ClassNotFoundException while executing spring mvc program integrated with hibernate

I am writing simple program using spring and hibernate. But while executing getting 500 error saying,

javax.servlet.ServletException: Error instantiating servlet class org.springframework.web.servlet.DispatcherServlet

I am using eclipse luna,tomcat 8 and maven to build the program,

pom.xml

<project xmlns="http://maven.apache.org/POM/4.0.0" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
xsi:schemaLocation="http://maven.apache.org/POM/4.0.0 http://maven.apache.org/maven-v4_0_0.xsd">
<modelVersion>4.0.0</modelVersion>
<groupId>com.nt</groupId>
<artifactId>NewMavenApp</artifactId>
<packaging>war</packaging>
<version>0.0.1-SNAPSHOT</version>
<name>NewMavenApp Maven Webapp</name>
<url>http://maven.apache.org</url>
<dependencies>
    <dependency>
        <groupId>junit</groupId>
        <artifactId>junit</artifactId>
        <version>3.8.1</version>
        <scope>test</scope>
    </dependency>
    <dependency>
        <groupId>org.springframework</groupId>
        <artifactId>spring-context</artifactId>
        <version>4.1.6.RELEASE</version>
    </dependency>
    <dependency>
        <groupId>org.springframework</groupId>
        <artifactId>spring-core</artifactId>
        <version>4.1.6.RELEASE</version>
    </dependency>
    <dependency>
        <groupId>org.springframework</groupId>
        <artifactId>spring-webmvc</artifactId>
        <version>4.1.6.RELEASE</version>
    </dependency>

    <dependency>
        <groupId>commons-dbcp</groupId>
        <artifactId>commons-dbcp</artifactId>
        <version>1.4</version>
    </dependency>
    <dependency>
        <groupId>org.hibernate</groupId>
        <artifactId>hibernate-annotations</artifactId>
        <version>3.5.6-Final</version>
    </dependency>
    <dependency>
        <groupId>org.springframework</groupId>
        <artifactId>spring-web</artifactId>
        <version>4.1.6.RELEASE</version>
    </dependency>

    <dependency>
        <groupId>org.hibernate</groupId>
        <artifactId>hibernate-core</artifactId>
        <version>4.3.8.Final</version>
    </dependency>
    <dependency>
        <groupId>org.springframework</groupId>
        <artifactId>spring-hibernate3</artifactId>
        <version>2.0.8</version>
    </dependency>
    <dependency>
        <groupId>javax.transaction</groupId>
        <artifactId>jta</artifactId>
        <version>1.1</version>
    </dependency>
</dependencies>
<build>
    <finalName>NewMavenApp</finalName>
</build>

web.xml

<web-app>
<servlet>
    <servlet-name>dispatcher</servlet-name>
    <servlet-class>org.springframework.web.servlet.DispatcherServlet</servlet-class>
</servlet>
<servlet-mapping>
    <servlet-name>dispatcher</servlet-name>
    <url-pattern>/</url-pattern>
</servlet-mapping>

I have 'serlvet-api.jar' in build path, all jars are in WEB-INF/lib folder, but still I am getting ClassNotFoundException. FullStackTrace:-

javax.servlet.ServletException: Error instantiating servlet class org.springframework.web.servlet.DispatcherServlet
org.apache.jasper.runtime.PageContextImpl.doForward(PageContextImpl.java:741)
org.apache.jasper.runtime.PageContextImpl.forward(PageContextImpl.java:711)
org.apache.jsp.index_jsp._jspService(index_jsp.java:90)
org.apache.jasper.runtime.HttpJspBase.service(HttpJspBase.java:70)
javax.servlet.http.HttpServlet.service(HttpServlet.java:725)
org.apache.jasper.servlet.JspServletWrapper.service(JspServletWrapper.java:431)
org.apache.jasper.servlet.JspServlet.serviceJspFile(JspServlet.java:396)
org.apache.jasper.servlet.JspServlet.service(JspServlet.java:340)
javax.servlet.http.HttpServlet.service(HttpServlet.java:725)
org.apache.tomcat.websocket.server.WsFilter.doFilter(WsFilter.java:52)

javax.servlet.ServletException: Error instantiating servlet class org.springframework.web.servlet.DispatcherServlet
org.apache.jasper.runtime.PageContextImpl.doForward(PageContextImpl.java:741)
org.apache.jasper.runtime.PageContextImpl.forward(PageContextImpl.java:711)
org.apache.jsp.index_jsp._jspService(index_jsp.java:90)
org.apache.jasper.runtime.HttpJspBase.service(HttpJspBase.java:70)
javax.servlet.http.HttpServlet.service(HttpServlet.java:725)
org.apache.jasper.servlet.JspServletWrapper.service(JspServletWrapper.java:431)
org.apache.jasper.servlet.JspServlet.serviceJspFile(JspServlet.java:396)
org.apache.jasper.servlet.JspServlet.service(JspServlet.java:340)
javax.servlet.http.HttpServlet.service(HttpServlet.java:725)
org.apache.tomcat.websocket.server.WsFilter.doFilter(WsFilter.java:52)

java.lang.ClassNotFoundException: org.springframework.web.servlet.DispatcherServlet
org.apache.catalina.loader.WebappClassLoaderBase.loadClass(WebappClassLoaderBase.java:1305)
org.apache.catalina.loader.WebappClassLoaderBase.loadClass(WebappClassLoaderBase.java:1157)
org.apache.jasper.runtime.PageContextImpl.doForward(PageContextImpl.java:741)
org.apache.jasper.runtime.PageContextImpl.forward(PageContextImpl.java:711)
org.apache.jsp.index_jsp._jspService(index_jsp.java:90)
org.apache.jasper.runtime.HttpJspBase.service(HttpJspBase.java:70)
javax.servlet.http.HttpServlet.service(HttpServlet.java:725)
org.apache.jasper.servlet.JspServletWrapper.service(JspServletWrapper.java:431)
org.apache.jasper.servlet.JspServlet.serviceJspFile(JspServlet.java:396)
org.apache.jasper.servlet.JspServlet.service(JspServlet.java:340)
javax.servlet.http.HttpServlet.service(HttpServlet.java:725)
org.apache.tomcat.websocket.server.WsFilter.doFilter(WsFilter.java:52)