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To be eligible for a personal loan from Lakshmi Vilas Bank, you need to hold LIC policies, Kisan Vikas Patras (KVPs), and National Savings Certificates (NSCs) in your name. The loan, known as the ‘Lakshmi Easy Loan’ can be availed for as low as Rs.10,000, with no upper limit on the maximum loan amount. The repayment tenure for this loan is 60 months or 2 months before the maturity date of the NSCs, KVPs, and LIC policies, whichever comes earlier.
The individuals eligible to apply for the Lakshmi Vilas Loan need to hold the securities mentioned below 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:
Though your credit score does not have a direct impact on your Lakshmi Vilas Bank personal loan eligibility, a high credit score (750 and above) can up your loan eligibility and fetch you a lower rate of interest.
Lakshmi Vilas Bank does not have a minimum income criterion listed to be eligible for a personal loan. Anyone who has KVPs, NSCs, and LIC policies in their names are eligible to get a personal loan from Lakshmi Vilas Bank.
There is no cap on the maximum amount of loan that you can avail from Lakshmi Vilas Bank. It will entirely be dependent on the securities that you pledge, i.e., NSCs, KVPs, and LIC policies. Get in touch with the bank to find out how much you are eligible for.
Lakshmi Vilas Bank charges an interest rate of 11.50% p.a. which is linked to the Marginal Cost of Funds based Lending Rate (MCLR). So, if there is a change in the MCLR, the interest rate will also change.
Yes, to be eligible for a Lakshmi Vilas Bank personal loan you will need to pledge government securities such as NSCs, KVPs, LIC policies, etc. The loans will be given in the form of secured overdraft and demand loans.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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