Lakshmi Vilas Bank Car Loan

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 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:

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.

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.