Lakshmi Vilas Bank Car Loan
Last Updated : June 9, 2017, 5:57 p.m.
About Lakshmi Vilas Bank Car Loan
Owning a car is a pride possession which one wants to achieve in this lifetime. No matter, it makes the travel much easier comparative to public transport. It makes you independent as well where you can plan out for long drives and weekend getaways frequently. For getting one’s own car is a costly affair but thanks to the banks and NBFC’s which has made possible even for the middle-class customers to realize their dream in a most feasible manner. Lakshmi Vilas Bank is also one among the few banks which provides car loans for the purchase of new cars, jeeps, and vans. They also arrange quick finance for used cars, vans, and jeeps which are not more than 4 years old from the date of their first registration. Now the customers of all income groups have the flexibility to choose their own make and model of the car and start availing attractive benefits on their vehicle loan.
Lakshmi Vilas Bank Car Loan Eligibility Criteria
Salaried employees are eligible to apply for car loans. These salaried employees must be permanently employed with State/Central Governments, Public Sector Undertakings/Corporations, Private Sector Companies of repute, Reputed Establishments
Self-employed professionals including businessmen & agriculturists are also eligible for availing car loans from the bank.
The annual income for salaried employees should be atleast ₹ 1,20,000/- and net monthly income should be at least twice the monthly installments which is fixed for the loan
For other individuals apart from the salaried employees, the annual income should be atleast ₹ 1,20,000/-
The age limit should not exceed 65 years at the time of loan maturity.
Lakshmi Vilas Bank Car Loan Interest Rates
| Particulars | Description |
|---|---|
| Interest Rate | New Cars: 7.05% Onwards |
| Loan Amount | New cars : 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 ₹25,000/- with a maximum ceiling of ₹25,00,000 for new vehicles Pre-owned cars : 60% of cost of the vehicle with a maximum of ₹ 10,00.000 |
| Tenure | New cars : 6 years Pre-owned cars : 3 years |
| Age Limit | > 18 years but < 65 years at the time of loan maturity |
| Processing Fees | 0.50% of the loan amount for the amount upto ₹2,00,000 1.10% of the loan amount for the amount above ₹ 2 lakhs- ₹1 crore 1.20% of the loan amount for the amount above ₹ 1 crore |
| Document charges | No charges applicable for the loan amount upto ₹ 25 lakhs ₹1,000 is levied for the loan amount above ₹ 25 lakhs-₹1 crore ₹ 2,000 is levied for the loan amount above ₹ 1 crore |
| Loan Margin | 15% of the on-road price of the car is applicable as margin 40% of the cost of the car as magin if the car is not more than 4 years old and is in good working condition from the date of first registeration |
Lakshmi Vilas Bank Car Loan EMI Calculator
Use Lakshmi Vilas Bank car loan EMI Calculator for calculating your monthly car loan payments. An EMI Calculator is an online arithmetical tool where you are required to enter the loan parameters such as the loan amount, loan tenure, interest rate and processing fee. Once you enter all these details, click on the “Calculate” button to submit your details on the website. The result displayed will be total amount payable by you along with the break-up of an amortization table to pay-off your loan.
For example : Mr. Rajeev has applied for a 6-year car loan of ₹ 10 lakhs with an interest rate of 9.75 % per annum subject to his eligibility. The following table shows the elaborated computation of his EMI, interest outgo and total amount(EMI+Interest) which he needs to repay each year towards car loan.
Table showing EMI, interest outgo and total amount payable on your car loan
| Loan Amount (in ₹) | Loan Tenure(in years) | Interest Rate (in % p.a.) | EMI (in ₹) | Total Interest Outgo(in ₹) | Total Amount(EMI+Interest) (in ₹) |
|---|---|---|---|---|---|
| 1000000 | 1 | 9.75% | 87,800 | 53,596 | 10,53,596 |
| 1000000 | 2 | 9.75% | 46,030 | 1,04,711 | 11,04,711 |
| 1000000 | 3 | 9.75% | 32,150 | 1,57,398 | 11,57,398 |
| 1000000 | 4 | 9.75% | 25,243 | 2,11,649 | 12,11,649 |
| 1000000 | 5 | 9.75% | 21,124 | 2,67,455 | 12,67,455 |
| 1000000 | 6 | 9.75% | 18,400 | 3,24,801 | 13,24,801 |
Amortization Table
| Year | Principal(in ₹) | Interest(in ₹) | Balance Amount(in ₹) |
|---|---|---|---|
| 1 | 128,961 | 91,839 | 871,039 |
| 2 | 142,113 | 78,687 | 728,926 |
| 3 | 156,605 | 64,195 | 572,321 |
| 4 | 172,576 | 48,224 | 399,745 |
| 5 | 190,174 | 30,626 | 209,571 |
| 6 | 209,719 | 11,230 | 0 |
Features of Lakshmi Vilas Bank Car Loan
Fast processing and hassle-free service
Clear terms and conditions of car loan scheme
Flexible repayment tenures
Avail car loans for new vehicle with a margin of 15% of the loan amount
Avail car loans for used vehicle (not more than 4 years old) with a margin of 40% of the loan amount.
Documentation Required for Lakshmi Vilas Bank Car Loan
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Salary slips for the last 3 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account, | CA-certified balance sheet for the last 3 financial years, ITR for the last 3 years, 6 months bank statement of the main account |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Sign Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |