Micro Loan Processing Fee & Services Charges

Fees & Charges Micro Loan

Micro Loans are designed to provide financial support to joint liability groups of women. These loans help empower them with adequate financial support to start their businesses.

But before applying, borrowers must be fully aware of the complete cost of borrowing, that is, the Micro Loan fees and charges. L&T Finance offers completely transparent fees & charges to avoid any surprises later.

List of Fees And Charges for Micro Loan

Explore the complete list of Micro Loan fees and charges. Find all applicable costs before applying.

Charge Type	Micro Loans
Processing Fee:	1.5% of loan amount + applicable taxes
EMI Dishonour/Bounce Charge* *A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate	Nil
Penal Charge/Late Payment Charge (LPC)	Nil
Legal/Recovery Charges	Nil
Foreclosure Charges	Nil
Charges for documents like Statement of Account/Repayment Schedule /Foreclosure Letter	Nil
Auction fees	NA

To avoid delays, applicants should keep all the documents required for a micro loan prepared in advance while reviewing the applicable fees and charges.

FAQs & Support

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What is the typical processing fee for a Micro Loan?

There is a processing fee of 1.5% of the loan amount + applicable taxes levied for Micro Loans at L&T Finance.

What are the common fees associated with Micro Loans?

Only a processing fee of 1.5% of the loan amount + applicable taxes is applicable on Micro Loans. No other charges are levied.

What are Micro Loan Prepayment Charges?

There are no Micro loan foreclosure charges, allowing you to repay your loan early without any additional cost.

Are Micro Loan interest rates fixed or variable?

L&T Finance offers microloans at a fixed interest rate.

Are Micro Loan fees different for new and existing customers?

No, the Micro Loan charges remain the same for new and existing customers.

What are the common fees associated with Microloans?

Only a processing fee of 1.5% of the loan amount + applicable taxes is applicable on Micro Loans. No other Micro loan repayment fees or hidden charges are levied.