Personal loans are unsecured loans which are given to applicants so that they can meet their personal expenses such as a child’s education, purchasing a new car, financing a new vacation, marriage related expenses, etc. Personal loans are offered by almost all banks and even Dhanlaxmi Bank is among the host of other banks to offer Personal loans to individuals.
Key features of Dhanlaxmi Bank personal loans:
- Dhanlaxmi Bank offers Personal Loans which are a multipurpose loan. The loan can be utilized to meet various expenses of personal nature like marrying your child, financing a child’s vocational course, buying a car or a gadget, etc.
- Dhanlaxmi Bank Personal loan is issued to both employed professionals earning a salary or self-employed individuals
- Simple Documentation: Personal Loans are issued easily with simple documentation. This saves the applicant from the unnecessary burden of arranging for papers.
- Dhanlaxmi Bank Personal loan is issued for a period of 12 to 60 months.
- There are no other types of personal loans issued by Dhanlaxmi Bank
The amount of Dhanlaxmi Bank Personal loan to be disbursed depends upon the business profile of an applicant. A salaried professional can apply for a Dhanlaxmi Bank Personal loan amounting from Rs.1 lakh to Rs.15 lakhs, whereas, A non-salaried self employed professional can apply for a Dhanlaxmi Bank Personal loan amounting from Rs.3 lakhs to Rs.15 lakhs.
In order to become eligible to apply for this personal loan from Dhanlaxmi Bank, an individual should meet certain criteria which the bank prescribes relating to those who can avail a Dhanlaxmi Bank Personal loan. The criteria are as follows:
- Age: The loan is issued to salaried, non-salaried or self-employed professionals. Any of the above mentioned individuals should be aged at least 23 years at the time of making an application for Dhanlaxmi Bank Personal loans
- Income required for Dhanlaxmi Bank Personal Loan: A salaried professional wishing to apply for a Dhanlaxmi Bank Personal loan should have a minimum income of RS.35000 per month, whereas, a self employed applicant with a minimum income of RS.180000 per annum is eligible for Dhanlaxmi Bank Personal loans
- Job/Business stability: an applicant who earns a salary from employment should have at least be employed for 2 years, while, a self-employed professional applicant should have a continued business of at least 3 years. A non-professional who is self-employed with a minimum work experience of 5 years and a minimum period of 4 years in his/her current venture can apply for Dhanlaxmi Bank Personal Loan.
- Dhanlaxmi Bank Personal loan is issued to all salaried employees working for government institutions, central or state based, profit making organizations, or a reputed organization. However, an applicant must be a permanent/ confirmed employee of the organization. Temporary employees and interns are not eligible for this loan.
- Dhanlaxmi Bank Personal loan is also issued to self-employed doctor/C.A and self-employed non-professionals working with proprietorship firms/partnership firms or even Pvt. Ltd. Companies. However, the firm or the company should be a profit making organization and should have a positive turnover.
The bank levies charges and fees on all the loans. Following are the levied c charges by the bank: However, the fee structure varies depending upon the business profile of the applicant.
Fee structure in the case of salaried and non salaried self employed professional applicants:
- Processing Fees: The bank charges a processing fee of standing at the rate of 2.50% of the sanctioned loan amount, subject to a minimum of Rs.1250.
- Pre-Payment charges: The prepayment charge varies depending upon the loan tenure.
For loans repaid within 12 months of the loan disbursement, a prepayment charge standing at the rate of 2%+S.T on the principal outstanding amount will be charged.
For loans repaid after 12 months of the loan disbursement, a prepayment charge standing at the rate of 2%+S.T on the principal outstanding amount will be charged.
- NOC/ No due certificate issuance Charges: The bank also issues of NO Objection Certificate on customer’s demand. A charge of Rs.250 will be taken from the applicant for every NOC that the bank issues.
- Duplicate NOC/No due certificate: The bank issues duplicate copies of NOC or No due certificate at a minimal charge of Rs.250.
- Late Payment Charge: The applicant must make sure that all his EMI’s are paid well in time. If he/she fails to do so the bank levies a late payment charge standing at the rate of 36% per annum on the outstanding amount from the date of default of the EMI.
- Stamp Duty and other statutory levies: These charges will be levied by the bank on a time to time basis as applicable by the state laws.
- Cheque Bounce Charges: Cheque dishonor charges of Rs.500+S.T is levied
- Cheque Swap charges: The bank levies Rs.500+S.T for every cheque swap instance
- Legal and incidental charges: These charges are levied on actual basis.
- EMI cycle change: An applicant can even opt for change his current EMI date to a suitable date that levies a minimal charge of Rs.200.
- Loan cancellation charges: An applicant can choose to cancel his loan with the bank before doing the entire disbursement of the loan. However, the charge for this facility stands at Rs.1000+S.T +interest charges, applicable from the date of the first loan pay out till the cancellation request date.
- Foreclosure statement charges: The bank issues a foreclosure statement by taking a charge of Rs.200+S.T from the applicant. .
- Insurance premium: The bank charges an insurance fee of Rs.500.
- Customer Credit Information Report (Credit bureau): The bank issues a CIBIL report at the rate of Rs.200 for individual customers and at the rate Rs.750 for corporate entities. However, this report will be issued only after the submission and application of the loan processing has been done.
