Faqs - L&T Finance

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Do I have to pay a fee to apply for a loan for my business?

No, there is no application fee for initial inquiry, but other charges like processing fees and legal charges apply.

Do I have to pay a fee to prepay a loan?

Yes, a charge of 2% plus applicable taxes is applicable for prepayment of a loan. This is a specific product claim, and other lenders may have different policies.

Can MSME interest rates vary by industry type?

Yes, industries with lower risk profiles may receive a preferential msme rate of interest.

Can MSME Loan interest rates vary between different regions in India?

Yes, regional factors like competition and local regulations can influence interest rates. However, a lender's internal policy often standardizes rates nationwide.

What is the maximum tenure of the SME Loan?

The maximum tenure for an SME Loan is 60 months with L&T Finance.

Are taxes applicable to the SME Loan’s charges?

Yes, applicable taxes like GST (Goods and Services Tax) may be added to processing fees and other charges.

How does my credit score impact the interest rate for SME Loans?

A higher credit score often results in lower MSME interest rates due to reduced lender risk.

How does the SME turnover affect the interest rate eligibility?

Higher turnover demonstrates repayment capacity and may lead to better rates.

How does a co-applicant impact the interest rate on a SME loan?

A financially strong co-applicant can enhance loan eligibility and reduce the interest rate by mitigating the lender's risk.

Can I negotiate the interest rate with the lender for a SME loan?

Yes, negotiation is possible, especially if you have a strong credit profile and business stability.

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