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How PLANET APP is Leveraging Technology and Digital Platforms to Offer Consumer Loans and Two-wheeler Loans

The rapidly growing technology and digitalization have transformed the ways of lending. Digital platforms replace traditional lending methods.

PLANET APP by L&T Finance is one such digital platform that is leveraging technology and reaching even the rural areas to offer loans to people who are rejected by financial institutions and are new to credit.

PLANET APP has gained enormous popularity recently due to digital lending services, which have transformed the lending process and disbursal methods. While reaching the remotest area of the country, the PLANET APP allows people across demographics and geographies to get easily accessible financial support.

The most popular products of the PLANET APP – Consumer loans and Two-wheeler loans have made it easier for lower middle-class people to meet their needs without worrying about money. The App has successfully reduced traditional limitations and transaction costs. The app is highly user-friendly and is readily usable for everyone.

With the help of technology, one can now avail of the products in the PLANET APP at one click of a button on your smartphone without physically visiting any office or financial institution.

Consumer loan by PLANET APP

L&T Finance’s PLANET APP offers consumer loans to users with minimal documentation and the quickest disbursal at competitive interest rates. Consumer loans are unsecured loans that customers can use for various purposes like marriage, travel, home renovation, vacation, buying home appliances, etc.

You can apply for consumer loans up to Rs. 7 Lacs online with easy approval and easily accessible funds in your bank account through the PLANET APP.

Features of Consumer Loan by PLANET APP

A consumer loan is one of the most opted-in services of the PLANET APP. The key features include:

  1. Maximum Loan Tenure – 12 months to 48 months
  2. Loan Amount – Rs 50,000 – 7,00,000
  3. Interest Rate – starting from 12%
  4. A completely digital method with zero paperwork
  5. Eligibility – Both salaried and self-employed
  6. Income proof – Not required
  7. Collateral/security – Not required
Eligibility Indian Citizen with ID proof Aged 23 – 58 years
ID proof Passport  Pan Card  Driver’s license  Voter ID Aadhar card  Passport size photo
Address proof Ration card  Passport Utility card Voter ID card  Driving License
Income proof (If needed)Salaried – salary slip for last 3 months/form 16/ 3 months bank statement  Self-employed – Latest ITR Bank Statement – Last 3 months  Resident proof – Not Required 
Processing fees Upto 3% of the principal amount and additional charges 

Two-wheeler loan by PLANET APP

Two-wheeler loan

PLANET APP brings you a fantastic loan facility for two-wheelers. You can apply for a two-wheeler loan online for up to 4 years. Two-wheeler loans are provided to the customer for purchasing a bike and paying for it in EMI.

PLANET APP is the best for two-wheeler loans because of their quickest approval, lesser documentation, competitive rate of interest, and PAN India network. You also get the facility for test drives and home delivery through simple steps.

Features of Two – wheeler loan by PLANET APP

Two-wheeler loans are the most loved services of the PLANET APP by users. The key features include:

  1. Maximum Loan tenure – up to 4 years  
  2. Loan Amount – 100% of the on-road price
  3. Interest Rate – starting from 7.99%
  4. Simple paperwork
  5. Availability – PAN India 
  6. Income proof – Not required 
Eligibility Age 18 – 65 years 
Documents  Current Address Proof Pan Card  Aadhar card  Bank statement 
Processing fees According to scheme  
NACH Charge Up to Rs. 1500 
Late interest payment 3% per month for overdue

Upcoming features on PLANET App by L&T Finance

Every quarter the PLANET APP by L&T Finance plans to feature on the app. They are focusing on providing more information for Electric Vehicles (EVs). For example, this could be where the charging stations are available in the country.

They are also working on securing the asset through general insurance or any other insurance the customer might be having. Plans to build an income and expense tracker on top of this app are also in the process.

Considering that they already have information about the farm space, they are building up ways to provide information and advice to the farmer ecosystem.

Winding up

The PLANET APP is the one-stop solution for your financial requirements, where you can get easy loans with minimal documentation and an easily manageable account. The unique user interface lets you track your monthly EMI, service requests, notifications, etc.

The transactions are secured using the 4-digit PIN, and the documents are available at your fingertips. Regular reminders and notifications regarding your upcoming EMIs, due dates, tenure, etc., make it easy to stay updated about your loan status. Multiple payment modes in the App make it easier to repay your loan amount hassle-free.

You also get offers to customize your loans as per your needs. The app is geo-agnostic, making the journey easier for customers regardless of their location, and has also received a 4.4-star rating on the Google Play Store and a 4.3-star rating on the App Store.

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