Lakshmi Vilas Bank Business Loan
Last Updated : Nov. 3, 2016, 10 a.m.
Lakshmi Vilas Bank provides the business loan to the entities covered under the category of proprietorship, HUF, private and public limited companies. It also sanctions the loan to the other legally permitted entities at the reasonable rate of interest. The loan is provided to meet the working capital requirements. The loan amount sanctioned depends on the assessment of the business unit and the repayment capacity of the applicant. The loan is sanctioned for the maximum period of 3 years.
Lakshmi Vilas Bank Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rates | As applicable by the bank |
| Loan Amount | As per individual's credit assessment |
| Tenure | Up to 36 months |
| Processing Fee | As per bank's policy |
How To Apply
The eligible customer can avail the business loan from Lakshmi Vilas Bank by visiting the nearest bank branch. Or the customer can even apply online from the comfort of the house.
Lakshmi Vilas Bank Business Loan EMI Calculator
Avoid the manual EMI calculation by using the Business Loan EMI Calculator that is designed to help the customers struggling hard to know the installment amount. It makes the calculation effortless and speedy. The result is computed in a very less time. You just put the required values in the calculator ( loan amount, tenure and rate of interest) to know your EMI.
For Example – A customer wants to avail a loan of Rs. 10,00,000 for the period of 3 years at the rate of interest ranging between 11.95% p.a – 12.20% p.a, then his calculated EMI will range from Rs. 33,190 – Rs. 33,310.
Table Showing EMI, Total Interest Amount, Total Repayment Amount
| Loan Amount (In Rs.) | Interest Rate (p.a) | Tenure (In years) | EMI (In Rs.) | Total Interest Amount (In Rs.) | Total Amount (Principal + Interest) (In Rs.) |
|---|---|---|---|---|---|
| 10,00,000 | 11.95% – 12.20% | 1 | 88,825 - 33,310 | 65,905 - 1,99,157 | 10,65,905 - 11,99,157 |
| 10,00,000 | 11.95% – 12.20% | 2 | 47,050 - 47,167 | 1,29,203 - 1,32,006 | 11,29,203 - 11,32,006 |
| 10,00,000 | 11.95% – 12.20% | 3 | 33,190 - 33,310 | 1,94,856 - 1,99,157 | 11,94,856 - 11,99,157 |
Amortization Table
| Year | Principal Payment (In Rs.) | Interest Outgo (In Rs.) | Balance Amount (In Rs.) |
|---|---|---|---|
| 1 | 2,93,786 – 2,94,569 | 1,03,711– 1,05,934 | 7,05,431– 7,06,214 |
| 2 | 3,31,704 – 3,31,763 | 66,517 -68,016 | 3,73,668– 3,74,510 |
| 3 | 3,73,995– 3,74,845 | 24,626 -25,210 | 0 |
Features & Benefits Of Lakshmi Vilas Bank Business Loan
Following are the features and benefits of availing a business loan from Lakshmi Vilas Bank :
- Quick Processing
- Minimum Facilities
- Competitive rate of interest
- Personal contact with officer/ representative at your convenience
Lakshmi Vilas Bank Business Loan Eligibility Criteria
- The well -established enterprises engaged in the trading, manufacturing or services sector activities are eligible if the business unit is in existence for minimum 2 years and earning the profit for the past one year.
- The enterprise can belong to the following constitutions :
- Individual
- HUF
- Proprietorship
- Partnership Firm (registered or unregistered)
- Private and Public Limited Companies
Documents Required
The candidates are required to submit the KYC and financial documents to avail the loan. Below is the list of documents required :
List Of KYC Documents :
- PAN Card
- Driving License
- Valid Passport
- Voter ID Card
- Job Card issued by NREGA
- The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number
Financial Documents Required
| Category | List of Documents |
|---|---|
| Self-Employed Individuals / Sole Proprietorships | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet |
| For Public / Private Limited Companies | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Memorandum and Articles of Association and Board Resolution from the company - Certificate of Incorporation (COI) for companies - Latest shareholding patterns for Private Ltd. / Public Ltd. companies |
| For Partnership Firms / Private Limited Companies | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Partnership Deed and partnership authority letter for partnership firms - Memorandum and Articles of Association and Board Resolution from the company - Certificate of Incorporation (COI) for companies |
Lakshmi Vilas Bank Business Loan Interest Rate
The rate of interest offered by the Lakshmi Vilas Business Loan is linked to the MCLR. The interest rate differs with the loan limit.
Table Showing Interest Rate
| Amount | Interest Rate |
|---|---|
| Up to Rs. 25,00,000 | 10.25% (MCLR) + 1.95% = 12.20% |
| Above Rs. 25,00,000 | 10.25% (MCLR) + 1.70% = 11.95% |
Lakshmi Vilas Bank Business Loan Status
Now track your loan status using the online Track Status facility. Just click on the Track Status tab visible on the official website and fill the necessary details like the application number and the date of birth.
Factors Affecting Business Loan Eligibility
- Loan Repayment track
- Credit Performance / Credit Bureau Update
- Debt servicing ability of the customer
- Business Vintage
- Financial Ratios
- Existing relationship
Lakshmi Vilas Business Loan Customer Care
To resolve your queries and doubts or to apply for the loan call on the customer care number. You can speak to the executives on the 24×7 active toll-free helpline number 1800 425 2233. The executives will solve the query in the best possible way.