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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 is 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 all fees and charges for Micro Loan
| 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 |
There is a processing fee of 1.5% of the loan amount + applicable taxes levied for Micro Loans at L&T Finance.
Only a processing fee of 1.5% of the loan amount + applicable taxes is applicable on Micro Loans. No other charges are levied.
L&T Finance offers Micro Loans at a fixed interest rate.
No, the Micro Loan charges remain the same for new and existing customers.
There are zero late payment charges applicable on Micro Loans from L&T Finance.
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