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  • L and T Finance is Rated as "Great!" by 15 Users

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    Promised Interest Rate

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    Car Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 15 users

    L and T Finance

    L&T Finance, incorporated in 1994, is a subsidiary of Larsen and Toubro Financial Services. The finance wing of L&T Limited offers services and solutions to individuals, corporations, SMEs and agricultural insurance solutions to people in rural areas. It offers a wide range of financial products including home loans, car loans and car insurance.


    You’re probably eligible for an L & T Used Car Finance if you are

    01
    02
    03
    04
    L & T Used Car Finance Minimum Age

    At least 25 years old

    L & T Used Car Finance Maximum Age

    Less than 65 years old

    L & T Used Car Finance Eligible Employment Type

    Salaried or self-employed
    with regular income

    L & T Used Car Finance Minimum Income

    Earn more than the minimum
    income required


    Your L & T Used Car Finance amount eligibility is based on these factors

    01
    02
    03
    L & T Used Car Finance Minimum Salary

    Minimum income required
    Rs.25,000 per month

    L & T Used Car Finance Maximum Loan to Value

    Loan capped @
    75% to 95% of the Ex-Showroom price of Car value

    L & T Used Car Finance EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible L & T Used Car Finance amount by these steps

    01
    02
    L & T Used Car Finance Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    L & T Used Car Finance Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an L & T Used Car Finance

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


    L & T Used Car Finance Interest RatesUpdated on 21 May 2018

    L & T Used Car Finance Details
    Interest Rate (Monthly reducing balance) 16.00% to 17.00%
    Processing Fees 2% of Loan amount
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% of outstanding amount + GST
    Guarantor Requirement No guarantor required

    The company offers both personal and commercial vehicle loans. The personal vehicle loans are offered to people who want to purchase a bike, scooter or car. The commercial vehicle loans are offered for small, medium, heavy and light commercial vehicles. L&T Finance car loans come with flexible repayment tenures, attractive interest rates and other features that make them very popular with customers across the country.

    L&T Finance Car Loan Eligibility

    The eligibility criteria for L&T Finance car loan are as follows.

    • The applicants should be aged 18 and above when applying for the loan.

    • The applicants should be aged 65 years or below when the tenure of the loan ends.

    • The applicants should provide their KYC-related information and that of the co-borrowers (in case of joint applications) as per the guidelines given by RBI.

    Apply for Car Loan Online

    Documentation required for L&T Finance Car Loan

    The documents required for applying for L&T Finance car loan are as follows.

    For salaried individuals:

    • Income proof: pay slips for the last 2 months along with ITR

    • Bank statements for the last 6 months

    • Property proof

    • Form 16

    • Identity Proof: Driving License, Passport, Voter's Identity Card, PAN Card, photograph with signature across and duly notarised for self-affidavit

    • Age Proof: PAN card, Passport, Driving License, Voter's Identity Card

    • Address Proof: Latest landline telephone bill, electricity bill or bank statement / passport

    For self-employed individuals:

    • Income proof: Profit and loss statement of the business or ITR

    • Bank statements for the last 6 months

    • Property proof

    • Business establishment proof

    • Identity Proof: Driving License, Passport, Voter's Identity Card, PAN Card, photograph with signature across and duly notarised for self-affidavit

    • Age Proof: PAN card, Passport, Driving License, Voter's Identity Card

    • Address Proof: Latest landline telephone bill, electricity bill or bank statement / passport

    For farmers:

    • Proof of income

    • Documents related to agricultural land

    • Identity proof, age proof and address proof (same as salaried and self-employed individuals)

    Additionally, people who want to purchase a commercial vehicle with all India tourist permit need to provide a copy of their contract or commercial Driving License.

    L&T Finance Car Loan Interest Rates

    The interest rate and fees charged with L&T Finance car loan are as per market standards and they depend on a variety of factors such as credit history of the applicant, the vehicle they want to purchase, tenure of the loan and other factors. Depending on the interest rate and the loan amount, the EMIs for the loan will be calculated.

    Features and Benefits of L&T Finance Car Loan

    • The car loan from L&T Finance is available for a wide range of vehicles manufactured by various automakers.

    • The minimum loan amount offered is as high as Rs 1 lakh.

    • The loan comes with a flexible repayment tenure of maximum 5 years.

    • The customers can take advantage of various loan schemes and opt for a loan that suits their needs.

    • The loan application process is very transparent and does not involve any hidden charges.

    • The loan-to-value ratio is high and the loan amount covers a large percentage of the cost of the vehicle.

    How to Calculate EMI for L&T Finance Car Loan?

    In order to get a fair idea of the amount of money you will need to pay as monthly instalment for your L&T Finance car loan, you can use a tool called EMI calculator. Go to BankBazaar.com and under ‘Finance Tools’ click on ‘Car Loan EMI Calculator’. After that, you can calculate the EMI of the loan by providing the required information such as loan amount, tenure of the loan, interest rate and the processing fee.

    FAQs

    1. Is there any collateral security required for the loan?

    No, you do not need to provide any collateral security.

    2. What is the minimum tenure available with L&T car loan?

    The minimum tenure of the loan is 1 year.

    3. How can I make the EMI payments for the loan?

    You can make your EMI payments through cheques (post-dated), direct debit or electronic clearing service (ECS).

    4. After I submit the documents, how long will it take for the loan to be disbursed?

    It takes around 1-2 business days for the loan to be disbursed after the documents are submitted.

    5. Whom do I contact if I have any questions about the loan offer?

    If you have any questions about your L&T car loan offer, you can get in touch with the customer care team of L&T Finance.

