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Get car loans that are best matched to your credit profile
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Thinking of buying a new car without using your savings? A car loan is the best idea to fulfil your dream. car loan have been a saviour to common people who want to own a vehicle of their own. With an affordable interest rate and ample repayment period, one can buy a vehicle irrelevant to the make and model.
Lakshmi Vilas Bank offers car loans up to a certain percentage of the price of the car. This makes the customer relieved from taking any other financial liabilities. Lakshmi Vilas Bank Car Loan can be used to buy pre-owned cars as well.
The features of Lakshmi Vilas Bank Car Loan are as below.
Loan Coverage: If the customer opts for Lakshmi Vilas Bank Car Loan, they can avail up to 85% of the vehicle price as per the invoice or 25 times net monthly income as the loan amount. However, the maximum loan amount the bank can offer is Rs 25 lakhs for a new vehicle. For used cars, the bank can offer up to 60 % of the vehicle cost which will not exceed Rs. 10 lakhs.
Repayment Period: Lakshmi Vilas Bank Car Loan offers the repayment period of 72 months for any new vehicle loan and for used vehicles, the bank allows 36 months.
Quick Processing: The car loan from Dhanlaxmi Bank can get processed quickly if the customer submits all the documents required for the sanction of the loan.
Security: For the security of the loan issued, the bank will require the hypothecation of the vehicle purchased.
Guarantee:: The bank requires a guarantee from the owner of the collateral security. If not, the bank would need a personal guarantee from a third party with a suitable income.
Minimum Documentation: Lakshmi Vilas Bank Car Loan procedure need minimum documentation for the sanctioning of the loan.
The interest rate of loans used in the purchase of a new car is One-year MCLR + 0.35%. For a used car, the interest rate is One-year MCLR + 3.10%. The other charges are applicable for both new cars and used cars.
The customer will have to submit the below documentation to apply for a car loan.
If you want to apply for a car loan, then you can apply it online through the official website of Lakshmi Vilas Bank. When you go to the official website of the bank, you will see the loan section and there you can find the tab which says ‘Apply Online’. All you have to do is just to upload the relevant documents required. Once you upload the documents, the bank will verify the same and revert if they need more documents. If the bank is satisfied with the verification, then they will proceed to sanction the car loan.
If you do not want to apply for a car loan online, then you can also apply by visiting one of the nearby branches. If you are an existing customer, then it will be easy for the bank to do the verification as your details are already in the bank’s database. If you are a new customer, then the bank might take a day or two for the loan verification.
1. What do you mean by the hypothecation of assets under Lakshmi Vilas Bank Car Loan?
Hypothecation means that the customer is pledging the asset purchased out of the loan as collateral security. For a car loan, the bank needs collateral security in the form of hypothecation of the vehicle purchased using the loan.
2. Is there any restriction in buying a used car using Lakshmi Vilas Bank Car Loan?
The used car must be in good working condition and should not be more than four years old from its first registration date.
3. What if my income alone is not eligible for getting Lakshmi Vilas Bank Car Loan?
The bank allows you to add your respective spouse’s income as a part of net income. However, this is subject to the verification of sources.
4. What is the maximum loan amount provided by the bank?
For new cars, the maximum loan amount is Rs. 25 lakhs and for used cars, its Rs. 10 lakhs.
5.What is repayment mode allowed for Lakshmi Vilas Bank Car Loan?
The repayment mode allowed for Lakshmi Vilas Bank Car Loan is via EMI.
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