Learn about the different ways you can make your L&T Finance loan repayment, including automatic payments, website options, and the PLANET app.
L&T Finance makes loan repayment easy with multiple payment options. While automatic EMI deductions are set up by default, you can also make manual payments if needed. Simply use the PLANET app or the Quick Pay service for hassle-free repayments.
When you take a loan from L&T Finance, an automatic payment mandate is set up for your EMIs. If for any reason this mandate fails or if you prefer to make manual payments, you can use the following options:
Visit the L&T Finance homepage
Navigate to the ‘Payments’ tab and click on ‘Pay Your EMI’
You will be redirected to the PLANET Quick Pay page
Enter your Loan Account Number (LAN) and Mobile Number
Choose the EMI amount you want to pay and proceed with the payment
Complete the payment using your preferred method (Net Banking, Debit/Credit Card, or UPI)
Once the transaction is successful, you will receive a confirmation
Download and log in to the L&T Finance PLANET app
Go to the repayment or EMI section
Enter your loan account number and select the repayment amount
Choose your payment method (Debit/Credit Card, UPI, Net Banking)
Complete the transaction and check for confirmation
To calculate your L&T Finance loan repayment, you need to know the loan amount, interest rate, and the loan tenure. The EMI (Equated Monthly Installment) is the monthly amount you need to pay towards the loan.
The formula to calculate the EMI is:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
P = Principal amount
r = Monthly interest rate (Annual Rate ÷ 12)
n = Number of months (loan tenure)
Let’s assume you take a loan of ₹5,00,000 at an annual interest rate of 12% for a period of 5 years (60 months).
P = ₹5,00,000
r = 12% ÷ 12 = 0.01 (monthly interest rate)
n = 60 months
Now, plug the values into the formula:
EMI = [5,00,000 × 0.01 × (1 + 0.01)^60] / [(1 + 0.01)^60 – 1]
Calculate (1+0.01)60(1 + 0.01)^{60}(1+0.01)60:
(1 + 0.01)^60 ≈ 1.8194
Now, substitute this value:
EMI = [5,00,000 × 0.01 × 1.8194] / [1.8194 – 1]
EMI = [5,00,000 × 0.018194] / 0.8194
EMI ≈ ₹11,091.72
Thus, for a loan of ₹5,00,000 at an annual interest rate of 12% over 5 years, the EMI would be approximately ₹11,092.
You can use an EMI Calculator available online for quick calculations before committing to a loan.
When making a loan repayment with L&T Finance, you should be aware of the applicable fees and charges that may apply under certain conditions.
Here are the details:
| Charges | Details |
|---|---|
Foreclosure Charges |
5% of principal outstanding + applicable taxes |
Prepayment Charges |
Up to 5% of the prepaid amount |
Processing Fee |
Up to 3% of loan amount + GST |
Disclaimer: The interest rates and charges mentioned above are subject to change at the lender’s discretion.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
You can check your loan status by logging into the PLANET app or visiting the L&T Finance website and using the loan status tracking feature.
To foreclose your loan, you need to contact L&T Finance customer support or visit your nearest branch. They will assist you with the necessary documentation and process for early closure of the loan.
If you miss an EMI payment, it can lead to penalties and affect your credit score. If you face any issues with automatic deductions, you can manually pay via the PLANET app or Quick Pay service. It is advisable to address the missed payment as soon as possible to avoid further complications.
Yes, you can prepay your L&T Finance Personal Loan. However, a prepayment charge of up to 5% of the prepaid amount will be applicable. Ensure you review the charges before making an early payment to avoid surprises.
The L&T Finance Personal Loan interest rate typically starts from 12% per annum, but the rate may vary based on your credit profile and the loan amount. For the most accurate rate, it's best to check the official website or consult a representative.
You can use a personal loan EMI calculator to easily calculate your EMI amount based on the loan amount, interest rate, and tenure. This tool helps you plan your monthly repayments effectively.
You can track the status of your L&T Finance Personal Loan by logging into the PLANET app or using the loan status tracker on the L&T Finance website.