Prices of automotives have increased tremendously in the last 5 years, and most
people in India prefer to buy vehicles on loan. However, when you visit any
showroom, you will be greeted with many financing options, and no one can
guarantee that you will get a loan at a good interest rate from a reputed financer.
To solve the hassle of taking a loan when buying a two-wheeler, L&T Finance has
launched the new PLANET APP with the goal of providing customers with a one-
stop solution.
Features of the PLANET App by L&T Finance
All your loan relationships at a glance: With the PLANET APP by L&T Finance, you
can view all your loan relationships with L&T Finance at a glance. This includes the
loan amount, interest rate, repayment tenure, and due date.
- The app uses a four-digit PIN or biometric login, such as a fingerprint or facial
recognition. - The app is available in 12 different languages.
- The PLANET APP by L&T Finance helps you keep track of all your
transactions. You can track your spending on the app. - Users can also easily manage their personal information, such as their phone
number and address. They can update this information at any time, even if
their loan is still active. - Users can download all loan documents, such as NOC, Interest Certificate,
repayment schedule, transaction history, repayment schedules, and welcome
kit, and view disbursed and outstanding loan amount details. - Multiple payment methods: Users can choose the payment method that is
most convenient for them. They can pay their EMIs through net banking,
wallet, credit/debit card, or UPI apps.
Here are some of the key USPs of the PLANET APP offered by L&T Finance
- Mandate swap: The app allows customers to swap their mandate to manage
their auto-debit account details. This will make the loan repayment process
easier and reduce the risk of missed payments and late fees. - Mandi price: PlANET APP also provides mandi prices for farmers. Farmers
can directly check crop prices in the nearest mandi through the app. This
helps them to understand the market and decide which crop would be most
beneficial for them. This feature can also help farmers track the latest crop
prices, and they can also compare prices for different mandis to choose the
best one for them. - Consumer loan: The PlANET APP also offers consumer or personal loans
directly through the app with minimal documentation and faster approval.
The entire process is very straightforward. You upload the documents, select
the type of loan, and after the loan approval, it will be disbursed quickly in
just 7 minutes. - Credit score: The app allows users to check their credit score at any time.
Not only that, but users can also check which loan or loan payment affected
their credit score. This information is very beneficial for users in
understanding their credit standing and taking the necessary steps to
improve their scores. - Wellness Insurance Plan: Users can also avail an insurance plan to protect
their families. They can choose from a variety of insurance plans available
through the app. - The app will also send alerts for upcoming EMIs so that users don’t miss the
due date and avoid additional late fees.
Here’s how a two-wheeler loan journey looks like at PLANET APP
- The user can first select the vehicle they want to buy.
- The user can also avail the test drive facility, both at home and at the dealer
locations. - After the vehicle is finalized, the user can upload the documents through the
app. - The user then waits for loan approval. This usually takes a few hours, and
once the loan is approved, the user can:
○ E-sign the agreement to finalize the vehicle.
○ The vehicle will be delivered to their doorstep, or the user can drive it
from the showroom.
The steps are similar for a personal loan, such as a wedding loan, vacation loan,
home renovation loan, appliance loan, and more. The user can enter their personal
details, check the offer and loan details, do the digital KYC, and submit their bank
details and e-sign. Once the loan is approved, the amount will be credited to the
user’s chosen account.
Upcoming features of PLANET APP
L&T Finance has also showcased the upcoming features that will soon be available
in the app, such as:
EMI calculator | Foreclosure payment (CL&TW) | Insurance products | Income
expense tracker | Rewards Program | EV charging stations | Credit health report |
GST filing | Farm advisory
The PLANET APP by L&T Finance is available on both Android and iOS platforms.
The app is geo-agnostic, making the journey easier for customers regardless of their
location, and it has also received a 4.4-star rating on the Google Play Store and a 4.3-
star rating on the App Store.
Download the PLANET APP by L&T Finance
Scan the below QR Code to download
