Car Loan 

Lakshmi Vilas Bank Car Loan | Interest Rates | Eligibility | Information

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Lakshmi Vilas Bank Car loans: Get Information on Interest Rates, EMI, Processing Fees, documents, Eligibility and Repayment options Online.

About Laxmi Vilas Bank:

Lakshmi Vilas bank was founded in 1926.  Bank obtained its banking license from RBI on 19,June 1958, and on 11, August 1958 it became a ‘scheduled commercial bank’ signifying capability to operate as a full-fledged commercial bank. Currently operations are spread over a network of 362 branches and 635+ ATMs.  The bank’s asset size as on March 31, 2014 was to the tune of Rs.20,000 crores, with gross income of Rs.2,202 crores for the year ended March 31, 2014.

Lakshmi Vilas Bank offer Car loan for the purchase of new/used car/van/jeep and new two-wheelers.

Interest Rate on Car loans / Used Vehicles offered by Lakshmi Vilas Bank:

  • New vehicles: Base Rate + 2.00% (PER: 10.95% p.a.)
  • Used 4-wheelers: Base Rate + 4.50% (PER: 13.70% p.a.)

Eligibility –

  1. Salaried persons who are permanent employees of:
    • State/Central Government
    • Public Sector Undertakings/Corporations
    • Private Sector Companies of Repute
    • Reputed Establishments
  2. Professionals and Self Employed persons.
  3. Businessmen
  4. Agriculturists (with minimum land holding of 8 acres of irrigated land)

Income Criteria Required for Car loan:

  • An annual income of Rs. 1.20 Lacs for purchase of car/van/jeep
  • A minimum net monthly income should be thrice the monthly installments.
  • Note: Income from other sources like rent from properties, commission, interest, dividend, etc., including the income of the spouse/other family members, may be included provided these are from verifiable sources.

Age Eligibility:

  • Minimum: 21 years as on the date of application
  • Maximum: 60 years for all types of borrowers as on the date of maturity of the loan.

Quantum of Loan

For purchase of Car/Van/Jeep: 25 times Net Monthly Income or 80% of the cost of the vehicle subject to a maximum of Rs.25.00 Lacs for a New Vehicle or Rs.10.00 lacs in the case of used vehicle whichever is lower.

For purchase of new two wheelers: 6 times the net monthly income (or) 75% of the cost of vehicle.

Margin

  1. 20% of invoice value for a new car/van/jeep
  2. 40% of the value assessed by an approved automobile engineer for a used car/van/jeep
  3. 25% of the cost of the vehicle for two-wheelers

Security – Hypothecation of the vehicle purchased.

Repayment period (Maximun)

  • New car/van/jeep : 60 months
  • Used car/van/jeep : 36 months
  • New Two-wheelers : 60 months

Loan processing fee – 1% of the loan amount, subject to: Minimum: Rs.500/- for four wheelers & Rs.250/- for two wheelers.

Source: Lakshmi Vilas Bank Official Website

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