Find details of lakshmi vilas bank car loan through Lakshmi Vilas Bank EMI calculator. Just enter the loan amount of car you want to get financed and rate of interest. Lakshmi Vilas Bank EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.
Lakshmi Vilas Bank avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by Lakshmi Vilas Bank. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks
Loan Eligibility Calculator
Lakshmi Vilas Bank Car Loan eligibility, Interest Rate, documents and process
ELIGIBILITY
Salaried persons who are permanent employees of State / Central Government, Public Sector Undertakings / Corporations, Private Sector Companies of repute, Reputed Establishments or Professionals & Self-employed persons, Businessmen & Agriculturists
For Salaried persons annual income (by way of salary & other income) should be at least Rs.1,20,000/- and net monthly income should be at least twice the monthly installments fixed for the loan (i.e. EMI) – For four wheelers
For others annual income of at least Rs.1,20,000/- - For four wheelers
Minimum net monthly income of Rs.5,000/- for all types of borrowers with necessary proof – For two wheelers
Maximum age of the borrower under all category should not exceed 65 years as on the date of maturity of loan
TYPE OF FACILITY (OR) PURPOSE
For purchase of New Car / Van / Jeep / Two-wheelers – with the margin of 15% of the invoice value
For purchase of used Car / used Van / used Jeep not more than 4 years old from the date of first registration and in good working condition – with the margin of 40% of the cost of the vehicle
ASSESSMENT
For purchase of new Car / Van / Jeep – 25 times of net monthly income (OR) 85% of the cost of the vehicle as per invoice including Road Tax & Insurance and cost of accessories up to Rs.25,000/- with a maximum ceiling of Rs.25 lakhs for new vehicles
For purchase of used 4 wheeler – 60% of cost of the vehicle with a maximum of Rs.10 lakhs
For purchase of Two Wheelers – Not exceeding six times of the net monthly income or 75% of the cost of the vehicle with a minimum loan amount of Rs.10,000/- and maximum of Rs.1,50,000/-
In all the cases Net Monthly Income of the Borrower should be at least 2 times of the EMI
PERIOD OF REPAYMENT
72 months for New Car / Van / Jeep
60 months for New Two Wheeler
36 months for used four wheeler
UNIQUE NATURE
· Very simplified and attractive scheme norms with quick processing & hassle free off-take
