Lakshmi Vilas Bank Personal Loan

Lakshmi Vilas Bank Personal Loan Key Features Jan 2021

Eligibility Criteria	Details
Age Criteria	21 – 60 (at loan maturity)
CIBIL Score	Minimum 750 or above
Lakshmi Vilas Bank Personal Loan Interest Rate	10.99% p.a.
Lowest EMI per lakh	Rs 2174
Tenure	12 to 60 months
Lakshmi Vilas Bank Personal Loan Processing Fee	3% of the loan amount + GST as applicable
Prepayment Charges	7-12 months 4.50% 13-24 months 4.50% 25-36 months 2.50% >36 months 2.00%
Part Payment Charges	7-12 months 4.50% 13-24 months 4.50% 25-36 months 2.50% >36 months 2.00%
Minimum Loan Amount	₹50,000
Maximum Loan Amount	₹ 15 Lakh

 

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Benefits of Lakshmi Vilas Bank Personal Loan

Lakshmi Vilas Bank Personal Loan Eligibility Criteria

The criteria for the eligibility of the personal loan is :

CIBIL score Criteria	750 and Above
Age Criteria	26 to 45 years of age
Min Income Criteria	The applicant should be taking home at least 50% of their income to be eligible to pay the EMI
Occupation Criteria	Salaried/self-employed

Lakshmi Vilas Bank Personal Loan Interest Rate, Fees & Other Charges

Lakshmi Vilas Bank Personal Loan Interest Rate	10.99% p.a.
Lakshmi Vilas Bank Personal Loan Processing Charges	1%
Prepayment Charges	NIL
Stamp Duty	NIL
Cheque Bounce Charges	NIL
Penal Interest	NIL
Floating Rate of Interest	NIL

Lakshmi Vilas Bank Personal Loan Documents Required

Form	Duly filled application form
Proof of Identity	Copy of: Passport Driving License Aadhar Card > Voter ID Card
Proof of Address	Rent Agreement (Min. 1 year of stay) Utility Bills Passport (Proof of permanent residence) Ration card
Proof of Income	> ITR: Last two Assessment years Salary Slip: Last 6 months > Bank Statement: Last 3 months

 

Personal Loan EMI Calculator for Lakshmi Vilas Bank

EMI Calculator

Lakshmi Vilas Bank Personal Loan Comparison with Other Banks

Bank	Interest Rate	Tenure	Loan Amount & Proc Fee
HDFC Bank	10.50% to 21.50%	12 to 60 months	Up to Rs. 40 lakh / Up to 2.50% of the loan amount
Bajaj Finserv	Starting from 12.99%	12 to 60 months	Up to Rs. 25 lakh / Up to 3.99% of the loan amount
Axis Bank	7.35% to 24%	12 to 60 months	Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount
Citibank	Starting from 10.50%	12 to 60 months	Up to Rs. 30 lakh / Up to 3% of the loan amount
Private Bank	10.50% to 19.25%	12 to 60 months	Up to Rs. 20 lakh / Up to 2.25% of the loan amount

How to apply for Lakshmi Vilas Bank Personal Loan?

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Other Loan Products from Lakshmi Vilas Bank

How to Calculate EMIs for Lakshmi Vilas Bank Personal Loan

You can easily work out the equal monthly instalments (EMI) of your personal loan, you just need the basic information about the loan: the amount of the loan, rate of interest, and the loan tenure.

Just enter these values in the calculator below to figure out the month that you have to pay for each month.

EMI Calculator

Lakshmi Vilas Bank Personal Loan Processing Time

Lakshmi Vilas bank has a straightforward documentation process since they do it in internationally tested methods. All that is needed is a photo ID, verified signature, and address proof along with a document that is declaring your age. After which the loan approval takes place in just a few hours or to a maximum of 1-3 days.

Lakshmi Vilas Bank Personal Loan Preclosure Charges

Lakshmi Vilas Bank will give you the choice of pre-closing your personal after a tenure of a minimum of 12 months of availing the loan and paying 12 continuous, successful EMIs on your personal loan. However, Lakshmi Vilas bank demands a prepayment or pre-closure charge, if you want to do so the charges are given below.

Time	Pre-closure Charge
13 to 24 months	4%
25 to 36 months	5%
more than 36 months	2%

Pre Calculated EMI for Lakshmi Vilas Bank Personal Loan

Loan principal @ interest	Tenure
	1 year	2 years	3 years	4 years	5 years
2.5 lakh @ 11.25%	Rs. 22,125	Rs. 11,681	Rs. 8,214	Rs. 6,492	Rs. 5,467
5lakh @ 12%	Rs. 44,424	Rs. 23,536	Rs. 16,607	Rs. 13,166	Rs. 11,122
10 lakh @ 12.5%	Rs. 89,082	Rs. 47,307	Rs. 33,453	Rs. 26,579	Rs. 22,497

Different Offers for Lakshmi Vilas Bank Personal Loan

Lakshmi Vilas Bank has a wide range of personal loan offers to start from a personal loan for salaried individuals and personal loans to self-employed individuals which ranges from a personal loan for doctors, marriage personal loans, personal loans for pensioners, etc. All the details are given below.

