L&T Finance has introduced a customer-centric and streamlined personal loan policy that emphasizes speed, flexibility, and digital efficiency. The entire loan process is designed to be completely digital and paperless, ensuring faster disbursal and a smooth customer experience. Below is a detailed overview of the current personal loan policy:
Digital Process & Turnaround Time
- The entire loan journey, from login to disbursement, is fully digital and paperless.
- Disbursement can occur within 48 hours, subject to complete and correct documentation.
- Real-time tracking of application status is available via the DSA portal.
Minimum Net Income Requirements
| City | Minimum Net Monthly Salary |
|---|---|
| Mumbai | ₹35,000 |
| Delhi, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad | ₹25,000 |
| Other cities | ₹25,000 |
General Loan Eligibility & Conditions
- Minimum CIBIL Score: 700 (subject to customer profile)
- Loan Amount Range: ₹1 lakh to ₹30 lakhs
- Tenure: Maximum of 72 months
- FOIR: Up to 80% for Super Cat A, Cat A, Cat B, Cat C, and Government employees
- Unsecured Enquiries Limit: Maximum of 5 in the last 3 months and maximum of 3 in the last 1 month
Special Cases – CIBIL -1 (NTC Segment)
- Super Cat A & Cat A Companies: Up to ₹10 lakhs
- Other Company Categories: Up to ₹5 lakhs
Sourcing Restrictions
- Not Allowed: Employees of Partnership or Proprietorship firms
- Government Employees:
- Group C: Allowed for specific designations
- Group D: Not eligible
- Minimum Salary for Government Teachers:
- ₹50,000+ with at least 2 years of experience
- For teachers in Kolkata: Minimum 5 years of experience required
Balance Transfer Policy
- Personal Loan BT and OD BT allowed
- Requires:
- Minimum 6 EMIs paid
- Minimum cash-out of ₹1 lakh
Variable Income Components Considered
- Incentive
- Bonus
- Rental Income (must have a valid and registered rent agreement)
- Pension Income: Considered at 100% if recurring and supported by valid proof, subject to customer falling within the maximum age bracket
L&T Finance’s updated personal loan policy is designed to cater to a diverse set of salaried customers with enhanced flexibility and rapid turnaround. By accommodating various income components and offering a fully digital process, the policy supports a broad spectrum of borrowers while maintaining robust underwriting standards.
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