Business Loan
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To,TransUnion CIBIL Limited[Formerly known as Credit Information Bureau (India) Limited]One Indiabulls building ,Unit No 1901 – 1905,19th Floor, Tower 2A-2B, Jupiter Mill compound,Senapati Bapat Marg, Lower Parel, Mumbai 400 013
Sub: Grant of Consent
Dear Sirs,
In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Wishfin and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:
- The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.
- I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: (a) I have carefully read the terms and conditions of the Agreement entered into between the Company and TUCL understood the same; or (b) the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.
- I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.
- I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL.
- I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company
- I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Wishfin authorizing Wishfin to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Wishfin to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Wishfin to obtain my Consumer Credit Information .
- I understand that in order to deliver the product to me, I hereby authorize Wishfin, to obtain my Consumer Credit Information from TUCL.
- By submitting this registration form, I understand that I am providing express written instructions for Wishfin to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Wishfin account. I further authorize Wishfin to retain a copy of my information for use in accordance with [Wishfin’s] Terms of Use and Privacy Policy.
- I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
- I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Wishfin . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.
- I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.
Yours faithfully,
Name :____________________________Address : ____________________________Date : ____________________________
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
Amortization Table
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.