Dhanlaxmi Bank Personal Loan
Dhanlaxmi Bank offers personal loans at an interest rate of 13.30% p.a. with loan amounts ranging between ₹15 lakh to up to 5 years of tenure. For the purpose of applying for a personal loan from Dhanlaxmi Bank, applicants who are salaried individuals above 23 years of age with a minimum monthly income of ₹35,000 and individuals who are self-employed with above 23 years of age with a minimum income of ₹1.8 lakh per annum can apply for the loan.
Features of Dhanlaxmi Bank Personal Loan
Dhanlaxmi Bank offers unique features that make it an outstanding choice for a personal loan. Some of the features are as follows:
- Loan amount: Dhanlaxmi Bank provides loans ranging from Rs.1 lakh to Rs.15 lakh to salaried persons, as well as Rs.3 lakh to Rs.15 lakh to self-employed people.
- Documents: The Dhanlaxmi Bank personal loan application process is straightforward and painless. Customers can learn about the procedure by visiting their local bank or the bank's official website.
- Repayment options: Dhanlaxmi Bank provides flexible repayment durations ranging from 12 to 60 months.
Dhanlaxmi Bank Personal Loan Interest Rate vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
Bank of Maharashtra | 10.00% onwards |
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Paisabazaar; rates as of 27 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Dhanlaxmi Bank of Personal Loan Eligibility
- Age: More than 23 years.
- Job: Salary applicants who are permanently employed by a Central/State Government institution, a profit-making organisation or corporation.
- Work experience: Two years or more work experience.
For self-employed individuals:
- Age: More than 23 years.
- Job: Self-employed professionals, and self-employed non-professionals who work for a partnership firm/proprietorship business/private limited company are all eligible.
- Work experience: Three years or more for self-employed professionals, five years with four years in the current business for self-employed non-professionals.
When establishing your personal loan eligibility, the bank may take into account your credit score, minimal income, and repayment capacity.
Dhanlaxmi Bank Personal Loan Document Required
Dhanlaxmi Bank personal loan applicants seeking urgent personal loans must present the following documents, as applying for a personal loan can be a straightforward process. However, having the appropriate paperwork ready is critical to expediting the loan acceptance process.
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Identification proof:
- Aadhaar card
- Driving licence
- Voter ID
- Passport
- Employee ID issued by Public Sector Undertaking/Defense/Government/reputed MNCs/Public Limited Companies only.
- Bank passbook, practice certificate granted by professional groups like ICAI/ICSI/ICWAI/ICFA.
- Birth Certificate
- School Leaving Certificate/ Transfer Certificate
- PAN Card
- LIC Policy
- Driving Licence
- College Certificate
- Voter ID
- Driver licence
- Passport
- Life insurance premium receipt from any insurer
- Telephone bill
- Piped gas connection bill
- Bank passbook
- Latest bank account statement
- Electricity bill
- Receipt from co-operative housing association
- Rent agreement with the most recent power bill
Age proof:
Residential proof:
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For salaried individuals
- Salary account statement of six months
- Three recent pay slips.
- Form 16
- Appointment letter
- Letter from HR authorised signatory.
Income proof:
Job proof:
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For government salaried employees
- Banker verification
- ID card
- Registered sale deed copy with photo and signatures.
- PAN card
- Driver’s licence
Income proof:
Identity proof:
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For self employed non-professionals
- Bank statement over the last year.
- ITR for the last two years, including income computation, profit and loss schedules, and balance sheet.
- Certificate of incorporation in the case of proprietorship
- Professional qualifications and certifications
Income proof:
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For self-employed professionals
- VAT service tax registration certificate
- SSI registration certificate
- Shop and Establishment Certificate
- Importer-Exporter Code Certificate
- Latest bank account statement in the name of the entity with complete address
- Sales Tax Registration Certificate
- Partnership deed or Registration Certificate for partnership firms
- MOA/AOA
- Incorporation Certificate for companies.
