Owning your favourite car becomes a reality with the Lakshmi Personal Vehicle Loan scheme, offered to customers by Lakshmi Vilas Bank. LVB provides affordable auto financing options for the purchase of new cars, vans, jeeps and two-wheelers, with customers putting in a margin amount of 15%. The Personal Vehicle Loan from Lakshmi Vilas Bank is a competitive loan scheme with simplified processes, quick sanctioning and hassle-free disbursements. A Lakshmi Vilas Bank car loan can be procured for a tenures of up to 72 months with flexibility in making repayments and also selecting the monthly installments.
Lakshmi Vilas Bank car loans can be obtained by salaried individuals who have been permanently employed with public sector undertakings, State and Central Government organisations, private sector companies, corporations, self-employed businessmen, professionals and agriculturists.
LVB sanctions four-wheeler loans to salaried employees with a minimum annual income of Rs 1, 20,000/-. The net monthly income of the applicant has to be twice the monthly EMI amount to be repaid for the car loan.
There are multiple factors that might affect the eligibility for a Lakshmi Vilas Bank car loan. Here are a few key pointers to help you understand.
CIBIL Score - It is always better to have a good credit score when you apply for a LVB car loan. Approval and sanctioning of car loans become quicker and easier when you have an impeccable credit history. Paying bills, loans and other pending dues on time not only helps you to be debt-free, but also improves your CIBIL score. This is one of the main factors that banks usually dig deep into, while analyzing an application made by an individual.
Age - Banks consider the age factor because borrowers need to have the financial strength to repay the car loan in a timely manner. Individuals with a steady income are always preferred. At the time of maturity of the loan, KVB mandates that borrowers do not cross a particular age limit so that they do not face any hassles repaying the car loan.
Income - It is mandatory for applicants to meet a certain income criteria when they apply for a Lakshmi Vilas Bank car loan. This is done to ensure that the borrowers can comfortably repay a debt without any difficulty. Customers falling below the requisite income criteria are generally not sanctioned car loans easily and might face rejections.
Every financial institution in India requires car loan borrowers to meet a certain eligibility criteria with regards to income and age. It is important to check your eligibility for a Lakshmi Vilas Bank car loan, before you apply for the loan. This can be easily done by using specially designed tools called car loan eligibility calculators available on the internet. Customers need to input certain details like income, age, profession, name, loan amount, car model and on-road price. A car loan eligibility calculator instantly calculates a prospective borrower’s eligibility for a Lakshmi Vilas Bank car loan in a matter of few seconds.