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In today’s modern lifestyle, owning a car is no longer an option. It’s mandatory. Don’t put your vehicle dreams on hold, until you save enough money in your personal savings account. Avail easy and quick car loans from Lakshmi Vilas Bank and get behind the wheels of your dream vehicle.
Lakshmi Vilas Bank offers several retail loans for its customers, including car loans. Applying for and availing a car loan with at Lakshmi Vilas Bank is hassle-free provided an applicant meets the eligibility requirements.
Lakshmi Vilas Bank offers four-wheeler loans under the personal vehicle loan scheme. Online loan application, quick loan processing, minimal documentation, attractive interest rates make car loans from Lakshmi Vilas Bank a preferred choice for consumers looking to purchase a new vehicle.
Here, in this guide, you can find all that you need to know about car loan eligibility, documentation, and features from Lakshmi Vilas Bank.
About Lakshmi Vilas Bank Car Loan Eligibility
Lakshmi Vilas Bank offers car loans to individuals to purchase new or old four-wheelers like cars, jeeps, and vans. When it comes to used four-wheelers, the vehicle the applicant is purchasing must not be more than four years old from the date of registration. Additionally, the bank is also likely to check the working condition of the used car before sanctioning the loan.
Age Limits for Availing Car Loans from LVB
The minimum age of an individual for availing a car loan from Lakshmi Vilas Bank is 21 years, whereas the maximum age is 65 years.
Who can apply for a car loan from LVB?
Lakshmi Vilas Bank offers car loans to the following individuals:
Salaried employees – This includes permanent employees of trusted and popular organisations.
Self-employed – This includes professionals like doctors, lawyers, chartered accounts, self-employed entrepreneurs, proprietors, partners in businesses, and agriculturists.
Lakshmi Vilas Bank offers car loans to individuals who meet the following criteria:
Applicants must submit all the required documentation during the loan application. If the documentation is incomplete, there are chances of your loan application getting rejected.
*Note that the applicant may be required to submit additional documentation as required by the bank. Additional documentation could include proof of other income like interest and commission received from dividends, rental income, etc.
Here’s the maximum loan amount that an applicant can avail while applying for car loans at Lakshmi Vilas Bank:
The applicable interest rate for car loans from Lakshmi Vilas Bank is:
Borrowers can choose their preferred repayment tenures based on the EMIs that they can afford. The maximum tenure is:
1. What are the documents agriculturists and farmers have to provide to be eligible for a car loan from Lakshmi Vilas Bank?
Agriculturists and farmers have to provide the following documents in addition to regular documentation:
2. What’s the maximum loan limit for car loans from LVB?
For new cars, the maximum loan amount available is Rs. 25 lakhs, and for used cars the maximum loan amount is Rs. 10 lakhs.
3. Do applicants have to provide security to be eligible for car loans from LVB?
No, the hypothecation of the purchased vehicle acts as security, so there is no need to provide any other security.
4. What is the guarantee required to be eligible for car loans from LVB?
Applicants must provide a personal guarantee from a third-party who has suitable income or net-worth.
5. Can borrowers take a break from the repayment EMIs?
No. The EMIs must be paid regularly throughout the policy tenure, without any breaks in between.
6. How to apply for a car loan from LVB?
Borrowers can start the loan application process online by visiting the website of Lakshmi Vilas Bank and clicking, “Apply online.” Alternatively, applicants can also visit the nearest branch of LVB to submit their application in person.
7. What is the processing fee for car loans from LVB?
LVB charges a one-time processing fee of 0.50% of the loan amount. The minimum processing fee is Rs. 1000 and the maximum processing fee is Rs. 10,000 for car loans.
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