Lakshmi Vilas Bank Car Loan Interest Rates, EMI, Eligibility

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Lakshmi Vilas Bank four-wheeler loan named ‘Lakshmi Personal Vehicle Loan’ is a very schematic and offers you attractive arrangements of criterion which consists of quick processing and hassle free disbursal of the loan amount.

Lakshmi Vilas Bank Car Loan Quick Apply

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Lakshmi Vilas Bank Car Loan Interest Rates

Interest Rates 10.95%(New car loan) & 13.70%(For used car loan)
Processing Fees 0.50% of the loan amount is charged as processing fees for up to Rs 2 lacs

· 1.10% of the loan amount is charged as processing fees for above Rs 2 lacs to Rs 1 crore.

· 1.20% of the loan amount is charged as processing fees above Rs 1 crore.

Eligibility · Salaried Permanent Employees from State/Central Govt., PSUs, Corporations, private sector companies, reputed organization etc.

· Self-employed Non-individuals

· Self-employed professionals like doctors, engoneers, architectures, C.A.s etc .

· The maximum age of the borrower must nor exceed 65 years of age.

Benefits · Hassle free disbursement of loan

· Quick Processing

· Low Interest rates

· Flexible Repayment Period

Income Criteria Salaried Individuals

· The minimum Net Annual Income must be Rs 1,20,000 and the Net Monthly Income must be 2 time more than the loan installment amount.

For others

· The annual income for other eligible individual other than salaried individual must be at least Rs 1,20,000

Maximum Loan Amount · New car : The maximum loan amount disbursed by the bank is 25 times of the Net Monthly Income or 85% of the car’s invoice. The maximum loan amount up to Rs 25 lacs.

· Used car : The maximum loan amount disbursed on used cars is 60% of the of the price of the pre-owned car. The maximum loan amount is Rs 10 lacs.

Repayment period You can repay your loan amount within a period of 72 months for new cars and 36 months for used cars.
Margin · 15% of the on-road price of the car is levied as margin.

· 40% of the cost of the car is levied as margin if the car is not more than 4 yaers old and is in good working condition form the date of first registration.

Security Claim for the vehicle purchased through the loan amount borrowed from the bank.
Documents Required · Identity Proof

· Address Proof

· Signature Proof

· Income Proof (Latest Salary Slip)

· Bank Statement

· Audited Balance sheet/ITR of 2 years for self-employed individuals like businessman/sole proprietary etc.

· Passport size photograph

· Application Form.