L&T Finance Launches ‘Sabse Khaas Loan' for Two-Wheeler Customers
Mumbai, May 31, 2019: L&T Finance Limited, a subsidiary of L&T Finance Holdings, today launched ‘Sabse Khaas Loan’ for financially prudent customers who believe in spending their money smartly and taking responsible borrowing decisions.
A first in the industry, the scheme not only provides hassle-free and low-cost finance for two-wheelers, but also eliminates the need for hypothecation of vehicle to the financier over the tenure of the loan. The borrowers can choose from 3 different EMI tenures – 6, 12 and 18 months – with interest rates between 7.99% and 8.99%.
Currently, two-wheeler financiers transfer the title of the vehicle to the customer only when the entire loan amount is repaid. This leads to additional paperwork and puts financial burden on the customer. The ‘Sabse Khaas Loan’ removes the financier's charge on the vehicle, thereby saving time, effort and money of the customer.
At the launch, Mr Sunil Prabhune, Chief Executive-Rural Finance & Group Head-Digital, IT and Analytics, said: “Sabse Khaas Loan is our way to appreciate and reward borrowers who are financially responsible and spend their money wisely. They will not only receive hassle-free and quick disbursements of the loan, but also get lower interest rates and save on fees. The aim is simple: make their experience seamless. Like we say, 'Your bike, your papers, your pride'.”
Algorithm-based credit decisioning, paperless on-boarding and fast turnaround time have been key differentiators for LTFH’s two-wheeler finance business. LTFH has made tremendous strides over the past two years in bridging the gap between the physical and digital experiences, approving nearly 95% of the loans in less than 2 minutes, with minimal human intervention and documentation.