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.
|Loan Tenure||1 year to 6 years|
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.
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.
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)|
The tenures available for loan repayment are set according to the type of vehicle you purchase.
New four wheeler
New two wheeler
Used four wheeler
If you fulfill the following criteria, you will be eligible to avail of a car loan from Lakshmi Vilas Bank.
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.
You can get a car loan from LVB to purchase a car, van or jeep.
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.
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.
To apply for a car loan from Lakshmi Vilas Bank, you can choose either of the two methods listed below.
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.
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