Lakshmi Vilas Bank Personal Loan for Salaried Employees

Lakshmi Vilas Bank provides personal loans for salaried employees at extremely feasible rates of interest. The amount that you avail as a loan mostly depends on the company you’re working for, the amount that you take-home salary as well as your city of residence. Lakshmi Vilas Bank gives these loans and instant approval along with the money to the already approved customers.

Lakshmi Vilas Bank Personal Loan for Self Employed Individuals

Lakshmi Vilas Bank personal loan for self employees is a product that is provided to individuals who are self-employed and need more money. The bank gives them attractive interest rates on their personal loan with a period of 12-60 months. When compared to salaried employees, you would have to present more documents and would have to provide the bank with sufficient documents relating to your business to prove its steady and continuous income. You can avail of a maximum loan of Rs. 40 lakhs.

Lakshmi Vilas Bank Doctor Loan

Lakshmi Vilas Bank gives special personal loans to doctors who are in need of immediate funds. Banks offer them loans ranging from Rs. 50,000 to Rs. 50 lakhs for a time period of 12-60 months at interest rates ranging from 11.25%. There are specific eligibility criteria that you would have to meet to avail of this loan: credit score should be at least 650, age should range from 25-65 years and they should have medical experience of more than 4 years of being a doctor.

Lakshmi Vilas Bank Marriage Loan

Lakshmi Vilas Bank offers personal loans for marriage as a remedy to people who are having insufficient funds for their or their close one’s marriage. There is no limitation on using this loan amount and can be used for anything and everything right from wedding banquets, makeup or stylists, etc. You can get these amounts within seconds if you are already a pre-approved customer with the bank or sometimes as quickly as 4 hours in most cases. The bank charges an alluring interest rate and gives you the choice to choose the time period of your loan.

Lakshmi Vilas Bank Personal Loan for Government Employees

Government employees are provided personal loans at low-interest rates by Lakshmi Vilas Bank which begins at about 11.49%. They are also given exceptional offers as well as immediate disbursal along with the choice of choosing the time period of the loan. No processing fee is charged from the Defence personnel. You can also apply for this by visiting the nearest Lakshmi Vilas Bank loan branch or you can contact us at 9878981166 to get Lakshmi Vilas Bank’s personal loan for government employees.

Lakshmi Vilas Bank Personal Loan for Pensioners

Lakshmi Vilas Bank offers exceptional plans for pensioners who are looking out for a personal loan. They also give good funding at extremely attractive rates of interest to the pensioners. Some of the features of Lakshmi Vilas Bank personal loan for pensioners are: minimum pension amount of 25,000+, maximum age of 65 years at loan maturity, 50% of extra income (FD interest rental income, etc.) can be counted as actual income, the interest rate of 13-17% and tenure of a minimum of 12 months.

Lakshmi Vilas Bank Personal Loan Balance Transfer

A personal loan balance transfer is the process where you shift your personal from one financial lending institution to another. In this, the new bank will pay off your previous loans and gives you the loan. You will get multiple benefits if you do this but you will have to pay the foreclosure charges which are associated with that loan along with the processing fee of your new loan. Some of the benefits are: lesser interest rate, the extended loan period for the repayment and you will also get extra features associated with your loan such as no processing fee, etc. which is based on your CIBIL score.

Lakshmi Vilas Bank Personal Loan Top Up

What does top up mean?

The top-up feature on your loan is the extra amount that you take from the bank on your already existing loan. Lakshmi Vilas Bank lets you get this facility if you’ve paid 9 regular EMIs consistently without any disturbances in your payment. You can get a minimum top-up of Rs. 50,000 and a maximum of your already approved loan amount.

Lakshmi Vilas Bank Personal Loan Overdraft Scheme

Lakshmi Vilas Bank Personal Loan Offers an Overdraft Scheme. With this, you are provided with a loan amount as an overdraft facility. It works like a Credit Card, where you can spend your Personal Loan Amount as you want anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the Lakshmi Vilas Bank, Personal Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.

How to Apply Online for Lakshmi Vilas Bank Personal Loan?

