Lakshmi Vilas Bank Car Loan Features
Lakshmi Vilas Bank Car Loan Approval Process. Laxmi Vilas Bank is a private sector bank headquartered in Chennai, India. In November 2020, the bank was amalgamated into the Indian subsidiary of DBS Bank. At present, the bank has 566 branches in 19 states and 1 union territory.
- Permanent employees of reputed organisations, professionals, self-employed persons, entrepreneurs, agriculturists can all apply for a car loan.
- Applicants must have a minimum age of 21 and a maximum of 65.
- The applicant’s minimum annual income must be Rs. 1,20,000.
- The maximum repayment tenure is 72 months for new cars and 36 months for used cars.
- The processing fee is 0.50% of the loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs.10,000.
- The car purchased must be enlisted as collateral.
Lakshmi Vilas Bank Car Loan Eligibility
Lakshmi Vilas Bank Car Loan Documents Required
Lakshmi Vilas Bank Car Loan Approval Process
Lakshmi Vilas Bank Car Loan Approval Process is free of any hindrances –
- Visit the official website of Laxmi Vilas Bank.
- Under the Personal Banking menu > Retail Loans > Personal Loans, click on “Personal Vehicle Loans”.
- Click the “Apply online” button.
- Fill out the application form.
- The bank’s representative would contact you.
- Next, submit your documents for verification (this step can also be completed online).
- Based on the verification and if the eligibility criteria are met, the loan is approved by the bank.
- The loan amount is deposited in the borrower’s account.
A borrower can also apply for a car loan by going to the bank’s local branch office.
FAQs on Lakshmi Vilas Bank Car Loan Approval Process
✅ Are there any tax benefits of a car loan?
No. In contrast to a home loan, a car loan has no tax savings benefits. Visit Dialabank for more information.
✅ Can I sell my car before repayment of the car loan is completed?
No. Lenders who issue car loans to borrowers only permit the sale of the car to a new owner when the loan has been fully paid off.
✅ Is there a minimum income requirement to avail of a car loan?
Yes, most banks and financial institutions place a minimum income requirement, and the requirement level differs from lender to lender.
Table of Contents
- 1 Lakshmi Vilas Bank Car Loan Features
- 1.1 Lakshmi Vilas Bank Car Loan Eligibility
- 1.2 Lakshmi Vilas Bank Car Loan Documents Required
- 1.3 Lakshmi Vilas Bank Car Loan Approval Process
- 1.4 FAQs on Lakshmi Vilas Bank Car Loan Approval Process