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Lakshmi Vilas Bank Two Wheeler Loan

Lakshmi Vilas Loan is reputed bank in India which caters to various needs of its customers by providing various financial products including loans. Among the many other loans that Lakshmi Vilas Bank offers, the two wheeler loan is one of the most popular among customers because of the competitive rates and flexible terms of the loan.

Lakshmi Vilas Bank two-wheeler loan interest rate

Interest Rate 12.85% p.a. onwards
Maximum Loan Amount Rs.1.5 lakh
Minimum Loan Amount Rs.10,000
Income Rs.5,000 p.m.
Repayment Period 60 months
Processing Fee 0.50% of the loan amount or minimum of Rs.750
Prepayment Charges NA

Lakshmi Vilas Bank Two Wheeler Loan Eligibility Criteria

  • To be eligible for the two wheeler loan you must either be a salaried person (who is a permanent employee of State / Central Government, Public Sector Undertakings / Corporations, Private Sector Companies of repute, Reputed Establishments) or a Professional/Self-employed person/Businessmen/Agriculturists.
  • You must be earning a minimum net monthly income of at least Rs.5,000/- (no matter which type of borrower you are). You are also required to provide the bank with all the necessary proof of income.
  • You must not be older than 65 years old as on the date of maturity of loan to be eligible for the two wheeler loan.

Documents Required

  • Form 16
  • Latest salary certificate, IT returns, bank statements of last six months.
  • A declaration by the borrower providing details of their land holding, crop cultivated and income if he/she is an agriculturist and supporting it by providing a certificate from VAO and confirmed by Branch Head/AFO (Agri Field Officer).
  • Documents to be provided for other income like rent, dividend, interest and commission received

Lakshmi Vilas Bank Two-Wheeler Loan EMI calculator

  • You can visit the BankBazaar official website to avail the EMI calculator.
  • Enter the loan amount, followed by repayment tenure, and processing fee.
  • Press ‘Enter’ and you will be able to view the EMI you will have to pay on a monthly basis.

How to apply for Lakshmi Vilas Bank Two-Wheeler Loan

Online

Offline

  • Click on Lakshmi Vilas Bank official website.
  • Scroll down and click on ‘Loan Application’.
  • An application form will be displayed on your screen. Take its printout.
  • Duly fill the form and visit the nearest Lakshmi Vilas Bank branch.
  • Submit the application form along with all the necessary documents.

Features & Benefits of Lakshmi Vilas Bank Bike Loan

  • Quick, simple, hassle-free processing.
  • Contact the bank for the interest rate that will be applicable to you.
  • The bank offers the opportunity to purchase a two-wheeler with the margin of 15% of the invoice value.
  • The minimum loan amount for the loan should be Rs.10,000 and the maximum should be Rs.1.5 lakh
  • The borrowed amount shall not exceed six times of the net monthly income or 75% of the cost of the two wheeler.
  • The period of repayment for a new two wheeler loan is 60 months.

FAQ's

  1. I am a student currently. Am I eligible to get a two wheeler loan from Lakshmi Vilas Bank?

    No. This bank does not offer loans for two wheelers unless you are salaried or self-employed.

  2. I am 66 years old. Am I eligible to get a two wheeler loan from Lakshmi Vilas Bank?

    No. The maximum age of the applicant at the time of loan maturity must be 65 years.

  3. How many months can I take to repay the full loan amount that I borrow?

    You can take up to 60 months for repayment.

  4. Am I required to provide security to avail this loan?

    Yes, hypothecation of vehicle will be required as security.

  5. Can I include a member of my family to apply for a two-wheeler loan?

    Yes, you can include a member of your family to meet the income requirements in order to apply for a two-wheeler loan.

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