Founded in 1926 by seven businessmen of Karur, Lakshmi Vilas Bank began with the objective of catering to the people in Karur who were involved in industry, agriculture and trading. The first steps of the establishment was taken under the leadership of Shri V.S.N. Ramalinga Chettiar. Between the years 1961 and 65, the bankâ€™s network grew considerably as it took over nine banks. In 1974, the bankâ€™s network grew beyond the borders of Tamil Nadu and there has been no looking back ever since. Today its network consists of 421 branches (plus 7 extension counters) all over the country. There are over 820 ATMs as well as deployed POS machines. The bank also offers a range of para-banking products in association with Life and General Insurance companies, mutual funds, stock broking houses, money transfer/ remittance companies, etc. All of the services that Lakshmi Vilas offers come with the best and latest in technology.
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 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.
Also Read: Two Wheeler Insurance.
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.1,50,000/-
- 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.
Lakshmi Vilas Bank Frequently asked Questions:
- 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.
- 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.
- How many months can I take to repay the full loan amount that I borrow?
You can take up to 60 months for repayment.