Name: Rural Pragati Loan
Brand: L&T Finance
Rating: 5 (10 reviews)

Pragati Loan (Group Loan) is a short term joint liability for women borrowers offering loan amount up to ₹ 1.5 Lakh*. This loan is exclusively for customers who have completed an existing group loan or have closed a previous group loan with L&T Finance. Support your financial goals without worrying about any collaterals and with a flexible repayment period of up to 36 months. Our easy application process with fast approvals, provides quick funds.

Features & Benefits
EMI Calculator
Documentation
Eligibility
Fees & Charges
Frequently Asked Questions

Joint Liability Group

Loans for joint liability groups of women borrowers

Loan Amount

Avail Rural business loans, with an amount up to ₹ 1.5 Lakh*

Loan Tenure

Flexible repayment period starting from 24 to 36 months

Loans for L&T Customers only

Pragati Loan is available, exclusively for existing group loan customer

Collateral Free Loans

Get loans without collateral for easy access to money when you need it

Interest Rates

Get Pragati Loans with interest rates of up to 23.90%* p.a.

EMI Calculator

Results generated by the calculator(s) are indicative in nature.

Preferred loan amount

₹

₹60,000

₹1,30,000

Interest rate (per annum)

16%

23.5%

Loan tenure (months)

24 months

36 months

Estimated EMI

per month

₹ 36,690
Interest payable
₹52,41, 690

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Eligibility & Documents

Eligibility

Age requirement:

20 years to 60 years

Income Eligibility:

Based on the income-generating capacity of the customer and co-applicant

Customer Type:

Customer who has an existing group loan

Documents

Identity Proof

Address Proof

Utility bills (not older than 2 months) | Aadhaar Card | Driving License | Passport | Voter ID etc

Fees And Charges

List of all fees and charges for Pragati Loan (Group Loan)

Charge Type
Details
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

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How to Apply

Apply for Pragati Loan (Group Loan) with these steps

FAQs & Support

View all

What is the interest charged on Pragati Loan?

Interest rates for the Pragati Loan starts from 16% p.a.* - 23.5% p.a.*

What is a Pragati Loan?

Pragati Loans offers money to groups of women. These loans don’t require collateral and have an easy application process. They rely on mutual trust and social collateral, with repayment scheduled in small, manageable instalments.

How can I apply for Pragati finance?

Applying for Pragati Loans (Group Loan) with these steps:
1. Fill in your application online
2. Get in touch with our representative
3. Eligibility and Document
4. Get Loan Disbursement

What are loan tenure options for Pragati loan?

The maximum tenure for the Pragati Loan is between 24 and 36 months, allowing for flexible repayment options based on your financial situation.

What are the documents required for a Pragati Loan?

To apply for a Pragati Loan, certain eligibility criteria and documentation requirements must be met:
Documents:
- Aadhaar Card
- Voter ID / Ration card
Income Assessment:
- Based on the income-generating capacity of the customer and co-applicant.

What is the maximum loan amount I can get under L&T Finance for Pragati Loan?

The maximum amount offered for Pragati Loans by L&T Finance ranges up to ₹ 1,30,000.

What are the fees and charges for the Pragati Scheme?

The list of fees and charges for Pragati loan is as follows:

Processing Fees: 1.25% on loan Amount + applicable taxes
Repayment/EMI Bounce Charges: Nil
Penal Charge/Late Payment Charge (LPC): No Foreclosure Charges: Nil
Charges for documents: Nil for Statement of Account/Repayment Schedule /Foreclosure Letter

Will there be a processing fee for Pragati Financing?

Yes, the Pragati Loan includes a processing fee is 1.25% of the loan amount and may vary based on specific terms and conditions.

Explore all FAQs

Rural Loan

L&T Finance made a huge difference for me & my farming business. I, along with 2 of my friends, got a micro loan with a quick & easy application process. The timely payments of my EMIs are manageable & my farming income has increased significantly. I'm truly grateful for L&T Finance's help!

Nirmala Dabi

Ratlam, Madhya Pradesh

Micro LAP

As an assistant professor with over 10 years of experience, I found L&T Finance’s MLAP loan process was quick, digital and required minimal documentation. My EMI is auto-debited, and I can conveniently check my account statement and details through the PLANET app.

Mr. Udhayakumar

Rajagambiram, Tamil Nadu

Micro LAP

I am engaged in farming and a small dairy business. When I explored financing options, the interest rates in the market were too high. With a quick home inspection and property mortgage, I secured a loan at a competitive interest rate. The process was straightforward, and funds were disbursed quickly.

Mr. Palraj

Chennai, Tamil Nadu

Rural Loan

L&T Finance provided swift support for our 20-year-old silk handloom business. Their executive guided us through a seamless process, quickly disbursing the loan after property verification. We're thankful for their efficient and reliable service that helps us meet our daily business needs.

Mrs. Kannaga

Chennai, Tamil Nadu

Micro LAP

We called and the L&T Finance representative came to our house. They quickly completed the formalities and gave us the money really fast so we could use it for our needs. Everything was done digitally. I am grateful to L&T Finance.

Mrs. Kanaga

Handloom Service