Lakshmi Vilas Bank Car Loan Interest Rate 2024

Lakshmi Vilas Bank, which has now been merged with DBS Bank India, used to offer car loans with interest rates starting from 8.75% per annum. The maximum loan amount offered was up to Rs. 10 lakhs, with a repayment period of up to 7 years. The bank also offered pre-approved car loans to eligible customers.

However, post-merger, DBS Bank India may have different car loan offerings and interest rates. It is recommended to check with the bank for the latest information on their car loan offerings.

Characteristics of the Lakshmi Vilas Bank Car Loan Schemes

Prior to its merger with DBS Bank India, Lakshmi Vilas Bank offered car loans with several salient features and characteristics. Some of these included:

1. Competitive interest rates

Lakshmi Vilas Bank offered car loans at competitive interest rates starting from 8.75% per annum.

2. Flexible repayment tenure

The bank offered flexible repayment tenures ranging from 1 year to 7 years, allowing borrowers to choose a repayment period that suits their budget and financial goals.

3. Higher loan amounts

The bank offered car loans with loan amounts of up to Rs. 10 lakhs, depending on the borrower's income and creditworthiness.

4. Pre-approved car loans

Eligible customers could avail of pre-approved car loans from the bank, which allowed for a faster and hassle-free loan disbursal process.

5. Minimal documentation

Lakshmi Vilas Bank required minimal documentation for car loan approvals, making it easier for customers to apply for and get their car loans sanctioned.

It's important to note that post-merger, DBS Bank India may have different car loan offerings and features. It is recommended to check with the bank for the latest information on their car loan schemes.

Lakshmi Vilas Bank Car Loan Rate of Interest 2024

As Lakshmi Vilas Bank has been merged with DBS Bank India, the interest rates and charges for their car loans may have changed. However, as of May 2024, DBS Bank India offers car loans starting at an interest rate of 7.25% per annum, with the maximum interest rate being determined based on the borrower's credit score, income, and other factors.

Besides the interest rate, DBS Bank India may also charge processing fees and other charges for their car loans. These fees and charges can vary depending on the loan amount, tenure, and other factors. It is recommended to check with the bank for the latest information on their car loan interest rates and charges.

Lakshmi Vilas Bank Car Loan Interest Rate based on CIC Score

As Lakshmi Vilas Bank has been merged with DBS Bank India, the credit score requirements for their car loans may have changed. However, as of May 2024, DBS Bank India offers car loans with interest rates based on the borrower's credit score, income, and other factors. The minimum CIBIL score required for a car loan from DBS Bank India is ?750. However, this may vary based on the individual borrower's profile and other factors.

The minimum loan tenure for a car loan from DBS Bank India is ?12 months, and the maximum tenure is up to 84 months. The interest rate for a car loan can vary depending on the borrower's credit score. Borrowers with higher credit scores are offered lower interest rates.

The interest rate for a car loan from DBS Bank India can range from 7.25% per annum to 18% per annum, depending on the borrower's credit score and other factors. It is recommended to check with the bank for the latest information on their car loan interest rates and credit score requirements.

Factors that Change the Lakshmi Vilas Bank Car Loan Interest

The interest rates for car loans offered by Lakshmi Vilas Bank now merged with DBS Bank India, can be impacted by several factors. Some of these factors include:

1. Credit score

Borrowers with higher credit scores are generally offered lower interest rates. This is because higher credit scores show a lower risk of default and a better repayment history.

2. Income

The borrower's income is also an important factor that can impact the interest rate. Borrowers with higher incomes are ?offered lower interest rates, as they are considered to be more financially stable and have a lower risk of default.

3. Loan amount and tenure

The loan amount and tenure also play a role in determining the interest rate. Loans with longer tenures and higher loan amounts are offered higher interest rates.

4. Market conditions

The prevailing market conditions, including the RBI's monetary policy, inflation, and other economic factors, can impact the interest rates of car loans offered by Lakshmi Vilas Bank.

5. Relationship with the bank

Existing customers of Lakshmi Vilas Bank, who have a good relationship with the bank and a strong repayment history, may be offered lower interest rates on car loans.

It is important to note that the interest rate for a car loan can vary depending on the borrower's profile and other factors, and may be subject to change at the bank's discretion.

Who is Eligible for a Lakshmi Vilas Bank Car Loan?

As Lakshmi Vilas Bank has been merged with DBS Bank India, the eligibility criteria for their car loans may have changed. However, as of May 2024, some of the common eligibility criteria for a car loan from DBS Bank India include:

1. Age

The borrower must be at least 21 years of age at the time of application, and not over 65 years of age at the time of loan maturity.

2. Income

The borrower must have a regular source of income and meet the minimum income requirements specified by the bank. This may vary depending on the borrower's profile and the loan amount.

3. Credit score

The borrower must have a good credit score, generally 750 or above.

4. Employment stability

The borrower must have a stable employment history, with a minimum of 2-3 years of experience in their current job or business.

5. Other factors

The bank may also consider other factors such as the borrower's existing relationship with the bank, their repayment history, and the purpose of the loan.

It is recommended to check with the bank for the latest information on their car loan eligibility criteria.

How to Apply for the Lakshmi Vilas Bank Car Loan?

As Lakshmi Vilas Bank has been merged with DBS Bank India, the process for applying for car loans may have changed. However, as of May 2024, some of the common steps involved in applying for a car loan from DBS Bank India include:

1. Check Eligibility

The borrower must first check their eligibility for a car loan by meeting the bank's eligibility criteria.

2. Collect documents

The borrower must then collect all the required documents such as identity proof, address proof, income proof, and other relevant documents.

3. Apply online or offline

The borrower can apply for a car loan either online or offline. Online applications can be made through the bank's website or mobile app, while offline applications can be made by visiting a branch.

4. Submit documents

The borrower must then submit the required documents along with the application form.

5. Verification and approval

The bank will then verify the documents and assess the borrower's eligibility. If the application is approved, the loan amount will be disbursed to the borrower's account.

It is recommended to check with the bank for the latest information on their car loan application process and required documents.

How to Negotiate for the Best Car Loan Interest Rates with Lakshmi Vilas Bank

As Lakshmi Vilas Bank has been merged with DBS Bank India, the process for negotiating their car loan interest rates may have changed. However, some tips for negotiating down the interest rates for a car loan from any bank include:

1. Improve credit score

A good credit score can help you negotiate a better interest rate. Maintain a good credit score by paying your bills and EMIs on time, and keeping your credit utilization low.

2. Compare offers

Before applying for a car loan, compare the interest rates, and other features offered by different banks. This will help you negotiate a better deal with the bank of your choice.

3. Negotiate loan tenure

A longer loan tenure may mean a lower EMI, but it can also lead to a higher interest rate. Negotiate the loan tenure to find the right balance between the EMI and interest rate.

4. Offer collateral

You may negotiate a lower interest rate on your car loan if you have collateral such as property or a fixed deposit.

5. Existing relationship

If you have an existing relationship with the bank such as a savings account or credit card, you may negotiate a better interest rate on your car loan.

It is recommended to do your research and be prepared to negotiate for the best car loan interest rates with the bank.