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Car Loan

About Dhanalakshmi Bank
 

Dhanlaxmi Bank is a leading private bank of India headquartered at Thrissur, Kerala. The bank focuses mostly in Southern states like Tamil Nadu, Karnataka and Kerala. Being centuries old, serving customers consistently, Dhanalakshmi Bank has received the goodwill of clients. The Bank has 280 branches and 398 ATMs spread over different states of India as on January 2016. Car Loan from Dhanalaxmi Bank is the best way to get a new car. With the flexible Dhanlaxmi Car finance plans, you can get your favorite car, be it small car or a luxury vehicle. For the most popular models, Dhanlaxmi Bank has pre-approved car loans.

Dhanlaxmi Bank Car Loan

Dhanlaxmi Bank Limited was incorporated in the year 1927 and presently it has over 280 branches and Its headquarter is in Thrissur city, Kerala. It offers services and products to provide you financial assistance, including investment banking, credit cards, mortgages etc. Car loan offered by Dhanlaxmi Bank is offered at attractive interest rates as well as flexible options of repayment, and considered as one of the best car loans in India. Customers can go for either used or new car loan offered by Dhanlaxmi Bank. Read on to know more about the requirements for Dhanlaxmi car loan.

Buying a brand new car can be a burden on the budget, if paid in whole. Therefore, a new car loan by Dhanlaxmi Bank is the best way to finance for your new car. This loan can acquired for your favorite luxury vehicle or small car with flexible repayment options and low EMIs.

 

Features of Dhanlaxmi Bank Car Loan

  • Finances up to 85% of on-road price or 95% of the ex-showroom price
  • Tenure for a car loan is 12 to 60 months for a new car
  • Repayment done through convenient EMI’s
  • Dhanlaxmi Car Loan interest rate are attractive, at market competitive prices
  • Minimum paper work involved in loan processing
  • Quick car loan disbursal on the bank’s end
Dhanalakshmi Bank Used Car Loan

You can take a car loan from Dhanlaxmi Bank for not only new vehicles but also for used or pre-owned vehicles. The speedy processing of the loan will ensure you are in possession of your car in no time.

 

Features of Dhanlaxmi Bank Used Car Loan

  • Finances up to 60% of the vehicle’s value
  • Tenure options ranges between 12 -48 months
  • Quick loan processing and amount disbursal
  • Repayment done with convenient EMI’s
  • Competitive and Attractive Interests rates
  • Minimal documentation

Eligibility for Dhanlaxmi Car Loan

Dhanlaxmi car loan eligibility is a set of simple criteria that determines if an individual meets the basic requirements and is capable of repaying the loan back to the bank. Dhanalakshmi car loan amount eligibility varies depending upon the car value, whereas, other factors that influence Dhanlaxmi car loan eligibility include age, employment and salary of the applicant. To be eligible for a Dhanlaxmi Bank Car Loan, the following must be met:

 

Criteria for Car Loan Amount eligibility:

  • For new car loans, up to 85% of on-road cost or 95% of the ex-showroom cost (whichever is less)
  • For used or pre-owned car loans, up to 60% of car-value

 

Criteria for Salaried Individuals:

  • Age of criteria - 21 years- 60 years (at the time of loan maturity)
  • Minimum yearly Salary - Rs.120,000/-
  • Employment Status - Minimum one year working experience in the current employment and total working experience should be of 2 years

 

Criteria for Professionals or Self-Employed:

  • Age of criteria - 21 years- 65 years (at the time of loan maturity)
  • Minimum yearly Salary - Rs.120,000/-
  • Employment Status - Minimum 3 yrs in current business

 

Criteria for Partnership Firms, Private & Public Limited Companies:

  • Minimum Income – Rs.120,000/-
  • The applicant must have been in the current business for past 3 years



Check your Car Loan Eligibility

Check Your Car Loan Eligibility at PaisaBazaar and understand the criteria you need to satisfy to be eligible for a car loan prior to applying for the car loan.

 

Dhanlaxmi Car Loan Interest Rates

Dhanlaxmi Bank Car Loans can be availed by individuals with a regular source of income, may they be salaried, entrepreneurs and corporates, at competitively low interest rates. Borrowers can get the best rates of interest on their car loans if they pay a larger amount as the down payment and also have a good credit score or a decent payment history. The interest rate offered for Dhanlaxmi Bank Car Loans varies depending on market fluctuations and is given out as a fixed interest rate, which is also the current base rate of the bank.

 

  • Dhanalakshmi Bank charges 10.60% fixed interest rate on monthly reducing balance for new cars
  • Dhanlaxmi Bank used car loan interest rates range from 13.63% to 16.1%

 

Key things you must know as a loan applicant, about Dhanlaxmi Bank Car Loan Interest Rates:

  • The interest for Dhanlaxmi Bank Car Loans are calculated as fixed rates, therefore, a customer will have to plan their loan before availing a car loan, keeping their budget constraints and other factors in mind. They will require time to understand the complete cost involved in a Dhanlaxmi car loan, as they will have to bear it in the long run.

 

  • Fixed interest rates, as on a Dhanalakshmi Bank loan is advantageous because it will not be affected by market fluctuations and therefore, the monthly car loan payments will remain constant every month.

