• Lakshmi Vilas Bank Used Car Loan

    About Lakshmi Vilas Bank Used Car Loan

    Incorporated in 1926, this bank obtained a license from the RBI to become a scheduled commercial bank during August, 1958. Headquartered in Karur, Tamil Nadu, the bank provides a wide range of banking services and financial products which includes financing for used cars.

    Loans are extended for used cars with salient features and benefits. A wide range of pre owned four wheelers falling in the category of cars including cars,vans & jeeps qualify for car finance scheme. With simple documentation and hassle free processing, Lakshmi Vilas bank can be your ideal answer to finance the purchase.

    Features and Benefits of Lakshmi Vilas Bank Used Car Loan

    Pleasing Loan Amount

    A wide range of used cars qualify for financing of up to 60% of the sale value which includes various costs involved in its procurement subjected to a maximum of Rs.10 lacs. With such appealing funding, the financial burden on you remains balanced.

    Simplified Income Eligibility

    With an income cut off of just Rs.1,20,000 for both salaried and self employed, eligibility to obtain a used car loan from Lakshmi Vilas bank is easy. People from various professions and income groups will be find this scheme very appealing.

    Appealing Rate of Interest

    The bank follows a system of base rate linked system for used car loans. The present interest rate is Base rate + 3%. The current base(subject to change) stands at 11.60%. Plus, the interest rates are applied on the reducing balance principal.

    Conducive Repayment Tenure

    The customer gets to choose a tenure of their choice that can go up to 36 months. This kind of range helps in balancing monthly budget and ensures EMI’s don’t burn a hole in your wallet.

    Lakshmi Vilas Bank Used Car Loan Eligibility Criteria

    • Salaried applicants on permanent rolls of public sector companies, state and central governments, employees of corporate sector and other industries are welcome to apply for a used car loan.
    • Self employed persons with regular income, Businessmen, Agriculturalists & Professionals also qualify.
    • At the time of loan application, the used car unit should not be older than 4 years from the date of registration and should be in good condition.
    • Minimum annual income should be at least Rs.1,20,000 and monthly net income should be at least twice the EMI amount. This criteria is applicable for both salaried and self employed income groups.

    Lakshmi Vilas Bank Used Car Loan Interest Rates

    Individuals looking to purchase a used car can finance their wheels using Lakshmi Personal Vehicle Loan. Available at competitive interest rates, this loan enables borrowers to repay the loan keeping current fiscal trends in mind. Final interest is computed by considering either the MCLR or base rate.

    Lakshmi Vilas Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    MCLR based rates are applicable in the case of new borrowers (individuals who avail a loan after April 1, 2016). These rates take factors like CRR, repo rate, operating costs, etc. into consideration, aiming to reflect current financial conditions.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 10.15%
    1 month 10.20%
    3 months 10.20%
    6 months 10.20%
    1 year 10.30%

    Used car loan interest rates

    The effective interest applicable on a used car loan from Lakshmi Vilas Bank depends on the current MCLR. Individuals who have availed a loan will have to pay an interest equivalent to:

    (MCLR for 1 year + 3.10%)

    This essentially means a used car loan can be availed at an interest of 13.40% per annum.

    Lakshmi Vilas Bank Base Rate (For existing borrowers)

    Base Rate 10.55% per annum

    Lakshmi Vilas Bank interest rate for used cars (Based on Base Rate)

    Customers who availed a used car loan before MCLR came into existence can choose to either continue with their existing platform or migrate to one which is based on MCLR. In cases where borrowers do not wish to migrate, they will be charged an interest over and above the base rate, with a number of factors determining the final rate.

    Note: Interest rates mentioned above are subject to change without prior intimation. Rates mentioned here are valid as of June 8, 2016. Applicants should check rates with the bank while applying for a used car loan.

    EMI Calculation for Lakshmi Vilas Bank Used Car Loan

    Before considering a car loan from the bank to fund your dream own a car, it is important to prepare by being self educated about the various aspects involved in it. After all, it will be significant investment in the making. One of the most vital aspect would be get a break up of the costs involved such as EMI’s total interest charges etc.

    Lakshmi Vilas Bank Used Car Loan calculator helps you in getting a bigger picture and helps you to unravel the monetary breakups involved in loan repayment.

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