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.
Lakshmi Vilas Bank Personal Loan Eligibility
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.
Factors affecting Eligibility of Lakshmi Vilas Bank Personal Loans
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:
- City of residence. From the point of view of the lender, personal loans are easier to approve in cities like Bangalore, Delhi, Chennai, Mumbai, Kolkata, etc.
- Income. Lenders don’t approve loans whose EMIs will be more than 50% of your take home salary, per month. The more you earn, the more you’ll be able to pay back in the form of EMIs.
- Age. If you’re too young, you’re a risky candidate as young salaried people shift jobs often to exploit opportunities. Older applicants between the ages of 26 – 40 who’ve been working steadily for a few years are more eligible, as they’re more stable.
- Duration of stay in current location. The longer you’ve been living in a certain place, the higher are the chances of getting a personal loan approved on your terms. Lakshmi Vilas Bank will give more preference to applicants who’ve lived in the city for over 1 year.
- Employment status. Just having a job doesn’t make one eligible for a loan from Lakshmi Vilas Bank. A few years of work experience from the same employer shows stability and reliability, increasing your eligibility for Personal loan. But this may not always be the case, depending on the value of your NSCs, KVPs or insurance policy.
- Residence type. It’s easier for a person living in a rented place to abscond in case they feel they cannot keep up with EMI payments. Hence, applicants who live in a residence that’s owned by them are more likely to get a loan approved, and on better terms. Also, there’s no part of their income being spent on rent. People living in rented houses must pay an amount of their salary as rent, lowering the disposable income left over to pay EMIs.
How does CIBIL score affect your Lakshmi Vilas Bank Personal Loan Eligibility?
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.
How to Increase Lakshmi Vilas Bank Personal Loan Eligibility?
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
FAQs on Lakshmi Vilas Bank Personal Loan Eligibility
Q. What are the age limits for individuals who wish to get a personal loan from Lakshmi Vilas Bank?
A. Applicants must be between 21 and 58 years of age to apply for a Lakshmi Vilas Bank personal loan.
Q. Is there any collateral or guarantor required for Lakshmi Vilas Bank personal loans?
A. Yes, Lakshmi Vilas Bank accepts collateral security in the form of Kisan Vikas Patras (KVPs), National Savings Certificates (NSCs) and LIC policies.
Q. What are the minimum and maximum loan amounts that can be sanctioned through Lakshmi Vilas Bank personal loans?
A. Loans are sanctioned from Rs.10,000 up to a maximum that hasn’t been defined.
Q. What are the tenure and repayment options available for a personal loan from Lakshmi Vilas Bank?
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).