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 bank assurance, is rendering high-tech services coupled with all our 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. LVB provide Personal loan meet personal and domestic expenses, make fresh investments including tax- planning investments, pay income tax, invest in business, etc. Read on to learn about the eligibility and documentation requirements for the loan you avail.
|Processing Fees||0.25% of loan amount|
|Loan Tenure||5 Years|
A trusted name in retail and corporate finance, Lakshmi Vilas Bank has designed a new personal loan. The purpose of this loan is to meet personal and domestic financial expenses, make fresh investments including tax-planning investments, to pay income tax, invest in business and to meet the large, unavoidable obligatory expenses that may arise in the life of an average Indian.
It differs from other personal loans in a few ways:
Thorough preparation and reserves aren’t enough to pay for things like large business assets, an international family vacation or even remodelling your home. As Indians, we have certain obligatory expenses that may cost more than prearranged savings can pay for – like giving your daughters their dream weddings, or funding your child’s higher education abroad.
There are certain large, unavoidable and obligatory expenses that arise in our everyday lives.
Lakshmi Vilas Bank’s personal loan is designed to make large amounts of funds available, and fast.
The Lakshmi Easy Loan, its personal loan product, has the following features that make it unique:
There may be instances in life when you are not prepared for an expense that must be met urgently, such as if a family member requires money for hospitalization. Lakshmi Vilas Bank offers personal loans so customers can take care of financial emergencies of various types.
The government recently introduced the Marginal Cost of funds based Lending Rate (MCLR) system which came into effect on June 1st, 2017. All new personal loans make use of this system to calculate interest rate on loans. More factors like premium, operating costs, marginal cost of funds, Cash Reserve Ratio (CRR), etc. are considered while calculating interest using MCLR and is thus provide a fair rate of interest when compared to the traditional method of using only the base rate to calculate interest rate.
Lakshmi Vilas Bank Marginal Cost of funds based Lending Rate (MCLR).
The following rates apply for new borrowers. Old borrowers may migrate to the MCLR system if they wish to do so. Otherwise, old borrowers will be charged interest as per the old system.
|Tenure||Marginal Cost of funds based Lending Rate (MCLR) %.|
*The rates mentioned above are as of 1st June, 2017. The bank reserves all rights to modify the above information at any time without prior notice. Contact your nearest bank branch to find the prevailing interest rate before taking a loan.
You must meet the following eligibility criteria for a personal loan from Lakshmi Vilas Bank:
You must be an individual of legal age who holds National Savings Certificates (NSCs), Kisan Vikas Patras (KVPs) or Life Insurance Policies for LIC in your name. This also applies to groups of people applying for the loan in a joint name.
You will also require the following set of documents:
Photo ID proof: Like a valid Passport, PAN Card, Driver’s License, Voter’s ID, etc.
Proof of Address: Like a valid Passport, Driver’s License, Voter’s ID, etc.
Proof of Signature: Like a valid Passport, Banker’s Certificate, Driver’s License, PAN Card, etc.
Proof of Age: Like a valid Passport, Banker’s Certificate, Driver’s License, Birth Certificate, etc.
Knowing how much you’ll be paying as EMI each month is important. It is for this reason that BankBazaar.com has integrated a fully functional and easy-to-use Personal Loan EMI Calculator tool on its website.
The BankBazaar Personal Loan EMI Calculator requires you to simply fill in your loan amount, tenure and interest rate in the pre-allotted slots. Simply enter the information, click on “Calculate” and the EMI calculator will take you to a page which has graphical representations of your loan breakup, amortization, repayment details, interest and principal components, etc. in an easy to understand format.
To take a personal loan from LVB, applicants must be at least 21 years old. The maximum age after which applicants will no longer be eligible is 58 years.
Under personal loans, there is no maximum amount that can be sanctioned, depending on the borrower’s eligibility and repayment capacity. The minimum loan amount that can be disbursed is Rs.10,000.
Before applying for a personal loan from LVB, applicants must have a copy of the following documents ready to be submitted:
Duly filled out and signed application form with a photograph.
Identity proof in the form of a legally recognised and official document that verifies the identity and photograph of the applicant – could be driving license, passport, voter ID, etc.
For self-employed applicants:
Bank statements for the last 3 months.
Passbook for the last 6 months.
For salaried applicants:
Latest salary slip.
Current dated salary certificate with duly filled out Form 16.
A cheque for the processing fee.
Personal loans are charged a processing fee of 0.25% of the loan amount.
The interest rate for personal loans from LVB is charged as Base Rate + 3.75%. The current base rate is 10.70%.
Loans are given for different tenures depending on the repayment capacity and requirement of the applicant, for up to 60 months.
Applications for Personal Loans are usually rejected because:
The applicant does not have a high enough credit rating / CIBIL score, etc.
The requested loan amount is too high for the chosen tenure.
The value of the collateral isn’t high enough to cover the loan requested.
The applicant does not have sufficient minimum income.
Applicants can submit their Kisan Vikas Patras (KVPs), National Savings Certificates (NSCs), or LIC Policies as collateral to pledge against a personal loan.
Yes, the Electronic Clearing Facility can be activated to ease and optimize the efficiency of making EMI repayments.
Yes, the value of most people’s largest asset – property – can be used as security to secure a personal loan from Lakshmi Vilas Bank.