• Lakshmi Vilas Bank Car Loan

    Lakshmi Vilas Bank Limited is an Indian bank which is founded in 1926. It got the licence from Reserve Bank of India in 1958 and started its operation as a commercial bank under RBI licence. The Bank's focus is on customer delight, by maintaining high standards of customer service and amidst all these new challenges, the bank is progressing admirably. The bank has a suite of products that are constantly innovated to suit the changing needs of the customers. LVB has been focusing on retail banking, corporate banking and bancassurance, is rendering high-tech services coupled with all their existing recently launched innovative & attractive deposit schemes, and other loan schemes which suits large number of employees, comparable only with Best in the industry to-day. Read on to learn about the eligibility and documentation requirements for the Lakshmi Vilas Bank car loan.

    Documentation needed to apply for an Lakshmi Vilas Bank Car Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Lakshmi Vilas Bank Car Loan Interest RatesUpdated on 21 Sep 2021

    Lakshmi Vilas Bank Car Loan Details
    Interest Rate 9.80%
    Loan Tenure 1 year to 6 years

    Overview About Lakshmi Vilas Bank Personal Vehicle Loan

    Lakshmi Vilas Bank was founded in 1926 to cater to trading businesses, industry and agriculture in Karur. It was incorporated under the Indian Companies Act. Eventually, it obtained its banking license from RBI in 1958. It turned into a scheduled commercial bank with permission to operate as a fully functional commercial bank. The bank operates through a network across India with 401 branches (plus 7 extension counters) supervised by 11 Regional Offices.

    Lakshmi Vilas aims to develop financial services and products that are based on quality and value for their customers and society. The bank is driven to bring sound and dynamic banking services while striving for excellence as an organisation.

    Why choose Lakshmi Vilas Bank Personal Vehicle Loans?

    Lakshmi Vilas provides loan for the purchase of new cars, vans, jeeps and two-wheelers. They also give loans for used cars, vans and jeeps which are not over 4 years old from the date of the first registration. The loans are simplified to provide utmost convenience to their customers. They offer quick processing and hassle-free service along with attractive benefits on their vehicle loan.

    Features of Car Loans from Lakshmi Vilas Bank

    • Speedy processing and hassle-free service
    • Simplified scheme norms
    • Easy repayment tenures
    • Get a loan for new vehicles with a margin of 15% of the invoice value.
    • Get a loan for used cars in good working condition with a margin of 40% of the cost of the vehicle.

    Lakshmi Vilas Bank Car Loan Interest Rates

    Initially the interest rate was based on the Base Rate system introduced by the RBI in 2010. However, in order to make this lending rate system more effective, the Marginal Cost Based Lending Rate or MCLR has been introduced. This helps to standardize the interest rate on all loan products, including car loans. Existing Lakshmi Vilas Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system.

    Lakshmi Vilas Bank Marginal Cost Based Lending Rate (MCLR) for New Borrowers:

    MCLR Benchmark Tenure 1 year
    Benchmark MCLR rate 9.5% (in effect from June 2017)
    Rate of interest 9.85 % (MCLR + 0.35%)

    MCLR rates are subject to change from the next reset date, as per RBI regulations. Currently, Lakshmi Vilas Bank follows the following MCLR rates as per tenure of the loan:

    Tenure MCLR Percentage (in effect from June 2017)
    Overnight 9.5%
    1 month 9.5%
    3 months 9.10%
    6 months 9.10%
    1 year 9.15%

    Lakshmi Vilas Vehicle Loan Amount

    • New four wheelers - You can avail a loan of up to 25 times your net monthly income or 85% of the cost of the four wheeler according to the invoice. The invoice will include road tax and insurance and accessories up to Rs. 25,000. The maximum loan amount is capped at Rs. 25 lakhs.
    • Used four wheelers - You can get a loan of up to 60% of the cost of a used vehicle. The maximum loan amount you can avail of is Rs. 10 lakhs.
    • Two wheelers - You can take a loan that covers 75% of the cost of the vehicle but not exceeding 6 times your net monthly income. The minimum amount is set at Rs. 10,000 and capped off at Rs. 1,50,000.

    Lakshmi Vilas Bank Repayment tenure

    The tenures available for loan repayment are set according to the type of vehicle you purchase.

