Lakshmi Vilas Bank Car Loan Eligibility

Lakshmi Vilas Bank offers car loans to individuals to purchase new or old four-wheelers like cars, jeeps, and vans. When it comes to used four-wheelers, the vehicle the applicant is purchasing must not be more than four years old from the date of registration. Additionally, the bank is also likely to check the working condition of the used car before sanctioning the loan.

Age Limits for Availing Car Loans from LVB

The minimum age of an individual for availing a car loan from Lakshmi Vilas Bank is 21 years, whereas the maximum age is 65 years.

Who can apply for a car loan from LVB?

Lakshmi Vilas Bank offers car loans to the following individuals:

• Salaried employees – This includes permanent employees of trusted and popular organisations.

• Self-employed – This includes professionals like doctors, lawyers, chartered accounts, self-employed entrepreneurs, proprietors, partners in businesses, and agriculturists.

What are the income eligibility criteria for a car loan at Lakshmi Vilas Bank?

Lakshmi Vilas Bank offers car loans to individuals who meet the following criteria:

• A minimum annual income of Rs. 1,20,000 or more for four-wheeler loans
• The net monthly income has to be at least two times the monthly EMI installments of the loan
• The applicant may be required to include the income of spouse/children or other family members, as required for further verification of income

Lakshmi Vilas Bank Car Loan Required Documentation

Applicants must submit all the required documentation during the loan application. If the documentation is incomplete, there are chances of your loan application getting rejected.

*Note that the applicant may be required to submit additional documentation as required by the bank. Additional documentation could include proof of other income like interest and commission received from dividends, rental income, etc.

Car Loan Margin

Here’s the maximum loan amount that an applicant can avail while applying for car loans at Lakshmi Vilas Bank:

Current Interest Rates for Car Loans from Lakshmi Vilas Bank

The applicable interest rate for car loans from Lakshmi Vilas Bank is:

Repayment Schedule

Borrowers can choose their preferred repayment tenures based on the EMIs that they can afford. The maximum tenure is:

• For new vehicles – a maximum of 72 months (6 years)
• For old vehicles – a maximum of 36 months (3 years)

FAQs on Lakshmi Vilas Bank Car Loan Eligibility

1. What are the documents agriculturists and farmers have to provide to be eligible for a car loan from Lakshmi Vilas Bank?

Agriculturists and farmers have to provide the following documents in addition to regular documentation:

• Declaration by applicants providing details of crops cultivated, landholding and income generated from it, duly signed by a VAO (Village Agriculture Officer) and attested by the AFO (Agri Field Officer) or Branch Head.

2. What’s the maximum loan limit for car loans from LVB?

For new cars, the maximum loan amount available is Rs. 25 lakhs, and for used cars the maximum loan amount is Rs. 10 lakhs.

3. Do applicants have to provide security to be eligible for car loans from LVB?

No, the hypothecation of the purchased vehicle acts as security, so there is no need to provide any other security.

4. What is the guarantee required to be eligible for car loans from LVB?

Applicants must provide a personal guarantee from a third-party who has suitable income or net-worth.

5. Can borrowers take a break from the repayment EMIs?

No. The EMIs must be paid regularly throughout the policy tenure, without any breaks in between.

6. How to apply for a car loan from LVB?

Borrowers can start the loan application process online by visiting the website of Lakshmi Vilas Bank and clicking, “Apply online.” Alternatively, applicants can also visit the nearest branch of LVB to submit their application in person.

7. What is the processing fee for car loans from LVB?

LVB charges a one-time processing fee of 0.50% of the loan amount. The minimum processing fee is Rs. 1000 and the maximum processing fee is Rs. 10,000 for car loans.