The Lakshmi Vilas Bank was founded in 1926, by seven businessmen of Karur, started with the aim of financially catering to the people who were involved in the industry, agriculture, and trading. The first steps of the establishment were taken under the supervision of Shri V.A.N. Ramalinga Chettiar. The network of the bank grew consistently between the years 1961 and 65. In 1974, the interface of the bank expanded beyond the borders of Tamil Nadu, and there has been no looking back ever since. Today its system consists of 421 branches (plus seven extension counters) across India. There are more than 820 ATMs as well as deployed POS machines. The bank also provides various para-banking products in association with Life and General Insurance companies, mutual funds, stock broking houses, money transfer/ remittance companies. All the services that are offered by Lakshmi Vilas Bank, come with the best and latest technology.
Among the many other loans that Lakshmi Vilas Bank offers, the two-wheeler loan is one of the most desirable among customers because of the reasonable rates and flexible terms of the loan.
To be eligible for the two-wheeler loan either the applicant must be a salaried person (who is a permanent employee of State or Central Government, Public Sector Undertakings or Corporations, Reputable Private Sector Companies, Reputed Establishments) or an Independent Professional or Self-employed individuals/Businessmen/Agriculturists.
The applicant must be earning a net monthly income of at least Rs.5,000 (no matter the type of borrower you are). The applicant needs to provide the bank with the necessary income proof.
The applicant must be maximum 65 years old as on the date of maturity of the loan to be eligible for the two-wheeler loan.
The bank provides quick, hassle-free, and straightforward processing of the loan.
Inquire about the interest rate of bank as it may vary for every applicant.
The bank provides an opportunity to buy the two-wheeler with the margin of 15% of the on-road costs.
The minimum quantum for the loan should be Rs.10,000/- and the maximum amount should be Rs.1,50,000/-
The borrowed amount shall not cross the net monthly income of the applicant more than six times or 75% of the cost of the two-wheeler.
The period of repayment for a new two-wheeler loan is 60 months.
Q1. Am I eligible to get a two-wheeler loan from Lakshmi Vilas Bank, if I am a student?
No. The bank does not provide loans for two-wheelers unless you are salaried or self-employed.
Q2. I am 66 years old person, am I eligible to get a two-wheeler loan from Lakshmi Vilas Bank?
No. The maximum age of the borrower at the time of tenure end must be 65 years.