You can avail of the Lakshmi Vilas Bank personal loan online by visiting the Lakshmi Vilas Bank online portal and filling the form to apply for a personal loan or you could just follow the following steps to apply for a Lakshmi Vilas Bank personal loan:

• Visit Dialabank.
• Fill in the application form with the required details and submit it.
• Our relationship managers who are experts in the field would contact you.
• Get the requested service for getting a personal loan by comparing between features of various other banks and choosing the one which is most suitable to your needs.

Lakshmi Vilas Bank Personal Loan Status

You can monitor the status of your Lakshmi Vilas Bank personal loan by the following measures: you can visit the branch that you’re applying for the loan and can ask the banker for the same, log in to the Lakshmi Vilas Bank Netbanking portal, click on the loans from the top icon and click on enquire to constantly check the status of your loan, search for ‘personal loan status’ on google, open the first link which you find which will take you to the loan status tracker webpage of the Lakshmi Vilas Bank and you will be required to fill the information and monitor the status of your loan.

FAQs About Lakshmi Vilas Bank Personal Loan

✅ What is Lakshmi Vilas Bank Personal Loan?

Personal loans require less documentation and become trouble-free as there is no mortgage or security that is needed. Lakshmi Vilas Bank offers personal loans to its already existing customers in just 10 seconds and within 4 hours for the new applicants.

The interest rates vary per annum and the loan borrowed by the customer can be used for personal, financial needs ranging from higher studies, vacation, or even for day to day expenditure.

✅ How does Lakshmi Vilas bank  Personal Loan work?

The first step would be to check your eligibility for the Lakshmi Vilas personal loan which can be done online. If you are a pre-approved HDFC customer you can avail of the loan within seconds and for others, the loan disbursal on average takes 4 hours.

You can avail up to Rs. 75 Lakhs with the lowest interest rates depending on your eligibility criteria and credit history. Repayment of the loan can be done on an EMI basis or as agreed upon in the loan agreement.

✅ What is the Personal Loan rate of interest in Lakshmi Vilas Bank?

The personal loan rate of interest in Lakshmi Vilas Bank is 10.99% p.a.

✅ What is the procedure of a Personal Loan in Lakshmi Vilas Bank?

The procedure to get a personal loan with Lakshmi Vilas Bank is trouble-free. You can apply for a Lakshmi Vilas Bank personal loan by visiting the nearest branch with your documents, through a Lakshmi Vilas Bank ATM, or using Lakshmi Vilas Bank’s Loan Assist App. You can also contact and apply with Dialabank for easy processing and personalized assistance. The basic steps include:

1. Calculation of loan amount required as per your need
2. Checking your loan eligibility online or by visiting the branch
3. Approaching the bank via your preferred method (online or offline)
4. Submitting the required documents with the banker,
5. Disbursal of loan amount once your application and documents have been verified and approved.

✅ How can I get Lakshmi Vilas Bank Personal Loan?

Availing a personal loan from Lakshmi Vilas Bank is an easy procedure with less documentation which ensures quick disbursement time. You would just have to check your eligibility status and you can either contact the bank online or by visiting the nearest branch. After the submission and the complete verification of the documents, the loan amount will be credited to your bank account within the next 4 hours.

✅ How to apply for a Personal Loan in Lakshmi Vilas Bank?

A personal loan is a security free loaning option to meet all your financial needs. You can apply for a personal loan with Lakshmi Vilas Bank with less documentation and get instant loan amount disbursal by visiting the nearest branch with the required documents or by filling an application online at Lakshmi Vilas Bank’s official website.

You can also apply with Dialabank to avail of personal assistance and get the best deals and discounts.

✅ Why apply for Lakshmi Vilas Bank personal loan?

Lakshmi Vilas Bank is one of the top-most leading providers of personal loans in India, it provides the best loan options that come along with unique features and benefits. They give personal loans at low interest rates with less documentation for a simple and trouble-free process. The average disbursal time for a new customer is 4 hours.

Repayment of the loans can be done through EMIs or via online payment options which are also preferred. The repayment period ranges from 1 to 5 years.

✅ How much EMI on Lakshmi Vilas Bank Personal Loan?

EMI (Equated Monthly Installment) is the amount payable to the bank every month as repayment of your personal loan. The EMI on Lakshmi Vilas Bank personal loan depends on the loan amount, interest rate, and the tenure of the loan. It can easily be calculated using the EMI calculator on Dialabank’s website.

✅ How much CIBIL score is required for Lakshmi Vilas Bank personal loan?

 Lakshmi Vilas Bank and most other banks require you to have a CIBIL score in excess of 750 with 700 being the lower limit. You can increase your CIBIL score by paying off your EMIs and credit card bills on time.

✅ Minimum credit score needed for Lakshmi Vilas Bank personal loan?

A credit score is a 3 digit number ranging from 300-900 which reflects if the borrower is worthy of taking the loan. It is based on your past credit transaction and your performance in the repayment of your loans. Lakshmi Vilas Bank needs you to have a minimum credit score of 750 to become eligible for a personal loan.