 

  • The Dhanlaxmi Bank interest rate will always be based on the base rate set by the bank, periodically.

 

Additional Charges applicable:

Sr. No.

Service

Charges

1

Processing fees

1%

3

Part-Prepayment Charges

Nil

4

Foreclosure charges

2% +Service tax of outstanding principal amount  

5

Cheque Bounce Charges

Rs.500/- + Service tax

6

Late Payment Charges

3% P.M

7

**Customer Credit Information Report (Credit Bureau) (**Will be provided to customers who have submitted their loan application)

Individual customers – Rs.200, Non Individual Customers – Rs.750

8

NOC issuance charges – NA for 1st Issuance

Nil for 1st issuance

Rs.500/- + ST

 

Calculate Interest Rate for a Dhanlaxmi Bank Car Loan:

Customers availing a Dhanlaxmi Bank Car Loan can easily pay back their loan through EMIs or Equated Monthly Installments. Dhanlaxmi Bank car loan EMI is the sum to be paid by a loan borrower to the Bank after availing car loan on a monthly basis. The EMI amount is the total payable value consisting of the principal amount and the interest rate charged by the Dhanalakshmi bank. Borrowers have to pay huge portions of monthly installment as interest charges at the beginning of the loan tenure, with a small portion of the principal amount. As the tenure for a car loan advances, the principal amount increases, and there will be an interest rate reduction in the overall Dhanlaxmi plan for the car loan.

 

You can calculate EMI for Dhanlaxmi Bank Car Loans using the following mathematical formula:

 

E = [P x r x (1+r) ^ n]/ [(1+r) ^n-1]

 

Here, E = the Equated Monthly Installments

     P = the Principal Loan Amount

     R = the Interest rate charged per month (Dhanalakshmi Bank charges a fixed interest rate of 11.50% for new Dhanlaxmi car loans)

     N = the Number of installments, that is, the number of months opted for the repayment of loan

 

Here’s an example for better understanding:

If for loan tenure of one year, the principal amount of Rs.1 Lac is given at an interest rate of 11.50%. The interest rate will be around Rs.6339 and the estimated total sum of EMIs that the borrower will need to pay is Rs1, 06,339.

 

Documents for Dhanlaxmi Car Loan

Salaried Individuals:

  • Duly filled and signed Application Form
  • Passport sized photographs
  • Identity and Address as per bank’s requirements
  • Income Proof
  • Bank Statement – Latest 6 months bank statements

 

Self Employed/Professionals:

  • Duly filled and signed Application Form
  • Passport sized photographs
  • Identity and Address as per bank’s requirements
  • Income Proof
  • Bank Statement – Latest 6 months bank statements

 

Partnerships, Private/Public Limited Companies:

  • Duly filled and signed Application Form
  • Address Proof
  • Income proof-ITR
  • Partnership Deed in case of a partnership firm and Memorandum of Association or Articles of Association for other Public or Private Limited Companies
  • Bank Statement – Latest 6 months bank statements

Calculate Car Loan EMI on Paisa Bazaar

Knowing the EMI amount you will have to pay for the loan before deciding the loan, it’s a good practice and will keep you prepared for what’s coming your way. It will also help you in opting the suitable loan terms, for the least budget burdens. It is easy to calculate car loan EMI by using the car loan EMI calculator available drop-down menu on Paisabazaar home page.

 

To calculate Car loan EMI, you must first have the following details in hand- the amount of loan, interest rate offered, tenure and processing fee charged.

  • Enter the details as required against each field.
  • Once you provide the correct Dhanlaxmi Bank car loan details.
  • You will get a result which will include the EMI amount and Amortization table. You can use these details for making a right decision.
  • Once you finalize the loan, you can apply for a car loan online on the Paisa Bazaar website.

Relation between your CIBIL score and DhanLaxmi Bank Car Loan

For most banks, the CIBIL score of the applicant is one the most important factors of which would determine the eligibility and approval of an application. At Dhanalakshmi bank also, car loan subscribers are expected to hold a good credit score  along with the required minimum financial support. A customer who has a credit history reflecting volumes of liabilities and debts and irregular payment patterns, pre-borrowed loans etc. might face rejection or might be offered higher rates of interest on car loans provided by Dhanlaxmi Bank. On the other hand, a higher credit score will surely boost up your credit worthiness and hence, improve your application profile before the lender, assuring you lower and better interest rates on your car loan application.

Dhanlaxmi Bank Car Loan FAQs
  1. What are the other charges associated with my loan?

Some additional charges payable with a car loan are:

  • Processing fees are 1% of the loan amount for both used and new car.
  • The foreclosure charge- 2% + S.T
  • NOC issuance is NIL for first issuance, then it’s Rs.500/- + ST
  • Cheque Bounce charges is Rs 500/- + ST
  1. What the Prepayment and Non-refundable charges?

There are no Non-refundable fees or Part Prepayment Charges applied to Dhanalakshmi car loan.

 

  1. Can we check the Dhanlaxmi Bank Car Loan application status online?

Yes, Dhanalakshmi Bank Car Loan applicants can easily stay updated about the status of their car loan applications by logging onto the bank’s website via internet banking.