L&T Finance Loan Statement – Complete Guide to Access Loan Details

Assume that you took a personal loan of ₹5,00,000 for 3 years at 10% interest. Your EMI (monthly payment) would be around ₹16,310. Your statement of loan would have details like:

• Loan Type: Personal Loan
• Loan Amount: ₹5,00,000
• Repayment Period: 3 years
• Monthly EMI: ₹16,310 (fixed monthly)
• Outstanding Balance: Assume it is ₹3,00,000 after 1 year.
• Interest: You can notice how much interest you paid over time.

Now, isn't it awesome that your statement also keeps you trackable as to where you are currently with your loan? And to top it all off, you could quickly download it online or even in the app! How convenient is that?

What is an L&T Finance Loan Statement?

An L&T Finance loan statement provides details about your loan, including the type of loan, amount, repayment period, monthly payment, and outstanding balance. It is convenient to track your expenses and the status of the loan. 

The statement gives your loan details, payment schedule, and transaction details. You can see it online, through the app, or by contacting customer care. It helps you make payments on time, keep track of your loan, and maintain a record of all transactions.

Components of L&T Finance Loan Statement:

An L&T Finance loan statement is a detailed document that presents an overview of your loan account. It includes essential details regarding your loan, payment, and balance that inform you about the condition of your loan. This is how it dissects what you receive in the statement:

1. Loan Details:

• Loan Type: Describes the kind of loan that you have, for instance, a personal loan or a home loan.
• Account Number: A unique number that identifies your loan account.
• Loan Amount: The amount borrowed.
• Repayment Period/Tenure: The duration for which you will repay the loan.
• Monthly Installment (EMI): The monthly installment that you will pay to repay the loan.
• Interest Rate: The interest rate applied to the loan amount.
• Loan Purpose: The reason for which you took the loan (e.g., buying a house or personal expenses).

2. Transaction History:

• Transaction Date: The date on which each transaction, such as a payment or refund, was posted.
• Transaction Type: Describes the nature of the transaction, such as a payment or refund.
• Transaction Amount: The amount of money in each transaction.
• Debit/Credit: Indicates whether the transaction was a payment (debit) or a refund (credit).
• Outstanding Balance: The outstanding balance of the loan amount that you still owe after each transaction.

3. Payment Information

• Due Date: The date on which your installment for the month needs to be paid.
• Payment Method: Method of payment that has been made to pay the amount, i.e., bank transfer or online payment.
• Payment Status: Whether your payment is successful or unsuccessful.
• Late Payment Charges: If you are late with your payment, charges will be applied accordingly.

4. Other Important Details:

• Contact Information: Provides contact information to access L&T Finance in case of any queries or issues.
• Statement Period: The period over which the statement is provided (i.e., monthly or quarterly).
• Outstanding Balance: How much you have left owing on the loan.
• Total Amount Paid: The total amount paid to date on the loan.
• Total Interest Paid: Total interest paid on the loan to date.
• Terms and Conditions: Any important terms of your loan, like rules of payment or charges.

This statement informs you of your current loan status and enables you to track your payments and manage your debt.

How to check your L&T Finance loan statement?

1. Online Access:

L&T Finance Website:

• Visit the website of L&T Finance.
• Click on the ‘login’ button in the top right corner of the page.
• On the next page, enter your mobile number and click on the ‘Continue’ option.
• Enter the OTP received on your registered mobile number.
• Once you are successfully logged in, you’ll be redirected to the homepage.
• Click on the ‘Loan Details’ option.
• Print or download your loan statement in the form of a PDF file.

L&T Finance Planet App:

• Download the ‘L&T Finance PLANET’ App from the Google Play Store or the Apple App Store.
• Install the application on your device.
• Enter your loan account information to log in.
• Once you are successfully logged in, you’ll be redirected to the homepage.
• Click on the ‘Loan Accounts’ option.
• Click on the ‘Print/download’ to download your loan statement.

2. Password for PDF Statement:

• If the PDF of your loan statement has a password, it typically consists of your date of birth (DD/MM/YYYY) and the last four digits of your registered mobile number.

• As an example, suppose your date of birth is 03/01/1990 and the last four digits of your mobile number are 8866. In that case, the password would be 030119908866.

3. Other Options:

• Customer Care: For assistance with retrieving your loan statement or if you are confused, please call L&T Finance customer care.

• Alternatively, you can email L&T Finance to request your loan statement.

Charges for L&T Finance Loan Statement:

Here’s a table summarising the charges related to L&T Finance loan statements and other documents:

How to read your I&T Finance Loan Statement?

Here’s a table summarising what to expect in your L&T Finance loan statement:

Conclusion:

Your L&T Finance loan statement is an easy but effective tool to manage your loan effectively. It provides you with a clear picture of it all, right from the loan amount and monthly EMIs to the transaction and outstanding balance. Be it keeping track of payments or reviewing interest, the statement keeps you up to date. 

You can access it online through the L&T Finance website or the Planet app, and it's even offered in digital and paper forms (with a small charge for paper versions). Don't forget, the statement also allows you to view any late fees or modifications to your loan. 

With all this information at your fingertips, you're always in charge of your loan! Pretty handy, huh? So, be sure to review your statement regularly and keep your loan in line!

FAQs related to L&T Finance Loan Statement:

Q1: How can I check my loan statement?

You can check your loan statement by logging into your net banking account or the lender’s mobile app to download it. Alternatively, call customer care for assistance if you don’t have internet access.

Q2: What is the password for my L&T Finance loan statement PDF?

To open your L&T Finance loan statement PDF, use your date of birth (DDMMYYYY) and the last four digits of your registered mobile number together as the password.

Q3: What is a loan statement?

A loan statement is a document from your lender that summarises key loan details, such as outstanding balance, interest paid, repayment schedule, and more, helping you track and manage your loan effectively.

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LoansJagat Team

We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?