Meeting the large and obligatory expenses that arise in our everyday lives need not be a cause for worry with a personal loan from Lakshmi Vilas Bank. This loan is also known as an “Easy Loan”. With low interest rates, flexible payment tenures and a variety of repayment options that include surrender of the NSCs, KVPs or LIC policies that are pledged, Lakshmi Vilas Bank personal loans are among the most sought after in the market today. You can have the entire loan amount credited to your account incredibly fast, and use it to pay for your child’s wedding or education, buy that asset for your business or even go on that long overdue international holiday.
The basic eligibility criteria for a personal loan from Lakshmi Vilas Bank is as follows:
Minimum Age: 21 years.
Maximum Age: 58 years.
Security: Lakshmi Vilas Bank grants loans against National Savings Certificates (NSCs), Kisan Vikas Patras (KVPs) and LIC policies that applicants have in their names.
Lakshmi Vilas Bank takes security in the form of NSCs, KVPs and LIC policies for their personal loans. In addition to these, the bank will also consider your:
While a CIBIL score of over 750 will make you eligible for a Lakshmi Vilas Bank personal loan, scores closer to 900 will help increase your eligibility, as this score is a direct representation of your creditworthiness.
Lakshmi Vilas Bank personal loan (also known as the “Easy Loan”) requires security in the form of NSCs, KVPs and LIC policies in addition to your CIBIL score.
In the past, if you’ve been unable to repay your loan and have arranged for a settlement with the bank, it will considerably reduce your eligibility.
Your previous loan and credit card repayment history will also play an important role in instilling confidence in Lakshmi Vilas Bank that you can and will repay your personal loan. A ratio that shows you’ve taken more secured loans than unsecured loans works in your favour.
Maintain a clean credit history. Ensure that you always clear your debt, on time and on the terms you’ve agreed on with the lender. This will reflect in your CIBIL report.
Maintain a good mix of secured and unsecured loans. Secured loans are looked at more favourably.
Don’t over leverage yourself.Over leveraging is when you take on more loans than you can repay. If you have 2 – 3 EMIs being deducted from your account, Lakshmi Vilas Bank will not help you to add one more, until you’ve finished honouring all your payments.
Lower EMIs on existing loans.Taking loans for longer tenures reduces the amount on EMIs being paid monthly, thus showing that you have more funds to pay back your Lakshmi Vilas Bank personal loan with.
Prepayment.Paying off your existing loans before taking a new one is highly advised. A lump sum prepayment will settle your existing loan, increasing your eligibility for your new Lakshmi Vilas Bank personal loan
A. Applicants must be between 21 and 58 years of age to apply for a Lakshmi Vilas Bank personal loan.
A. Yes, Lakshmi Vilas Bank accepts collateral security in the form of Kisan Vikas Patras (KVPs), National Savings Certificates (NSCs) and LIC policies.
A. Loans are sanctioned from Rs.10,000 up to a maximum that hasn’t been defined.
A. Loans can be repaid in up to 60 months, or up to 2 months before the maturity of the NSCs, KVPs or LIC policies that are pledged (whichever comes earlier).