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Lakshmi Vilas Bank was set up in the year 1926 and is considered today to be one of the leading private sector banks of the country. The bank has a centralised customer care service available to answer all types of questions or concerns of the customers pertaining to the huge range of products and services offered by the bank. The customer care service of the bank is available 24x7 for any emergencies or any assistance that they may need.
About Lakshmi Vilas Bank Car Loan Customer Care
The toll free customer care number of the bank is 1800 425 2233.The customers can contact the bank through the above toll free number or at the following postal address of their Corporate Office,
The Lakshmi Vilas Bank Ltd.
LVB House, 4/1, Sardar Patel Road,
Guindy, Chennai - 600032
Tamil Nadu, INDIA
Customers can also contact the Regional Offices of the bank in the following manner
No. 93, 2nd Floor,
K.H Road (Double Road),
Opp. To KSRTC Head Office,
Plot No 136,
2nd Floor, P.M Towers,
CHENNAI - 600 006
(044) 40064159, 160, 161 to 40064180
LVB Platinum Jubilee Building,
(0422) 2301447, 2304997
The Ruby Towers
Senapati Bapat Marg,
Tulsi Pipe Road,
MUMBAI - 400 028
(022) 40925000, 40925057
Registered Office Building,
Salem Main Road,
Karur – 639 006.
West Punjabi Bagh
Park Metro Station, New Delhi -110026
No.2B & 2C,
Aditya Trade Centre,
Lane adjacent to Huda Mythrivanam,
Ameerpet , HYDERABAD
(040) 23734333, 23759210, 23759211, 23759221
The bank also has separate customer care service for the NRI customers to assist them in their specific queries and concerns. The contact details for the same is:
Postal address - NRI Cell
The Lakshmi Vilas Bank Ltd
LVB House, 4/1, Sardar Patel Road,
Chennai - 600032
Tamil Nadu, INDIA
Email Id – nricell[at]lvbank[dot]in
Lakshmi Vilas Bank offers Personal Vehicle Loans for the purchase of new vehicles/used vehicles that are not older than 4 years from the date of its registration as well is in good working condition/Two-wheelers. The bank offers loans in less processing time and has easy documentation and terms and conditions for approval. The details of the car loans offered by the bank are mentioned hereunder.
The eligible applicants are the salaried individuals of reputed organisations, self-employed persons, professionals/businessmen, agriculturists, etc., having minimum age of 21 years and a maximum age off 65 years.
The income criterion for such applicants is a minimum of Rs. 1,20,000 in case of four wheelers and Rs. 5,000 in case of two wheelers. The bank may also include the spouse income or that of any family member subject to certain conditions and verification and also stipulates that the minimum monthly income has to be at least twice of the proposed EMIs.
The bank has set a maximum limit of loan that can be disbursed in case of each category of vehicle under this scheme. The amount of loan that can be sanctioned is set as per the guidelines of the bank subject to a maximum of,
The rate of interest applicable on the car loans for the purchase of vehicles under the bank’s scheme are:
One year MCLR+0.35%
One year MCLR+3.10%
The bank offers varied repayment tenure depending on the type of vehicle purchased out of the loan sought. The tenure for repaying the loan in each case is mentioned below:
72 months (6 Years)
36 months (3 years)
60 months (5 years)
The bank considers the vehicle purchased out of the loan to be a primary security against the said loan and eligible for hypothecation in the event of non-repayment of the loan. Bank also requires a guarantee of the owners or of a third party of a suitable income or net worth (as per the guidelines of the bank in this regard) special in case of loan for four wheelers.
Customers can contact the customer care service of the bank to get the details of the documents required/the exact rate of interest applicable for the loan/any extra charges or fees required or any other details or information that they may need. The customers can also get in touch with the bank’s nearest branch to get the necessary information in this regard.
Customers can contact the bank’s branch or the customer care available 24x7 to register any grievance or to give their feedback to the bank. The bank has a detailed grievance redressal policy in place to address any concerns or complaints or grievances of the customers and resolve them in the most efficient and prompt manner. The details of the bank’s grievance redressal policy are given here.
The customers can first raise their grievance or issue with the customer care of the bank or with the Bank’s Manager of the Branch where the customer has his/her account. The customers can contact the Branch via telephone and register their complaint or visit the Branch and register the same in the Complaint Register available at each Branch with the Branch Manager. Customers can expect a resolution or response within 5 working days of raising the complaint.
The customers can raise their grievance to the Regional Nodal Officer of the bank to resolve the same in case they do not receive a satisfactory response from the customer care or the Branch. The Regional Nodal Officer has to get back to the customer with a response within 15 working days of such escalation. The contact information of the regional Nodal Officers and the areas of their operation are specified on the bank’s website. The customers can also contact the customer care for the same.
Customers can further take their grievance to the Grievance Redressal Officer at the Administration Office. The customers can expect a response within 15 days of the escalation. The contact information for approaching Grievance Redressal Officer is,
Senior Vice President ((Head – HR, Business & Operations) & Principal Nodal Officer
The Lakshmi Vilas Bank Ltd
LVB House, No 4 (Old No 33), Sardar Patel Road, Gundy
Chennai 600 032
Email Id - principalnodal[at]lvbank[dot]in
Telephone - (044) 2220 5201
If the customers do not receive any response from the bank within a month of raising the complaint or if the response received is not satisfactory, they can further take their grievance to the Banking Ombudsman appointed by the RBI. The details of contacting the Banking Ombudsman are available at the bank’s website.
Lakshmi Vilas Bank is a private sector bank having its headquarters in Tamil Nadu and a huge customer base across the country. The bank has a network of 569 branches, 1046 ATMs and 7 extension counters throughout the country.
1. What is the amount of loan that can be sanctioned / approved under the LVB Personal Vehicle Loan?
The amount of loan that can be sanctioned / approved under the said scheme is highlighted as under,
For New Cars – Lower Of,
For Used Cars – Lower of,
For Two-Wheelers – Lower of,
2. What is the processing fee charged by the bank for approval of the loan?
the bank charges a nominal processing fee in case of both the four wheelers as well as two wheeler loans. The amount of such fee is,
3. What is the average rate of interest applicable for the vehicle loans of the bank?
The average rate of interest for new cars is approximately 9.95% whereas for used cars and for two wheelers is 12 70%.
4. hat is the interest charged on overdue instalments?
The bank charges a penal interest of 1.5% per month on overdue instalments.
5. How can a customer apply for the bank’s vehicle loan?
The customers can
Get loans starting from 11.25% interest rate
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