    Vehicle

    Tenure

    New four wheeler

    72 months

    New two wheeler

    60 months

    Used four wheeler

    36 months

    Eligibility criteria for a Car Loan from Lakshmi Vilas Bank

    If you fulfill the following criteria, you will be eligible to avail of a car loan from Lakshmi Vilas Bank.

    • The maximum age on the date of maturity of the loan cannot exceed 65 years.
    • Salaried people earning at least Rs. 1,20,000 per annum, who are either of the following:
      • Permanently employed in Central/State Government service
      • Public Sector Undertakings/Corporations
      • Private Sector companies or establishments that are reputed.
    • Others earning at least Rs. 1,20,000 per annum, who are either of the following:
      • Professionals
      • Self-employed and businessmen
      • Agriculturists
    • For four wheelers - salaried individuals net monthly income should be at least twice the EMI of the loan.
    • For two wheelers - for all borrowers, the net monthly income should be Rs.5,000/- with necessary proof

    How to calculate EMI on Lakshmi Vilas Bank Car Loans

    Use the calculator available on BankBazaar.com to estimate your EMI amount so you can better plan to take a loan. You will also be presented with an amortization schedule which will give you a picture of your loan repayment schedule. You will be able to see a clear overall picture of your loan over the course of the tenure so that you can make a wise and affordable choice. At BankBazaar.com, we strive to make sure you don’t experience excessive financial strains unknowingly. To use the calculator is simple and self-explanatory.

    • Access BankBazaar.com
    • Select the tab “Finance Tools”
    • Select the option of “Car Loan EMI Calculator” under that.
    • Input your details
      • Loan amount you are seeking
      • Tenure
      • Interest rates offered by the bank you’ve chosen
      • Any processing fee amount
      • You also have the option of stating if you would like to make prepayments on your loan
    • Hit calculate to see the details of your loan that include your EMI and amortization schedule.

    Lakshmi Vilas Bank Car Loan FAQs

    1. What type of vehicles does Lakshmi Vilas Bank finance?

      You can get a car loan from LVB to purchase a car, van or jeep.

    2. Can I avail of a loan to finance a used vehicle?

      Yes, you can also buy used cars, vans and jeeps. The car should not be more than 4 years old from the first registration date. It should also be in good working condition.

    3. Where can I get a Car Loan Application form?

      You can find the application form online when you opt to apply for the car loan on the Lakshmi Vilas Bank website. The forms are also available at any Lakshmi Vilas Bank branch.

    4. How do I apply for an Lakshmi Vilas Bank Car Loan?

      To apply for a car loan from Lakshmi Vilas Bank, you can choose either of the two methods listed below.

      • Visit the nearest Lakshmi Vilas Bank branch.
      • Apply on the Lakshmi Vilas Bank Website.
    5. How do I apply online for a LVB car loan?

      To apply for a car loan on the Lakshmi Vilas Bank website, locate Support Services on the right hand side menu. You can see an option to “Apply online”. You will be directed to a page that gives you information about applying online. You can click on “Apply online” to be directed to the application form. Fill out the form. You will have an option to choose your product type. Choose “advances” and then “personal vehicle loan”. Enter all your details and click on submit.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Lakshmi Vilas Bank Car Loan Reviews

    • Lakshmi Vilas Bank
      "Need to decrease charges"
      0.5 4.0/5 "Great!"
      I have taken a car loan in LAKSHMI VILAS BANK on before 3 years back which was applied directly to bank. The process was good and they have sanctioned the loan amount within 2 days. The amount which was given sufficient for the tenure period of 6 years. The rate of interest is high but the processing fee is nominal. I have bought Ford car.
      Was this review helpful? 7
      , chennai
      Reviewed on Jul 29, 2019
    • Lakshmi Vilas Bank
      Lakshmi Vilas Bank
      "Car loan with LAKSHMI VILAS BANK"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from LAKSHMI VILAS BANK and the approved loan amount was 5.20 lakhs. The rate of interest was 9.5% with a tenure of 5 years with an EMI of 9800. The processing fee and charges was 1000 rupees. The documentation process was good.
      Was this review helpful? 9
      , bangalore
      Reviewed on Feb 07, 2018
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