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  • Lakshmi Vilas Bank Personal Loan

    Lakshmi Vilas Bank Personal Loan

    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.

    Perfect Personal Loan Deals for you

    Documentation needed to apply for an Lakshmi Vilas Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Lakshmi Vilas Bank Personal Loan Interest RatesUpdated on 25 Mar 2019

    Lakshmi Vilas Bank Personal Loan Details
    Interest Rate 10.95%
    Processing Fees 0.25% of loan amount
    Loan Tenure 5 Years

    Overview about Lakshmi Vilas Bank (LVB) Personal Loan

    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:

    • It’s called an “Easy Loan”.
    • It requires the pledge of either National Savings Certificates (NSCs), Kisan Vikas Patras (KVPs) or Life Insurance Corporation (LIC) policies that the applicant holds under his/her name.

    Why choose Lakshmi Vilas Bank Personal Loans?

    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:

    • Purpose: The purpose of the loan is the same as any other personal loan – to meet large expenses that may arise, to make new investments, to make tax-saving investments, etc.
    • Loan amount: The minimum amount of a personal loan that can be sanctioned through Lakshmi Vilas Bank is Rs.10,000 and there is no upper limit – meaning that you will be given a loan amount based on your eligibility – with no maximum cap.
    • Base rate of interest: This bank functions with a base rate of interest that is currently at 10.95% per annum, with effect from 1-07-2015.
    • Margin: The margin for Demanded Loans is 10% of the accrued values of the National Stock Certificates or Kisan Vikas Patras pledged, or the surrender values of the LIC policy.
    • Easier to obtain: Since this loan is not unsecured, you stand a higher chance of being eligible for it even if you have a slightly lower CIBIL score.
    • Tenure: The loan can be paid back with tenures extending up to 60 months, or 2 months before the date that the pledged NSCs / KVPs / LIC policies will mature.

    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) %.
    Overnight 9.35%
    1 month 9.35%
    3 months 9.40%
    6 months 9.45%
    1 year 9.50%

    *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 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.

    • What are the age limits for taking a personal loan from Lakshmi Vilas Bank?

      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.

    • What is the maximum loan amount that can be disbursed under the personal loans category for loans from LVB?

      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.

    • What are the documents required for a Lakshmi Vilas Bank personal loan?

      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.

      Latest ITR.

      For salaried applicants:

      Latest salary slip.

      Current dated salary certificate with duly filled out Form 16.

      A cheque for the processing fee.

    • What are the applicable processing fees for Lakshmi Vilas Bank personal loans?

      Personal loans are charged a processing fee of 0.25% of the loan amount.

    • What are the interest rates for personal loans from Lakshmi Vilas Bank?

      The interest rate for personal loans from LVB is charged as Base Rate + 3.75%. The current base rate is 10.70%.

    • What is the maximum tenure for which a personal loan can be taken?

      Loans are given for different tenures depending on the repayment capacity and requirement of the applicant, for up to 60 months.

    • What are the usual reasons that Lakshmi Vilas Bank rejects applications for personal loans?

      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.

    • Is there any requirement for collateral, security or guarantors in order to secure personal loans from Lakshmi Vilas Bank?

      Applicants can submit their Kisan Vikas Patras (KVPs), National Savings Certificates (NSCs), or LIC Policies as collateral to pledge against a personal loan.

    • Can the ECS facility be activated on LVB personal loans?

      Yes, the Electronic Clearing Facility can be activated to ease and optimize the efficiency of making EMI repayments.

    • Does Lakshmi Vilas Bank offer loans against property?

      Yes, the value of most people’s largest asset – property – can be used as security to secure a personal loan from Lakshmi Vilas Bank.

    Lakshmi Vilas Bank Personal Loan Reviews

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