Consolidation Loans from Lakshmi Vilas Bank

Different loans for the financial needs of different people

Considered to be one of the popular private banks in India, Lakshmi Vilas Bank offers a range of financial products in different segments to its customer base. The bank offers a range of loans that are specifically suited for its customers’ varied needs.

Lakshmi Vilas Bank Consolidation Loans

A Lakshmi Vilas Bank consolidation loan helps customers pay off their debts and consolidate them into one and repay it easily by choosing favourable terms and conditions. Consolidation loans can be divided into two categories: unsecured and secured loans. Personal loans fall into the category of unsecured loans while loans against gold, time deposits, property, car or securities fall into the category of secured loans.

Consolidation loan schemes help make your life easier since you will only have to “worry” about making one repayment per month instead of stressing over making multiple repayments all through the month towards different debts. You will also be able to reduce the overall debt burden if you choose your consolidation loans by comparing interest rates and repayment periods.

Please note that Lakshmi Vilas Bank does not label a specific loan as a consolidation loan. However, many loan schemes can be used for consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Lakshmi Vilas Bank that you can avail as a consolidation loan:

  1. Gold Loan
  2. Deposit Loan
  3. Loan Against Securities
  4. Loan Against Property
  5. Top-up Home Loan

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.

Lakshmi Vilas Bank Gold Loan

This scheme helps borrowers access needed funds by pledging their gold jewellery. This loan can be used to meet any personal financial needs as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 30 lakh.

Features of Lakshmi Vilas Bank Gold Loan

Why this Loan?

  • The Lakshmi Vilas Bank Gold Loan is meant for borrowers who want to get funds by pledging gold jewellery to meet their financial needs
  • This loan scheme can also be repurposed into a consolidation loan to pay off their debt

Lakshmi Vilas Bank Deposit Loan

This loan helps borrowers to get funds against Fixed Deposits (FDs) to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. This scheme can also be availed as a consolidation loan to pay off their debts.

Features of Lakshmi Vilas Bank Loan Against Fixed Deposit

Why this Loan?

  • The Lakshmi Vilas Bank Deposit Loan is designed to help Lakshmi Vilas Bank customers having Fixed Deposits (FDs) get access to funds against these FDs to meet their urgent financial needs. The funds availed from this scheme can be used for personal needs including child’s education expenses, wedding expenses, expenses for overseas or domestic travel as well as for consolidating debts
  • There are no pre-payment penalties on this loan

Lakshmi Vilas Bank Loan Against Securities

This loan helps borrowers get access to funds by pledging their securities to the bank. While this secured loan can be used to meet any financial needs such as a child’s wedding, overseas travel, child’s education, medical emergency, it can also be used to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan is Rs. 20 lakh.

Features of Loan Against Securities from Lakshmi Vilas Bank

Why this Loan?

  • The Lakshmi Vilas Bank Loan Against Securities is an overdraft facility meant for borrowers who want to avail financial assistance by pledging shares (dematerialised shares of companies in BSE Top 200 other than bank’s own shares), mutual funds, life insurance policies, etc. to meet their financial needs
  • Borrowers can also avail this scheme as a consolidation loan to pay off their debts
  • Interest is charged only on the utilised funds

Lakshmi Vilas Bank Loan Against Property

This loan helps borrowers get access to funds by mortgaging their residential/commercial building or land to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education and debt consolidation.

Features of Lakshmi Vilas Bank Mortgage Loan

Why this Loan?

  • The Lakshmi Vilas Bank Loan Against Property is meant for salaried or self-employed individuals who want to avail financial assistance by mortgaging their residential or commercial property, building or land, to meet their urgent financial needs other than for capital market, trading or speculative purposes
  • This loan can also be availed as a consolidation loan to pay off debts

Lakshmi Vilas Bank Home Top-up Loan

This top-up loan helps Lakshmi Vilas Bank home loan borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house or other personal needs, this loan can also be used as a consolidation loan to pay off debts.

Features of Lakshmi Vilas Bank Home Top-up Loan

Why this Loan?

  • The Lakshmi Vilas Bank Home Top-up Loan is meant for the bank’s home loan customers who need assistance to meet their financial needs for a child’s wedding, higher education, domestic/overseas travel, debt consolidation, home renovation/repair/construction, etc.
  • There are no prepayment charges for this loan

Important Note: Lakshmi Vilas Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for Lakshmi Vilas Bank Consolidation Loans

  • The applicable interest rate on these loans is defined as the sum of three factors namely, Repo Rate, Operating Expenses and (Strategic) Spread. As of October 2020, the Repo Rate of Lakshmi Vilas Bank is not mentioned on the bank’s website, please talk to a bank representative if you need more details. The Operating Expenses and Spread factor are also decided by the bank based on the loan type, quantum of loan and credit score of the borrower

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account

Reference Facts

  • Lakshmi Vilas Bank Website: www.lvbank.com
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Toll-free Number: 1800 425 2233