Lakshmi Vilas Bank - Products and Services

Lakshmi Vilas Bank India was established in 1926 under the ownership of Shree V.S.N. Ramalinga Chettigar under the Indian Companies Act, 1913. The bank obtained the license from RBI in 1958. Pretty soon, it came up as a scheduled commercial bank.

The Lakshmi Vilas Bank is currently headquartered in Tamil Nadu. It expanded itself by taking over nine banks in a period of four years, from 1961 to 1965, thereby giving itself the very thump it needed. By overtaking nine banks in such a small span of time, it raised the number of branches in the country and developed a good network.

The bank offers an array of banking and financial services to its customers in a totally professional manner. Due to its fantastic services and facilities, Lakshmi Vilas gained a great rapport in the banking industry in India within a short span of time. Their customer-base has been increasing consistently over the past few years, which, particularly, accounts for the banks success.

Services Offered

Savings accounts are intended to promote the healthy habit of saving and its steady growth. It requires a minimum deposit amount of Rs. 100 with cheque book facility at rural areas, and Rs. 500 at semi-urban, urban, and metro cities. You’ll earn interest at the rate of 4 percent per annum on the sum accrued in your regular savings account.

No-Frills account is offered for low income people and it can be opened with a minimum balance of Rs. 40.

Financial Inclusion is for 2 main categories of intermediaries, and the maximum deposit/withdrawal per day is Rs. 5000.

The special Lakshmi Balance account is offered in main branches, specially designed for salaried professionals, where the salary of the employee directly gets credited to their account on monthly basis, and they enjoy of other benefits such as zero balance maintenance requirement.

The main focus of Lakshmi Vilas Bank India is to provide the highest level of customer satisfaction. In order to keep pace with the changing trends in the industry, they have come up with new services, such as insurance, retail banking and corporate banking.

Loans Offered

The loans are provided by Lakshmi Vilas Bank India to meet the short term and long term needs of the clients. The period of payment is flexible (1-25 years), while rate of interests are also pretty moderate.

Home Loan: Individuals with sufficient income are eligible for loans. Loans upto a sum of Rs. 30 lakhs are provded. The rate of interest isn’t too high either (12.5% for loan repayable within 5 years, 12.75% within 15 years).

Initial Public Offer: Salaried employees are eligible for this type of loan; the amount is Rs. 50,000 (min) and Rs. 10 lac (max), and the rate of interest is base price + 16.25% per annum.

Lakshmi Rental Loan: This special loan is offered to meet personal expenditure needs, be it for corporate or personal purposes. To avail this loan, you should be an owner of one of more residential or commercial properties in urban, semi-urban or metro cities. The minimum loan amount is 50k and the maximum depends upon your eligibility criteria. The rate of interest is base rate +4.5%, which comes around 15.5%.

Lakshmi Easy Loan: To meet both personal and domestic expenses, opt for easy loan from Lakshmi Vilas Bank India. They provide loans starting from Rs. 10, 000 and you can take the loan in joint names.

Educational Loan: They provide Vidhya Lakshmi loans for studies in India as well as abroad. The eligibility for loan is to be an Indian national, and to have secured admission to technical or professional courses through entrance exam or selection process. The maximum amount is Rs. 10 lakhs for education within India, and Rs. 20 lakhs for studying abroad. The rate of interest (ROI) depends upon the amount of loan you have taken; for up to 4 lacs, ROI for men is 11.25% per annum and for women its 10.75% per annum. Loan amounts above Rs. 4 lakhs attract 12.25% and 11.75% ROI for men and women, respectively.

Insurance Schemes Offered

The Lakshmi Vilas Bank India is a trusted name in the insurance segment, and offers number of insurance benefits for automobiles, housing, health issues and all other important factors of lifestyle. Lakshmi Vilas Bank India provides the below mentioned insurance schemes-

• Easy Life Plus plan

• Pension Plus service

• Amar Suraksham plan

• Secure Life plan

• Life Bond premium insurance plan