- Leave and Licence Agreement in the name of the entity
- Telephone/electricity bill in the name of the entity
- PAN intimation letter
- IT assessment order
- Acknowledged ITR of the entity
- Most recent bank account statement in the name of the entity with the entity's complete address
- ECS mandate
- Clearance of initial payment cheque
- Banker's verification
- Documentation presented by the entity while opening the bank account
Evidence of registered office address and legal existence proof:
Proof of operating address:
Signature verification:
Dhanlaxmi Bank Personal Loan EMI Calculator
Dhanlaxmi Bank's online EMI calculator is a useful financial tool that allows people to make informed decisions about loan repayments. By entering the loan amount, interest rate, and tenure, customers may easily determine their monthly EMIs, total interest payable, and total amount to be repaid. This eliminates the need for manual computations, saving both time and effort. Furthermore, the calculator's user-friendly layout and intuitive design make it suitable for users of all ages and technological backgrounds. By providing accurate and accessible information, the calculator helps users understand the financial implications of their loan decisions, allowing them to make choices that correspond with their budget and financial goals.
Dhanlaxmi Bank Personal Loan Details
Interest Rate | 13.30%-17.00% p.a. |
Loan Amount | For Salaried: ₹1 – ₹15 lakh For Self-Employed: ₹3- ₹15 lakh |
Tenure | Up to 5 years |
Processing Fee | Up to 2.5% subject to minimum of ₹1,250 |
Minimum Income | For Salaried: ₹35,000 p.m. For Self-Employed: ₹1.8 lakh p.a. |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Dhanlaxmi Bank Personal Loan Fees & Charges
Dhanlaxmi Bank applies the following fees and charges to personal loans
Particulars | For Salaried |
|---|---|
Processing Fee | Up to 2.5% subject to minimum of ₹1,250 |
Prepayment Charges | 2%+ST of outstanding principal |
No due certificate/no objection certificate | ₹250 |
Late payment charges | 36% p.a. on amount outstanding |
Stamp duty | As per the laws |
Cheque swapping charges | ₹500+ST |
Cheque bounce charges | ₹500+ST |
Loan cancellation charges | ₹1,000+ST |
Foreclosure Charges | ₹200+ST |
Insurance Fees | ₹500+ST |
Customer Credit Information Report | For Salaried: ₹200 For Self-employed Individuals: ₹200 For Self-employed Non Individuals: ₹700 |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Dhanlaxmi Bank Personal Loan Interest Rates
The Dhanlaxmi Bank Personal Loan interest rates for loan applicants seeking personal loans are as follows:
Rating | Interest Rates (p.a.) | |||
|---|---|---|---|---|
Over 6 months-1 year | Over 1 year-2 years | Over 2 years-3 years | Over 3 years-5 years | |
AAA | 13.30% | 14.20% | 14.40% | 14.40% |
AA | 13.65% | 14.55% | 14.75% | 14.75% |
A | 14.10% | 15.00% | 15.20% | 15.20% |
BBB | 14.55% | 15.45% | 15.65% | 15.65% |
BB | 14.80% | 15.70% | 15.90% | 15.90% |
B | 15.00% | 15.90% | 16.10% | 16.10% |
C | 15.40% | 16.30% | 16.50% | 16.50% |
Unrated | 15.90% | 16.80% | 17.00% | 17.00% |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Dhanlaxmi Bank Personal Loan FAQS
I work as a teacher in a government school. Can I get a Dhanlaxmi bank personal loan?
Yes, you can get a Dhanlaxmi bank personal loan provided you match the eligibility requirements. The bank offers loans to both salaried and self-employed persons.
How can I calculate the EMI for a Dhanlaxmi bank personal loan?
The EMI for a Dhanlaxmi bank personal loan can be calculated using our website’s free EMI calculator. This might assist you assess your repayment capacity even before you apply for the loan.
How do I repay the Dhanlaxmi bank personal loan?
You can pay the Dhanlaxmi bank personal loan EMI offline by submitting a DD/cheque to your closest bank or online through Dhanlaxmi bank’s internet banking platform.
Is it possible to change the date of my EMI payment if I am unable to pay it on time?
You can change the date of your EMI cycle by contacting the bank or visiting a branch. To alter the EMI cycle, you must pay Rs.200.
Can my loan application be turned down?
The bank will review your credit history to determine if you have enough income to repay the loan and whether you have been consistent in repaying previous loans. If the bank finds out that you have a history of late payments or a low credit score, it may deny your application.
How is the interest rate on a personal loan fixed?
The bank sets the interest rate on personal loans above the marginal cost of funds-based lending rate (MCLR). The interest rate adjusts depending on the RBI’s repo rate and the bank’s performance.
How is the repayment period decided?
You can specify the repayment period when applying for a loan. Dhanlaxmi bank’s minimum payback period is one year.