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

Vikaas Loan, an offering for joint liability group of women borrowers for up to ₹ 45,000*. With interest rate of up to 25%*p.a. and repayment period of 24 months, this loan is designed to fit your financial needs. The Vikaas Loan provides an easy application process with fast approvals, helping you access funds quickly. Support your financial goals with the Vikaas Loan, a dependable option for women borrowers in rural areas.

Joint Liability Group

Loans for joint liability groups of women borrowers

Loan Amount

Avail Rural business loans online starting with up to ₹ 45,000*

Loan Tenure

Vikaas Loan offers a repayment period of 24 month

Interest Rates

Get Vikaas Loans with interest rates of up to 25%* p.a.

Collateral Free Loans

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

Online Process

Apply online with help from our relationship manager for an easy process

EMI Calculator

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

Preferred loan amount

₹

₹0

₹45,000

Interest rate (per annum)

18%

25%

Loan tenure (months)

1 months

24 months

Estimated EMI

per month

₹ 36,690
Interest payable
₹52,41, 690

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Eligibility & Documents

Eligibility

Age Criteria:

Applicant - 20 years - 60 years
Co-Applicant - 20 years - 65 years

Customer Segment:

Women borrowers

Documents

Identity Proof

Address Proof

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

Income Proof

Any Valid income proof

Fees And Charges

List of all fees and charges for Vikaas 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 Vikaas Loan (Group Loan) with these steps

1. Apply Online in Minutes:
Select Vikaas Loan in the Rural Loan section and click "Apply Now" to fill out the secure online application form
2. Get in touch:
Our representative will contact you with the loan offer and to collect documents
3. Eligibility and Document check:
With the documents received, our representative will do an eligibility & document verification before processing the loan
4. Get Loan Disbursement:
Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds

FAQs & Support

View all

Eligibility for Vikaas Loans includes women in rural areas between the age of 20 and 60. Borrowers must belong to a Joint Liability Group (JLG) and demonstrate the ability to generate income to repay the loan. Eligibility may also include an assessment of the borrower's income-generating capacity and other factors.

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

Vikaas Loans provide many benefits, including access to funds for small rural businesses run by women entrepreneurs. They offer quick disbursement, flexible repayment terms, and usually do not require collateral. These loans also help build credit history and promote financial inclusion.

To apply for a Rural 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.
Eligibility:
Customer Segment: Women borrowers
Age Criteria: 20 years - 60 years

Explore all FAQs

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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

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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

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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

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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

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