    L&T Finance Diwali Offers on Car Loans – October 2016

    This Diwali, make the car you desire the car you own with an attractive car loan from L&T Finance. Diwali calls for celebrations with grandeur, tradition, color and happiness. Being an auspicious time to buy a car coupled with discounts and great deals, Diwali makes it a perfect time to pick up a car. L&T Finance offers friendly interest rates, no guarantor requirements, and low processing fees. View and compare details of the L&T Finance car loan on BankBazaar to find out if the loan is suitable for you. Repayment tenures range between 1 year to 5 years. Apply for this loan through the BankBazaar portal and receive an Amazon gift card and Goibibo goCash upon loan disbursal.

    L and T Car Finance Reviews

    • L&T Finance Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      My car loan experience with L&T was very good, the loan amount was for Rs 2.95 lakhs with the rate of interest of 15.60% which is way high when compared to all other sources. The customer service was not up to the mark and their response was delayed. The tenure of this loan is 4 years.
      Was this review helpful? 0
      , surat
      Reviewed on Mar 05, 2018
    • L&T Finance Car Loan
      "Good Loan"
      0.5 4.0/5 "Great!"
      I dealt with this Financiers when their name was Family Credit. I wanted to take a Santro Card and they gave me the loan immediately. The Rate of interest offered by them was good too. While making the payment I didn't face any issue. Their Customer care quite good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 03, 2018
    • L&T Finance Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from L&T Finance Limited and it was a good loan experience. The loan amount was for Rs 5.20 lakhs with the rate of interest of 16% which is high when compared to all other banks. The process was very quick and i received my loan amount within 1 week. Customer service was good and they provided door step service to collect the documents. They did not charge any processing fees. I pay an EMI of Rs 14750 and the tenure of this loan is 4 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 28, 2017
    • L&T Finance Car Loan
      "Interest rate should be competative"
      0.5 3.5/5 "Pretty good"
      I have purchase Maruthi car from the the showroom, they got a tie up with L&T Finance limited. Hence they helped me to process with them and they taken more interest rate than competitor. I took the loan of Rs. 3 lakhs, with interest rate around 16% got closed I got a noc.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 10, 2017
    • L&T Finance Car Loan
      "Need improvement in the overall services"
      0.5 3.0/5 "Satisfactory"
      L & T finance limited has not been up to the mark in the customer services. They need to coordinate well internally. After I make my payments and I go up to their office for the receipt, they would say that the payment has not been made. They are also high on the interest rate and processing charges for the car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 11, 2017
    • L&T Finance Car Loan
      "Service has to be changed"
      0.5 1.0/5 "Really Bad"
      L & T finance limited executives are not responding well. When I went to foreclosure my loan, they said I have many to late payment charges but I did not do that. Then I raised the complaint to their nodal officer to release my NOC letter,after several complain my issue was sorted out.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • L&T Finance Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have closed the car loan with L&T finance and the interest rate was around 7.5%, which I guess. The services are good with them and the response is also an immediate one with them. Processing charges are nominal one with them and the foreclosure charges were minimal with them.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 21, 2016
    • L&T Finance Car Loan
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      I was pretty happy with the car loan I got from L&T finance. They offered me a 1% higher interest rate than other banks and a processing fee of Rs.3500 but it was worthwhile as they did offer me the loan when most other banks backed out after my CIBIL score without even probing into what the reason was. They gave me a good valuation in comparison to the market rate.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 26, 2016
    • L&T Finance Car Loan
      "satisfied..."
      0.5 4.0/5 "Great!"
      Car loan was free to access but the banking and coordination was not good. I asked L&T Finance Limited to deduct emi from my salary account on 4th but every time I visit the branch to make payment. If I have enough balance they will not deduct and if there no amount they charge penalty.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 20, 2016
    • L&T Finance Car Loan
      "Best"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with the L&T finance and the interest rate is pretty good one. The loan amount got disbursed to my account like in the very soon moment. Customer service is a good one with them, also the processing charges were nominal with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 06, 2016
    • L&T Finance Car Loan
      "Super duper service "
      0.5 5.0/5 "Blown Away!"
      It was a super duper service provided by L&T limited based on the car loan process.The interest rate applied for the loan was around 11.56% for the second hand car.They have applied charges around 2% for the car loan applied with L&T finance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 21, 2016
    • L&T Finance Car Loan
      "Excellent "
      0.5 4.0/5 "Great!"
      I have the car loan with the L&T finance. The EMI is around 13800 Rupees for the capital of 6 lakh Rupees and they have provided around 80% of the cost of car. The loan amount got disbursed within ten days of time. The documentation process are easy with them.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Dec 17, 2015
    • L&T Finance Car Loan
      "Quick process"
      0.5 4.0/5 "Great!"
      My car loan is with L&T Finance limited. They were very quick in their services. I got the loan withing two days. The rate of reasonable when compared to other banks. They did charge a processing fee which was average too. The response was very fast.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 28, 2015
    • L&T Finance Car Loan
      "Got A Loan.."
      0.5 4.0/5 "Great!"
      I have taken a car loan from L&T finance limited. The response was good but they took a lot of time to process the loan application. I got the loan amount within 8 days. They asked me to add a co-applicant. Customer service was good. It will be good if they can reduce the charges for fore closure to have more customers.
      Was this review helpful? 0
      , madurai
      Reviewed on Aug 25, 2015
    • L&T Finance Car Loan
      "Wonderful!!!"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan from L&T Finance limited. It was Rs 4 Lakhs I got from the institution. The rate of interest and processing fee was nominal and the tenure was 3 years. I have completed it. I dint face any sort of issue and that period. I was very much satisfied with the services provided by L&T. Its good..!
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2015
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