Lakshmi Vilas Bank Car Loan

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Buy your dream Car

Rates as low as 7.05%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Lakshmi Vilas Bank Car Loan

Lakshmi Vilas Bank Car Loan Key FeaturesJun 29 2022

Lakshmi Vilas Bank Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 1,00,000
Max Loan Amount Loan up to 90% of On Road Price
(Loan to Value) or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,526
Minimum Net Monthly Income ₹ 5,000
Minimum ITR for Self Employed ₹ 1,20,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges No foreclosure are levied after the first 12 EMIs
Up to 2% before the first 12 EMIs
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

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

Lakshmi Vilas Bank Car Loan Eligibility

The car loan eligibility requirements are as followed:

Salaried Individual Age – 21-60 years of age
Net Monthly Income – should be a minimum of ₹ 15000
Employment Duration – Minimum 1 year
Income Eligibility – Depends on Form 16 and Salary Slip
 
Self-Employed Individuals Age – 21-65 years of age
Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
Employment Duration – Minimum 3 years
Income Eligibility – Depends on the latest Income Tax Returns
 
Self-Employed Non-Individuals (Company/Partnership) Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
Employment Duration – Minimum 3 years
The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
 
Priority Customers Applicant should have a vintage of at least 6 months
Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters
 

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

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

14.80% p.a. to 16.80% p.a.
Processing fee 0.40% of the principal amount 1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

 

Lakshmi Vilas Bank Car Loan Documents Required

Salaried Individual

Category

Documents Required

Identity Proof Driving Licence
  Aadhaar Card
  Passport
  PAN
(Any 1) Voter ID
Address Proof Driving Licence
  Aadhaar Card
  Passport
  PAN
(Any 1) Voter ID
Date of Birth Proof Birth Certificate
  Passport
  Driving Licence
  PAN
(Any 1)  
Signature Proof Passport
  Bankers Verification
  PAN
   
(Any 1)  
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Aadhar card
PAN Card
Driving License
Address Proof (Any 1) Driving Licence
Aadhaar Card
Voter ID
Utility Bills
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
High School Marksheet
Signature Proof (Any 1) Passport
PAN
Bankers verification
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last three months
Employment Continuity Proof Current Account Statement
SSI or MSME Registration Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof Telephone Bill
Electricity Bill
Current Account Statement
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards


2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1) Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

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

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

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.

Lakshmi Vilas Bank Car Loan for Top Selling Cars

Other Available Products from Lakshmi Vilas Bank

Lakshmi Vilas Bank Personal Loan Lakshmi Vilas Bank Gold Loan Lakshmi Vilas Bank Home Loan
Lakshmi Vilas Bank Credit Card Lakshmi Vilas Bank Two Wheeler Loan Lakshmi Vilas Bank Education Loan

Compare Lakshmi Vilas Bank Car Loan With Other Banks In India

Car loan Banks Interest Rates
EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55%
Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35%
Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50%
Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 7.05% – 11.25%
Rs. 1,512 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75%
Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85%
Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70%
Rs. 1,609 – Rs. 1,645

FAQs for Lakshmi Vilas Bank Car Loan

What is the Lakshmi Vilas Bank Car loan?

Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.

✅ How can I get a car loan from Lakshmi Vilas Bank?

You can easily avail of a car loan from Lakshmi Vilas Bank if you meet the eligibility criteria which is: permanent employees of reputed organizations, professionals, self-employed persons, entrepreneurs, and agriculturists. They should have a minimum age of 21 and a maximum age of 65.

✅ How does the Lakshmi Vilas Bank Car loan work?

The amount that you are qualified for election to receive depends on your income. For most new cars- LVB can sanction up to 25 times the total monthly income or 85% of the price of the car. This includes road tax, insurance, etc. For used cars- LVB can sanction up to 60% of the cost of the vehicle.

✅ How to Check Car Loan status in Lakshmi Vilas Bank?

You can check your car loan status in Lakshmi Vilas Bank by visiting the nearest branch or by checking the bank’s website.

✅What is the maximum loan amount that I can avail of on a car loan from Lakshmi Vilas Bank?

N/A 

✅ What is the loan tenure of the Lakshmi Vilas Bank Car loan?

It offers a loan tenure of 72 months that is 6 years.

✅ Can I get a 100% Car loan from Lakshmi Vilas Bank? 

You can avail of up to 40% of the price of the vehicle as the loan amount under the car loan which is offered by Lakshmi Vilas Bank.

✅ 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.

 

Table of Contents