The new personal loan scheme offered by Lakshmi Vilas Bank allows the customer to meet with his/her domestic as well as personal finance requirements such as tax planning investments, making fresh investments and more.
Lakshmi Vilas Bank Personal Loans are different from other personal loans;
The personal loans offered by Lakshmi Vilas Bank can be used by the individual to cater his/her financial emergencies such as paying hospital bills and more.
On the other hand, the Marginal Cost of funds based Lending Rate (MCLR) introduced by the government of India allows the customers to calculate their rate of interest on loans with ease.
Furthermore, factors like Cash Reserve Ratio (CRR), operating costs, premium, the marginal cost of funds and more are also considered by the individuals while using MCLR for calculating the rate of interest on their loans.
For the new borrowers, the below-given rates are applicable. On the other hand, the old borrowers, if they want so, can transfer to the MCLR system or else if the decides to remain with the old system, the interest will be charged as it used to.
| Tenure | Marginal Cost of funds based Lending Rate (MCLR) % |
|---|---|
| Overnight | 9.35 |
| 30 Days | 9.35 |
| 90 Days | 9.40 |
| 180 Days | 9.45 |
| 365 Days | 9.50 |
NOTE:- Lakshmi Vilas Bank can change or make some modifications any time without notifying the customers regarding the above given details.
