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Lakshmi Vilas Bank provides secured loans that are ideally aimed to provide financial aid towards meeting expenses related to business needs of the applicant.
This loan is provided to individuals and non-individuals alike, for meeting business related expenses of working capital nature.
A secured loan as this has a few eligibility criteria to be met in order for the financial institution to be able to sanction the loan. The eligibility requirements can be mentioned as follows –
Business Credit from Lakshmi Vilas Bank can be a demand loan and/or secured overdraft with repayment period ranging from 24 months to 26 months.
Based on the credit-worthiness of the applicant, placement of the enterprise and validity of documents, Lakshmi Vilas Bank can provide loans of varying amounts.
Interest rates for a Lakshmi Vilas Bank Business Credit could depend on the base lending rate and is based on the discretion of Lakshmi Vilas Bank. Further changes to the rates could be done by Lakshmi Vilas Bank as and when required. As of November 2015, the applicable rate of interest is Base Rate + 2.25% per annum or 12.95% per annum.
The base rate of Lakshmi Vilas Bank as of November 2015 is 10.7%.
The standard list of required documents for applying for this loan are mentioned as follows –
The above set of documents comprise the minimum required list. To aid in credit approval, Lakshmi Vilas Bank might ask for extra documents if necessary.
Securities and guarantors might be asked for as required.
The Business Credit from Lakshmi Vilas Bank is a good financing option for urgent financial needs in cases of business requirements.
Some key features of this specialised loan are as follows –
The loan can be applied for through Lakshmi Vilas Bank’s branches, wherein relevant forms can be filled out and requisite documentation provided to initiate the process of availing the loan. Additionally, one could call or mail Lakshmi Vilas Bank requesting an executive assistance for application process.
One can also apply for Lakshmi Vilas Bank Business Credit through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.