L&T Finance Launches Hypothecation-Free New Two-Wheeler Loan Scheme
L&T Finance, a subsidiary of L&T Finance Holdings, has introduced a new two-wheeler loan scheme under the offer ‘Sabse Khaas Loan’. The hassle-free loan is free from hypothecation and as per the company comes with lower interest rate charges than market rates.
Unique feature of L&T Finance Two-wheeler loan
In the offer, the usual hypothecation of the vehicle to the financing company for the term of the loan is done away with. The interest rate for such a loan is between 7.99-8.99% and borrower has an option to choose from 3 tenures i.e. 6, 12 and 18 months.
In two-wheeler financing, the title to the asset is transferred to the customer only upon full repayment of loan and this increases cost, effort and involves time. While, two-wheeler loan from L&T Finance frees customer of such charges.
The company’s two-wheeler loan segment differentiates itself from market players on grounds of paperless onboarding, faster turnaround time and algorithm-based credit decisions.
On the launch of the product, company’s 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. Borrowers will not only receive hassle-free and quick disbursements of the loan but also get lower interest rates and save on fees.”