Lakshmi Vilas Bank Car Loan

Lakshmi Vilas Bank Car Loan Key Features–Dec 23 2024

About Lakshmi Vilas Bank Car Loan

Lakshmi Vilas Bank was founded in 1926 to cater to trading businesses, industry, and agriculture in Karur. It was incorporated under the Indian Companies Act. Eventually, it obtained its banking license from RBI in 1958. The bank operates through a network across India with 401 branches (plus 7 extension counters) supervised by 11 Regional Offices. 

Lakshmi Vilas Bank provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of Lakshmi Vilas Bank Car Loan

⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges

Lakshmi Vilas Bank Car Loan Eligibility

The car loan eligibility requirements are as followed:

Lakshmi Vilas Bank Car Loan Interest Rate, Fees, and Charges

Lakshmi Vilas Bank Car Loan Documents Required

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

2. Private Limited/Limited Companies

How to Increase Your Eligibility for Lakshmi Vilas Bank Car Loan

• Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Lakshmi Vilas Bank. This will be an indication of your higher repayment capacity for the Lakshmi Vilas Bank Car Loan, which will build a sense of confidence in you.
• Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a Lakshmi Vilas Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Lakshmi Vilas Bank Car Loan.
• Maintain a low debt-to-income ratio: A low debt-to-income ratio in Lakshmi Vilas Bank means you have a good balance between your earnings and your spending. This is because before Lakshmi Vilas Bank decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Lakshmi Vilas Bank Car Loan.
• Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a Lakshmi Vilas Bank car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Lakshmi Vilas Bank loan are higher.

Factors Affecting Lakshmi Vilas Bank Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

• Income: If your income is on the higher side, there is a good chance that your eligibility for a Lakshmi Vilas Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Lakshmi Vilas Bank car loan, your yearly income should be at least Rs.3 lakh.
• Loan amount: Your Eligibility Criteria for Car Loan from Lakshmi Vilas Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, Lakshmi Vilas Bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Lakshmi Vilas Bank Car Loan.
• Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Lakshmi Vilas Bank. It might give an impression to the bank that you do not possess the ability to pay Your Lakshmi Vilas Bank loan.
• Credit score: This is an important factor that every bank, including Lakshmi Vilas Bank, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by Lakshmi Vilas Bank and most lenders.
• Relationship with the bank: As stated earlier, Lakshmi Vilas Bank offers instant car loans to their existing customers, which allow Lakshmi Vilas Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

Lakshmi Vilas Bank Car Loan Customer Care – Toll-Free Number

Lakshmi Vilas Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 1800 425 2233. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1800 425 2233.

Lakshmi Vilas Bank Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Lakshmi Vilas Bank Car Loan Types

Lakshmi Vilas Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take Lakshmi Vilas Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
3. Loan Against Car – You can opt for this scheme if you require urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

Lakshmi Vilas Bank Car Loan Pre Calculated EMI

How to Apply for Lakshmi Vilas Bank Car Loan?

1. Visit Dialabank and fill a form.
2. Wait for a call from our Relationship Manager who will guide you throughout the process.
3. You can compare different offers from banks and choose the one which suits your needs.
4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

Tips to Decide the Right Amount of EMI in Car Loan

• Ascertain the amount you need to borrow: It is important that before approaching Lakshmi Vilas Bank for a loan, you inform them about the amount of loan you need to borrow. Limit your Lakshmi Vilas Bank loan amount after accounting for your available funds.
• Review your current obligations: Before taking a Lakshmi Vilas Bank loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the Lakshmi Vilas Bank Loan after taking into account other obligations.
• Calculate your Lakshmi Vilas Bank car loan eligibility: Your Lakshmi Vilas Bank eligibility is an assessment of your repayment capacity based on your monthly income. Lakshmi Vilas Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
• Multiplier-based loan amount eligibility: Lakshmi Vilas Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Lakshmi Vilas Bank loan eligibility.
• FOIR based loan amount eligibility: Lakshmi Vilas Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. Lakshmi Vilas Bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Lakshmi Vilas Bank or other banks to calculate your fixed obligations.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Lakshmi Vilas Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Lakshmi Vilas Bank gives you two options:

• Reduce your loan tenure and keep EMI on your car loan unchanged
• Reduce the amount of EMI and keep your loan tenure the same

How to Calculate Lakshmi Vilas Bank Car Loan EMI

Before you avail of a car loan from Lakshmi Vilas Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

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FAQs for Lakshmi Vilas Bank Car Loan

✅ Can you prepay your Lakshmi Vilas Bank Car Loan?

You can prepay/foreclose your Lakshmi Vilas Bank Car Loan at a charge of 5% of the outstanding principal amount.

✅ Does Lakshmi Vilas Bank Car Loan charge any Processing Fees?

Lakshmi Vilas Bank charges a processing fee of 0.40% of the principal amount.

✅ Can I get a Lakshmi Vilas Bank Car Loan if I have a low Credit score? 

Lakshmi Vilas Bank Car Loan requires you to have a good credit score of 700 or above. However, in certain cases, the loan application may be approved in case the credit score is below 700.

✅ What can you keep as Security with Lakshmi Vilas Bank to get a Car Loan?

You do not need any other security other than the car itself to get Lakshmi Vilas Bank Car Loan.

✅What is the Lakshmi Vilas Bank Car Loan closure procedure?

• Just go to the bank with the documents.
• Write a letter for pre-closure of the Lakshmi Vilas Bank Car Loan account.
• Pay the pre-closure charges as per Lakshmi Vilas Bank Car Loan.

✅ What are the Lakshmi Vilas Car Loan preclosure charges?

Lakshmi Vilas Bank Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Lakshmi Vilas Bank Car Loan maximum tenure?

The Lakshmi Vilas Bank Car Loan maximum tenure is 7 years.

✅ What is the Lakshmi Vilas Bank Car Loan minimum tenure?

The Lakshmi Vilas Bank Car Loan minimum tenure is 1 year.