Lakshmi Vilas Bank (LVB) offers its customers car loans at affordable rates of interest at 10.3% p.a. for new car loans and 13.05% p.a. for used car loans. The repayment tenures are 6 years for new car loans and 3 years for used car loans. The rate of interest levied on your loan will depend on factors such as the loan amount, credit score, repayment tenure, etc.
|Features||New Car Loan||Used Car Loan|
|Interest rates||10.3% p.a.||13.05% p.a.|
|Loan tenure||Up to 6 years||Up to 3 years|
|Loan amount||Up to Rs.25 lakh||Up to Rs.10 lakh|
|Processing fess||0.5% of the loan amount, minimum Rs.1,000 and maximum Rs.10,000|
|EMI per lakh||Rs.935 per lakh||Rs.1,687 per lakh|
Salaried individuals working for a state or central government body, public sector, private companies, self-employed individuals, businessmen, farmers and agriculturists can apply for an LVB car loan.
The eligibility criteria you will have to fulfil while applying for an LVB car loan:
You can purchase not only a new car, but also pre-owned vehicles, jeep, and van for yourself by applying for a car loan from LVB. However, it is important to understand that you can avail a car loan from LVB if you wish to use the vehicle for private use only.
You will have to visit the official website of LVB to apply for a car loan.
Yes, you can visit the nearest branch of LVB along with the relevant documents and approach a bank official to assist you with the process of applying for a car loan. Provide relevant details and submit your documents. The bank will verify the documents provided by you and if they are valid, the loan amount will be disbursed to your bank account within few days.
Yes, you can contact the customer care on the toll-free number 1800 - 425 – 2233 provided by the bank in case of any query. You can contact this number which is available 24x7 in case of any car loan query. A customer care executive will get in touch with you and ensure your query is resolved at the earliest.
The pre-owned car, jeep, or van should not be more than 4 years old from the date of registration and should be in a perfect working condition. You can avail up to 40% of the cost of the vehicle as loan amount under the car loan provided by LVB.
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