Looking for a Loan Against Securities to consolidate your debts from Lakshmi Vilas Bank?
This page contains all the information you will need on Lakshmi Vilas Bank’s Loan Against Securities.
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
- The maximum loan amount sanctioned by the bank under this loan is Rs. 20 lakh
- As of October 2020, the interest rate applicable to this loan is 10.05%
- The funds utilised from this overdraft facility must be repaid within 12 months. The facility can be renewed on an annual basis subject to conditions
- The bank accepts pledging of securities for this loan
- The bank charges 0.25% of the loan amount with a minimum of Rs. 2,500 for processing this loan
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.
- Lakshmi Vilas Bank Website: www.lvbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Toll-free Number: 1800 425 2233