CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Lakshmi Vilas Bank is a leading private sector bank of the country. It was established way back in 1926 and over the years has grown to build a large customer base. It has a huge range of products and services offered to Retail, Corporate, NRI and MSME customers. The loan products of the Bank include the car loans which can be availed to purchase a car for personal use as well as commercial vehicles. Given below are the details of the car loans available at the bank for personal use.
About Lakshmi Vilas Bank Car Loan Interest Rates
The car loans of the bank for personal use are known as Lakshmi Personal Vehicle Loans. These loans can be availed for purchase of new cars as well as used cars and two wheelers. The underlying condition in case of loans for used cars is that such car cannot be older than 4 years from the date of its first registration. The key points of such vehicle loans are tabled below.
Maximum Amount of Loan
For New Cars
For Used Cars
Rate of Interest
Hypothecation of the vehicle to be purchased out of loan
Suitable guarantor that has a sufficient net worth as acceptable by the bank (mandatory in case of four wheeler loans)
0.5% of the loan amount.
The details of the key points mentioned above are detailed hereunder.
Quantum of Loan
Lakshmi Vilas Bank provides up to 85% of the value of the on road price of the vehicle. The quantum of loan disbursed is different in case of new cars and used cars. The loan amount to be sanctioned in each case is calculated as per the guidelines of the bank as tabled below.
The rates of interest levied on the Car Loans of the bank are based on the Repo rate. These rates differ in case of loans for purchase of new cars or used or second hand cars. The current applicable rates levied by Lakshmi Vilas Bank for Vehicle Loans are tabled below.
Applicable Interest Rate
Repo rate + operating expenses 2.10%
Repo rate + operating expenses 4.85%
The tenure of the car loan offered by the bank is different in case of new cars and used cars. The tenure for new cars is longer as compared to that of the used cars. The details of the same are tabled below.
Type of Vehicles
6 years (72 months)
Old/ Used Vehicle
3 years (36 months)
Borrowers can repay the loan through post dated cheques or ECS or auto debits.
Like any other car loan, the primary security against the loan provided by the Bank is the vehicle purchased out of the loan. Lakshmi Vilas Bank has a hypothecation charge on such vehicles which has to be registered as well. Additional security if required on case to case basis can be demanded by the bank based on its discretion.
Apart from the above, the bank also requires the borrower to provide guarantee of the owners of the collateral security or a third party guarantee of a person having suitable net worth that can be acceptable to the Bank. Such guarantee is mandatory in case of four wheelers.
The bank also charges nominal processing fees in case of loans sanctioned. These charges are a percentage of the loan amount (0.5% of the loan amount) subject to minimum and maximum fees levied on each loan.
Part payment or Foreclosure Charges
Lakshmi Vysya Bank currently does not levy any part payment or foreclosure charges on its personal vehicle loans. However, the proposed charges for the same are,
Part Payment Charge
2% of the Principal Outstanding amount
4% of the Principal Outstanding amount
The car loan interest rates offered by Lakshmi Vilas Bank are very competitive and affordable as compared to many other lenders in the market.
Interest cost is the cost of getting finance from an external lender. The interest rate is dependent on many factors like the policies of the bank, the cost to the bank for lending the funds, external factors, credit history of the applicant, etc. These factors impact the interest rate that is levied on the car loans offered by the Bank.
Some of such factors are discussed below.
A person with good repaying capacity also gets the benefit of a lower or reduced rate of interest as it will ensure the Bank that such borrower is of lower risk for default in payment of EMIs.
Lakshmi Vilas Bank provides car loans for purchase of new cars and used cars for personal use. Such loans are provided to the following class of applicants.
The age requirement for such applicants to be eligible is
Furthermore, the bank has also laid down income criterion for the applicants to qualify for the loans. The minimum annual income requirement of the bank for its personal vehicle loans is Rs. 1,20,000 in case of loan for purchase of four wheelers. The bank has also stipulated that the net monthly income of the applicant has to be at least twice the proposed EMI of the loan applied. For this purpose, the bank may consider the income of the spouse or family members of the applicant (provided it is thoroughly verified).
The bank requires the applicants to provide certain documents that form part of the application. These documents are basic KYC documents along with documents related to the vehicle to be purchased and income related documents.
The details of such documents are provided below.
Recent Passport Size Photograph
Bank Statement for past 6 months
Documentary evidence in case of rental income, dividend income, interest or commission income
1. What is the application process for Lakshmi Vilas Bank Car Loan?
Applicants can apply for the car loans of the bank either by directly visiting the nearest branch of the bank or by making an online application through the website of the bank. The link for such online application is, Home>>Retail Banking>> Retail Loans>> Personal Vehicle Loans>> Apply Online Applicants can also download the application form available online on the website of the bank. The link for the same is given below. Home>>Retail Banking>> Retail Loans>> Personal Vehicle Loans>> Loan Application
2. What is the current interest rate on car loans of Lakshmi Vilas Bank?
The current interest rate on car loans of Lakshmi Vilas Bank is
3. What is the part payment and foreclosure charges of Lakshmi Vilas Bank Car Loan?
The bank does not currently levy any charges on part payment of the loan or foreclosure of the loan before the completion of the tenure. However, the bank has proposed to levy nominal charges on such payments namely, 2% and 4% of the principal outstanding amount respectively.
4. What are the age requirements to be eligible to apply for the bank’s car loans?
The bank states that an applicant has to be minimum 21 years of age and maximum 65 years of age to be eligible for the bank’s car loans.
5. What is the maximum quantum of loan that can be availed for purchasing a used or second hand car?
The maximum amount of loan under Lakshmi Vilas Bank Personal Vehicle Loan for purchasing a used car is 60% of the value of the car or Rs. 10,00,000.
6. What is the minimum amount of processing fees to be paid for car loans of LVB?
The minimum processing fees for car loans of LVB is Rs. 1,000.
7. What is the tenure for a used car loan of the bank?
The tenure for the used car loan of the bank is 3 years or 36 months.
Canara Bank Car Loan Interest Rates
Central Bank Of India Car Loan Interest Rates
Federal Bank Car Loan Interest Rates
HDFC Bank Car Loan Interest Rates
ICICI Bank Car Loan Interest Rates
IDBI Bank Car Loan Interest Rates
Indian Bank Car Loan Interest Rates
Indian Overseas Bank Car Loan Interest Rates
Jammu Kashmir Bank Car Loan Interest Rates
Karnataka Bank Car Loan Interest Rates
Karur Vysya Bank Car Loan Interest Rates
Punjab National Bank Car Loan Interest Rates
Punjab Sind Bank Car Loan Interest Rates
SBI Car Loan Interest Rates
South Indian Bank Car Loan Interest Rates
Tamilnad Mercantile Bank Car Loan Interest Rates
Union Bank Of India Car Loan Interest Rates
YES Bank Car Loan Interest Rates
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application