If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    L and T Finance

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    16% - 17% Fixed
    2%
    1L Min
    1-5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Car Loan BYTES FROM OUR KITCHEN

    L & T Car 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

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    02
    03
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    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

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    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 25 Sep 2016

    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 + ST
    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.

    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.

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