Lakshmi Vilas Bank Personal Loans
A trusted name in retail and corporate finance, Lakshmi Vilas Bank has designed a new personal loan. The purpose of this loan is to meet personal and domestic financial expenses, make fresh investments including tax-planning investments, to pay income tax, invest in business and to meet the large, unavoidable obligatory expenses that may arise in the life of an average Indian.
It differs from other personal loans in a few ways:
- It’s called an “Easy Loan”.
- It requires the pledge of either National Savings Certificates (NSCs), Kisan Vikas Patras (KVPs) or Life Insurance Corporation (LIC) policies that the applicant holds under his/her name.
Why choose Lakshmi Vilas Bank Personal Loans?
Thorough preparation and reserves aren’t enough to pay for things like large business assets, an international family vacation or even remodelling your home. As Indians, we have certain obligatory expenses that may cost more than prearranged savings can pay for – like giving your daughters their dream weddings, or funding your child’s higher education abroad.
There are certain large, unavoidable and obligatory expenses that arise in our everyday lives.
Lakshmi Vilas Bank’s personal loan is designed to make large amounts of funds available, and fast.
Features of Personal Loan from Lakshmi Vilas Bank
The Lakshmi Easy Loan, it's personal loan product, has the following features that make it unique:
- Purpose: The purpose of the loan is the same as any other personal loan – to meet large expenses that may arise, to make new investments, to make tax-saving investments, etc.
- Loan amount: The minimum amount of a personal loan that can be sanctioned through Lakshmi Vilas Bank is Rs.10,000 and there is no upper limit – meaning that you will be given a loan amount based on your eligibility – with no maximum cap.
- Base rate of interest: This bank functions with a base rate of interest that is currently at 10.95% per annum, with effect from 1-07-2015.
- Margin: The margin for Demanded Loans is 10% of the accrued values of the National Stock Certificates or Kisan Vikas Patras pledged, or the surrender values of the LIC policy.
- Easier to obtain: Since this loan is not unsecured, you stand a higher chance of being eligible for it even if you have a slightly lower CIBIL score.
- Tenure: The loan can be paid back with tenures extending up to 60 months, or 2 months before the date that the pledged NSCs / KVPs / LIC policies will mature.
Lakshmi Vilas Bank Personal Loan Interest Rate
Currently, Lakshmi Vilas Bank charges 10.95% per annum as a base interest rate. They charge the Base Rate + 3.75% (PER: 14.7% per annum)
There is a processing fee that also applies which is 0.25% of the loan amount.
It is strongly advised to check these rates, charges and percentages against any possible changes that may have been made under Lakshmi Vilas Bank’s discretion.
Eligibility criteria for a Personal Loan from Lakshmi Vilas Bank
You must meet the following eligibility criteria for a personal loan from Lakshmi Vilas Bank:
You must be an individual of legal age who holds National Savings Certificates (NSCs), Kisan Vikas Patras (KVPs) or Life Insurance Policies for LIC in your name. This also applies to groups of people applying for the loan in a joint name.
You will also require the following set of documents:
Photo ID proof: Like a valid Passport, PAN Card, Driver’s License, Voter’s ID, etc.
Proof of Address: Like a valid Passport, Driver’s License, Voter’s ID, etc.
Proof of Signature: Like a valid Passport, Banker’s Certificate, Driver’s License, PAN Card, etc.
Proof of Age: Like a valid Passport, Banker’s Certificate, Driver’s License, Birth Certificate, etc.
Lakshmi Vilas Bank Personal Loan FAQs
- Am I eligible for Lakshmi Vilas Bank personal loan?
- How do I repay Lakshmi Vilas Bank Personal loan?
- What is the maximum loan one can get from Lakshmi Vilas Bank?
- What is the tenure for Lakshmi Vilas Bank personal loan?
Lakshmi Vilas Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Lakshmi Vilas Bank personal loan is Salaried with Regular Income. If you fall into this group, you can definitely apply for a Lakshmi Vilas Bank personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Lakshmi Vilas Bank offers personal loans has Maximum No Cap for successful applicants depending on their financial record and repayment history.
Lakshmi Vilas Bank (Finance) offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
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