Lakshmi Vilas Bank provides secured loans that are ideally aimed to provide financial aid towards meeting expenses related to business needs of the applicant.

Usage of Lakshmi Vilas Bank Business Credit

This loan is provided to individuals and non-individuals alike, for meeting business related expenses of working capital nature.

Eligibility Criteria for Lakshmi Vilas Bank Business Credit

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 –

1. Business enterprise in trading and manufacturing or service sector
2. Enterprises with preferably 2 years of existence or at least 1 year with profit margins
3. Age limits are applicable under the similar conditions, minimum being 18 years
4. The income capacity of any individual will be the key factor in deciding the amount of loan that can be availed

Types of Financing under Lakshmi Vilas Bank Business Credit

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.

Loan limits under Lakshmi Vilas Bank Business Credit

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 Lakshmi Vilas Bank Business Credit

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%.

Documentation required during applying for Lakshmi Business Credit

The standard list of required documents for applying for this loan are mentioned as follows –

1. Photograph of individual applicants
2. IT Returns, six months bank statement of the primary bank account, business proof, latest year provisional, sundry creditors list
3. Know Your Customer (KYC) documents
4. Proof of age and identity as approved by the government of India
5. Other connected documents applicable for Demand/Term Loans as per extant guidelines

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.

Features of Lakshmi Vilas Bank Business Credit

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 –

1. Loan tenure or repayment period can be as high as 36 months
2. Minimal documentation and faster approval
3. Variable loan amounts, dependent on the income

Applying for Lakshmi Vilas Bank Business Credit

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.