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

Professional Details
Loan Amount
Yearly Income
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All loans are on sole discretion on the respective banks

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.