Lakshmi Vilas Bank
This bank was founded in 1926 by the group of seven businessmen under the leadership of Shri V.S.N. Ramalinga Chettiar. Their aim was to reach to the financial needs of people in Karur who were occupied in trading businesses, industry and agriculture. The bank came into action on 3rd, Nov 1926 under the Indian Companies Act, 1913 and obtained the certificate to commence the business on November 10, 1926. In the year 1974, the bank expanded their branch network outside Tamil Nadu to get benefit from opportunities in the pan-Indian market. Subsequently, branches were established in the neighboring states of Andhra Pradesh, Karnataka and Kerala as well as in other significant business centers in Maharashtra, Gujarat and Madhya Pradesh. Meanwhile, the bank attained the status of Authorized Dealer in foreign exchange in 1976 enabling it to provide their full range of services to customers engaged in international trade and in overseas.
Lakshmi Vilas Bank Two Wheeler Loan
The bank also offers an enormous range of banking products in association with Life and General Insurance companies, mutual funds, stock broking houses, money transfer/ remittance companies, etc. Lakshmi Vilas offers come with the best and latest in technology which gives them an edge in the banking sector. In the context of many other loans that Lakshmi Vilas Bank offers, the Two wheeler loan is one of the most popular among customers because of the competitive rates and flexible terms of the loan.
Features of Lakshmi Vilas Bank Two Wheeler Loan
- It is quick, simple, hassle-free processing.
- Directly contact the bank for the interest rate that will be applicable to you.
- The bank offers the opportunity to purchase a Two wheeler with the margin of minimum 15% of the base value.
- The minimum loan amount for the loan should be at least Rs.10,000/- and the maximum amount should be Rs.1,50,000/-
- The borrowed amount should not exceed six times the net monthly income or 75% of the cost of the Two wheeler.
- The period of repayment for a new Two wheeler loan is 5 years.
- The customer should be a salaried person, who can be a permanent employee of State / Central Government, Public Sector Undertakings / Corporations, Private Sector Companies of repute, Reputed Establishments or a Professional/Self-employed person/Businessmen/Agriculturists.
- Customer must be earning a minimum net monthly income of at least Rs.5,000/-.
- Customers are required to provide the bank with all the necessary proof of their income.
- Customer must attain the age of minimum 21 years and not be older than 65 years on the date of maturity of the loan to be eligible for the two wheeler loan.
- 2 colored Photographs
- ID Proof (Adhaar card/Driving license/passport/pan card)
- Income Proof(from the past 6 months)
- Residence Proof(Ration card/electricity bills)
- Business Stability Proof
- ITR Form 16
- Application Form(online)
- Processing fee
- The feeshould be 1% of the amount of loan which I subject to Minimum: Rs.500/- for four wheelers & Rs.250/- for Two wheelers.