✅ How to calculate Lakshmi Vilas Bank personal loan EMI?

EMI on personal loan can be calculated using the formula, E = P x R x [(1+R)^N] / [(1+R)^N-1] where,

P= Principal or your loan amount, 

R= Rate of interest, and 

N= Loan Tenure. 

You can easily calculate your EMI online at Dialabank’s website for free and compare offers from different banks and finance companies.

✅ What can I use Lakshmi Vilas Bank personal loan for?

You can use your Lakshmi Vilas Bank personal loans for a various number of reasons ranging from small bill payments and daily expenses to a medical emergency and bigger expenses such as debt consolidation, wedding, etc.

You can fulfil all your financial needs with a personal loan by applying online at Dialabank’s digital platform.

✅ Can I prepay Lakshmi Vilas Bank personal loan?

Lakshmi Vilas bank gives you the choice to prepay your personal loan if you have paid at least 12 month’s EMIs.

You will then be charged a preclosure charge of up to 4% of your outstanding loan amount depending on the number of EMIs that you still have left to pay.

✅ How to prepay Lakshmi Vilas Bank personal loan?

Steps to prepay your Lakshmi Vilas Bank personal loan:

• Collect the required documents (PAN, Id proof, and any other loan documents)
• Visit your loan branch and ask for the balance and any pre-closure charges or penalties. 
• You will be prompted to fill a form requesting the prepayment of the loan. 
• Pay the prepayment amount (cash up to Rs.49000, Cheque, or DD) and take its acknowledgement. 
• Your loan will be closed as soon as the bank receives the fund.

✅ How to repay Lakshmi Vilas Bank personal loan?

You also have the choice of repaying your Lakshmi Vilas Bank personal loan just by standing instruction on your bank account to pay the EMI, online payment through various modes, or through post-dated cheques given to the loan branch.

✅ How to repay Lakshmi Vilas Bank personal loan online?

You can repay your personal loan EMI online in just a few steps:

1. Visit the payments page on the Lakshmi Vilas bank’s website.
2. Click on ‘PAY ONLINE’ and enter your ‘Loan No.’ and ‘Date of birth’.
3. You will then be redirected to the bank payment interface if you’ve chosen the net banking option.
4. Complete the payment and you will get a confirmation of the online transaction. You can also pay your Lakshmi Vilas Bank personal loan on Paytm.

✅ What documents are needed for Lakshmi Vilas Bank personal loan?

Lakshmi Vilas bank gives easy and trouble-free personal loans with few documents. You will have to submit your Aadhar card/Voter ID, PAN card, bank statement for the last 3 months, and the latest salary slips/ITR files. For further information and personal assistance, you could contact Dialabank’s helpline number.

✅ How to check Lakshmi Vilas Bank personal loan status? 

You have various options to monitor your Lakshmi Vilas Bank personal loan:

Firstly, log in to the Lakshmi Vilas Bank net banking portal, click on loans from the top icon and click on enquire to check the status of your loan.

Or, you could search for ‘personal loan status’ on google, you can open the first link which will take you to the loan status tracker webpage of Lakshmi Vilas bank and fill in the needed information to cross-check the status of your loan.

You could then visit your loan branch and ask the banker also for the same.

✅ How to get Lakshmi Vilas bank personal loan top up?

Top up is the extra loan amount that can be borrowed from the existing bank of your current loan or at the time of balance transfer to your new bank. Lakshmi Vilas Bank lets you make use of this facility if you have at least paid 9 EMIs without any cheque bounces. You can get a minimum top-up o Rs.50,000 and a maximum of your already approved loan amount.

You can also check the online website of Lakshmi Vilas Bank for more deals or contact Dialabank for any financial assistance.

✅ What is Lakshmi Vilas  Bank Personal Loan closure procedure?

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

✅ What are Lakshmi Vilas Bank Personal Loan preclosure charges?

Lakshmi Vilas  Bank Personal Loan preclosure charges are Nil.

✅ What is the Lakshmi Vilas  Bank Personal Loan overdraft scheme?

For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at Lakshmi Vilas Bank Personal Loan is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the Lakshmi Vilas online banking portal and from there you can fill out a simple form and get an overdraft under your name.

✅ What is Lakshmi Vilas  Bank Personal Loan maximum tenure?

Lakshmi Vilas Bank Personal loan maximum tenure is 60 months.

✅ What is Lakshmi Vilas Bank Personal Loan minimum tenure?

Lakshmi Vilas Bank Personal Loan minimum tenure is 12 months.

✅ What is Lakshmi Vilas Bank Personal Loan customer care number?

The customers get in touch with the bank via call on 9878981166.