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Founded in 1926 by a group of seven progressive businessmen of Karur under the leadership of Shri V.S.N. Ramalinga Chettiar, Lakshmi Vilas Bank started off with the objective of catering to the financial needs of the people in and around Karur who were occupied in trading businesses, industry and agriculture. The Bank was incorporated on November 3rd, 1926 under the Indian Companies Act, 1913, and obtained the certificate to commence business on November 10th, 1926.
About Lakshmi Vilas Bank
It obtained its banking license from RBI on 19th June, 1958, and soon thereafter, on 11th August 1958, it became a ‘scheduled commercial bank’ signifying its capability to operate as a full-fledged commercial bank.
During the period of 1960-65, the Bank witnessed a significant expansion of its branch network when it took over nine other Banks. It started its journey of expansion beyond Tamil Nadu from 1974, when realized the need of benefitting from opportunities in a pan-Indian market. Thus, branches were established in the neighboring states of Andhra Pradesh, Karnataka and Kerala, and important financial centres such as Mumbai, New Delhi and Kolkata. It also gradually gained prominence in the other financial hubs of Maharashtra, Gujarat, and Madhya Pradesh. Meanwhile, the Bank attained the status of Authorized Dealer in foreign exchange in 1976, enabling it to extend full range of services to customers engaged in international trade and to overseas travelers. In October 2006, the implementation of Core Banking Solution (CBS) was started, and all of the bank’s branches were migrated to CBS by March 2008.
Currently, the Bank operates through a network of 460 branches (plus 7 extension counters) with Pan Indian presence, supervised by 11 Regional Offices. There are also 925 ATMs and deployed POS machines at various merchant establishments. Lakshmi Vilas Bank services are proactive across the entire spectrum of customers’ segments- retail, mid-market, and corporate. It is also involved in dynamic participation in the all the Government initiated financial inclusion plans. Through its branches, Lakshmi Vilas Bank financial services offers a host of para-banking products in association with Life and General Insurance Companies, mutual funds, stock broking houses, money transfer/remittance companies, etc. It strives continually to offers its services on a robust platform that is technologically advanced. It keeps benchmarking its operating standards with the best practices in the banking industry, so as to ensure that the customers are always treated to quality services that guarantee utmost satisfaction. While the Bank has upgraded itself to the latest technologies, it continues to draw inspiration from its rich heritage and thus offers personalized services. Lakshmi Vilas Bank banking services duly recognizes its role in the business of bringing prosperity to all its stakeholders, and seeks continuously to do justice to the motto “life smiles where LVB serves”
Vision and Mission
The Bank’s vision statement is to be a sound and dynamic banking entity that provides financial services of excellent standards, with a pan-India presence. The Bank aims to develop a range of quality financial services and products to create value for customers, shareholders and the society. It focuses on motivating people to achieve excellence in performance leading to sustainable profitable growth and building a vibrant organization.
Lakshmi Vilas Loans
Lakshmi Vilas Home Loan : Home loan from Lakshmi Vilas Bank can be availed to meet various purposes, such as – construction of new house/flat, purchase of a new house/flat constructed by a reputed Promoter/Contractor, additional construction or alterations carried out by the owners of the house, repairs on house, purchase of old houses, and purchase of approved residential plots. Individuals or HUFs (operating through Kartas) with a sufficient income and the ability to produce satisfactory proof of such income by way of salary certificates, Income Tax Certificates, etc. are eligible for this loan. For purchase/construction of new house/flat, the repayment period (or loan tenor) is a maximum of 240 months or the borrower attaining the age of 65 years, whichever is earlier. In case the loan is being availed for repairs/renovation and for purchase of residential plot, the repayment period is a maximum of 60 months (without holiday period).
Lakshmi Vilas Loan Against Property : The purpose of this loan is to meet any genuine need based financial requirements like marriage, medical, education expenses, undertaking tours or for any business-related financial aid. Any individual, including salaried, professionals, self-employed and agriculturists, who have been Income Tax assesses for at least 3 years, are eligible for this loan. The applicant should have completed 21 years of age but not exceeding 60 years, as laid down by Lakshmi Vilas Bank loan against property eligibility norms. For other individuals, the maximum age limit is 65 years at loan maturity. Also, business enterprises like proprietary concerns, partnership firms, private/public limited companies, deemed limited companies, closely held limited companies can also avail loans under this scheme. According to Lakshmi Vilas Bank loan scheme, this secured Term Loan is repayable in a maximum period of 120 EMIs.