Lakshmi Vilas Bank Gold Loan Features
Know details about Lakshmi Vilas Bank Gold 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, Lakshmi Vilas Bank has 566 branches in 19 states and 1 union territory.
- Attractive and competitive interest rates.
- Flexible repayment options.
- It can be obtained in the form of a term loan or cash credit facility.
- The banks offer up to 66% of the worth of 22 ct. Gold ornaments.
- The maximum loan amount is Rs 30,00,000
- Processing fee of less than 1% of the loan amount.
- Only identity proof, residence proof and passport size photographs are required for documentation.
Lakshmi Vilas Bank Gold Loan Eligibility
Minimum and Maximum Age
Note: However, many banks require a minimum age of 23 years
Interest rates are lower for a higher loan amount
Businessmen are increasingly taking gold loans to meet their working capital requirements.
In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
Quality of Gold
An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
Gold ornaments that can be used for availing loan
Gold with 18-24 carat purity
Employment track record and income proofs
Lakshmi Vilas Bank Gold Loan Documents Required
At the time of application the following documents are required:
At the time of disbursement the following documents are required:
Lakshmi Vilas Bank Gold Loan Approval Process
Lakshmi Vilas Bank Gold Loan Approval Process is free of any hindrances –
- Visit the official website of Laxmi Vilas Bank.
- Under the Institutional Banking menu > SME > Loans, click on “Jewel Loans”.
- Click the “Apply online” button.
- Fill out the application form.
- The bank’s representative will contact you.
- Next, submit your documents for verification (this step can also be completed online).
- Then, submit your gold as collateral, and its value would be assed (this step has to be completed physically, it cannot be done offline.
- Based on the verification and evaluation, the loan is approved by the bank.
- The loan amount is deposited in the borrower’s account.
A borrower can also apply for a gold loan by going to the bank’s local branch office.
FAQs on Lakshmi Vilas Bank Gold Loan Approval Process
✅ How can I repay my gold loan?
Borrowers are offered several repayment options such as EMI, bullet payment, advance interest payments, and interest payments at regular intervals. The borrower can choose any option based on their repayment capacity and financial requirements.
✅ Can I prepay my gold loan?
Yes, a prepayment option is available, and generally, lenders do not levy restrictions on a prepayment of gold loans. Visit Dialabank for more information.
✅ How much is the processing fees?
Normally, lenders do not charge any processing fee or it can be as little as 1% of the loan amount.