There are a few steps you need to take when you apply for a L and T Business Loan. They are given below:

1. Submit the online Business Loan application form.
2. L and T will then request you to submit a few key documents. These include KYC, Financial, and Property
3. This financial institution will initiate the loan processing which includes legal and technical verification
4. A sanction letter will be issued by the NBFC, which will include a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions
5. Lastly, a request is raised for business loan disbursement, after which L and T will issue a cheque

A few documents that you need to submit while applying for a L and T Business Loan. They are given in the table below:

A major reason why you should opt for a L and T Business Loan is that they provide business loans at attractive lowest minimum interest rates. Besides, they also ensure that the business loan offered is collateral ‘FREE’. Also, securing L and T Business Loan you can derive tax benefits. For example, as per the Income Tax Act 1961 you can get a deduction on the rate of interest of a business loan provided by L and T.

On filling in L and T form Loan online and submitting the necessary documents, it will usually take this popular NBFC about 5 – 7 working days to sanction your business loan.

A minimum CIBIL score of 700 and above is what you need to secure a L and T Business Loan.

A minimum loan amount is Rs 4 lakh and maximum is up to 75 Lakh sanctioned by L and T Finance

It is not necessary to have a co-applicant while applying for a L and T Business Loan. However, if you have one it assures your lender about your ‘Creditworthiness’. Thereby, improving your chances of securing a business loan.

In case of Business Loan which is an unsecured loan, the interest rates remains fixed during the entire tenure of the loan period.

Possessing ITR documents for three financial years helps increase your chances of obtaining a L and T Finance Business Loan. Moreover, it is possible for you to get a business loan despite not having three-year ITR returns.
Although, it is only possible if you are seeking a small loan and you have a good CIBIL score to prove to your lender that you are ‘Creditworthy’. Besides, it also all depends on the policies of the lender.

After applying for a L and T Finance Business loan and submitting all the necessary documents, and getting a sanction letter, it should take L and T Finance about 2 to 3 working days to disburse the business loan.

A few additional details of the L and T Finance Business Loan that you need to know are given below:  

1. Types of L and T Finance Business Loan:

   There are two types of L and T Finance Business Loan available. They are given below:

   1. L and T  Finance Loan for Chartered Accountant:

      L and T Finance has curated this business loan package specifically for chartered accountants. Mainly for various purposes that include: renovation, maintaining working capital reserve, and enhancing overall operational efficiency. 

   2. L and T  Finance Loan for Doctors:

      This L and T Finance business loan scheme is designed to help doctors in fulfilling various activities such as renovating and setting up a clinic.