments.

How does a Personal Loan Balance Transfer work?

The process involves transferring your loan to a new lender with better terms. You submit the necessary documents, the new lender pays off your existing loan and you start repayments under the new conditions.

Who can opt for the balance transfer facility?

Any borrower who meets the eligibility criteria set by the new lender can opt for the balance transfer facility.

Can I get a top-up loan while transferring my balance?

Yes, a top-up loan can be availed during the transfer, providing additional funds over your current balance.

What will be my EMI after transferring my Personal Loan?

Your EMI will generally be lower due to reduced interest rates offered by the new lender.

Can you increase your loan amount by opting for a balance transfer?

Yes, you can increase the total loan amount by securing a Top Up Loan along with the balance transfer.

What are the interest rates applicable while transferring a Personal Loan?

Interest rates vary by lender but are typically lower than your current loan rates, making the transfer beneficial.

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