Dhanlaxmi Bank offers Personal Loans only when the required documents are submitted. However, the documents required vary depending upon the applicant’s nature of business and job profile. The list of documents as per the bank’s requirements for Personal Loans is given below:
Documentation for salaried applicants
- Identity Proof: Copy of Passport, Aadhar Card, Voter ID card, ID cards issued by defense, govt.undertakings, reputed MNC’s or Public ltd companies, Pan Card, Permanent laminated driving license, Bank passbook with attested customer photograph and signature. However, the passbooks issued only by commercial banks will be accepted. Any one of the above-mentioned documents can be submitted as Identity Proof because they contain the applicant’s photograph with his name. ID cards issued by pvt. Ltd. Companies will not be accepted as a valid ID proof.
- Address Proof – Copy of Ration Card, Electricity or Telephone Bill (not older than 3 months), Notarized Rental Agreement along with the latest electricity bill issued in the name of landlord, Credit card statements, Valid Indian Passport (the address mentioned in the passport should be same as the given communication address), Life insurance premium receipt (with a minimum 12 month period existence), Voter ID card, Permanent Laminated Driving License, Post paid gas connection bill stating consumption and complete address of the applicant, Bank passbook or latest bank statement with all the transactions and details of the applicant intact, Original Post Paid bill stating the correct address of the applicant. Any one of these documents which should be not more than 3 months old rom the date of loan application needs to be submitted because these documents contain the correct registered address of the applicant
- Signature proof: PAN card, Driver’s license, Banker’s attestation Bank account statements (only commercial banks), and Govt.id card issued for government employees. Any one of the document can be submitted. However, the applicant’s signature in the provided document should be clear and understandable. The applicant needs to maintain the same signature throughout the loan period.
- Date of Birth Proof: Class 10th certificate, PAN card, Birth certificate, School leaving certificate, College certificate, LIC Policy, Passport, Driving license. Any one of the document is required. These documents state the exact age of the applicant, helping the bank confirm to its age limit factor. Required in case of all the applicants.
- Continuity proof: Form 16, Appointment letter, letter from HR authorized signatory. Any one of the documents can be submitted. These documents depict the years of experience of the applicant in his/her current job.
- Income Proof: Last 3 months pay slip along with last 6 months’ bank account statement (where the salary is credited). The purpose of income proof documents is to depict the earning capacity of the individual which would also show whether the individual will be able to repay Dhanlaxmi Bank Personal Loan
Documentation for self-employed individuals (main applicant and co-applicant):
- Identity Proof: Copy of Passport, Voter’s ID card, Id cards issued by defense, govt.undertakings, reputed MNC’s or Public ltd companies, Photo Pan Card, Permanent laminated driving license(in a booklet form), Photo Ration Card, Photo Debit Card, Credit Cards ( The card should be valid with a minimum 3 months of existence)
- Residence proof: – Copy of Ration Card, Electricity or Telephone Bill (not older than 3 months), Notarized Rental Agreement along with the latest electricity bill issued in the name of landlord, Credit card statements, Valid Indian Passport (the address mentioned in the passport should be same as the given communication address), Life insurance premium receipt(with a minimum 12 month period existence), Voter ID card, Permanent Laminated Driving License, Post paid gas connection bill stating consumption and complete address of the applicant, Bank passbook or latest bank statement with all the transactions and details of the applicant intact, Original Post Paid bill stating the correct address of the applicant, Municipal tax receipts, Property Tax Receipts, Municipality Water Bill receipts. The applicant needs to submit any one of the afore-mentioned documents which state the correct address of the applicant needed for the verification process of the bank. However, the documents should not be more than 3 months old.
Documentation of non-individuals (proprietorship firms/Partnership firms/Companies)
- Proof of legal existence and Registered Office address: Any one of the below mentioned documents can be submitted as a valid existence proof.
VAT service tax registration certificate, Latest Bank account statement in the name of the applying entity, bearing the address of the entity in the same format as given in the application form along with the Banker’s verification of the authorized signatory of the entity in question, Partnership deeds or the registration certificate, in case of partnership firms, MOA/AOA along with the certificate of corporation, in case of companies, PAN card of the partnership firm or the company in question, Sales Tax registration certificate, Shop and Establishment certificate, Factory Registration certificates, SSI registration certificate, Importer Exporter code certificate.
- Proof of operating address: Any one of the below mentioned documents can be submitted as a valid operating address proof.
Leave and license agreement in the name of the entity if the entity is operating its business, Latest Bank account statement in the name of the applying entity, bearing the address of the entity in the same format as given in the application form along with the Banker’s verification of the authorized signatory of the entity in question, Telephone bill or electricity bill in the name of the entity, IT Assessment Order, PAN intimation order, Acknowledged ITR of the entity.
- Signature Verification Proof (SV): The SV of any of the authorized signatory of the entity can be submitted. The following documents are accepted as a valid Signature proof.
ECS mandate duly stamped and signed by the authorized signatory of the entity. The stamp and the signature should be verified and acknowledged by the bank prior to disbursement of the loan.
Clearance of an initial payment cheque bearing an amount which is equal to the decided EMI is necessary and the same is to be confirmed by the local operations team.
In case of companies having an authorized General Power of Attorney Holder for signing the PDC’S, the GPA should carry details of the authorized signatories along with their name and of the branch.
Documents stating the authorize signatories of the entity has to be submitted at the time of loan application. These documents, however, need to be duly verified and certified by the Branch Manager or the Operations Head of the Bank.
Banker’s Verification of the Entity’s PDC issuing authorized signatory.
In case of SENP/SEP:
- Last two years Income tax return files along with audited balance sheet and Profit & Loss account of the applying entity, Latest bank statements (not older than 12 months), Certificate of incorporation (mandatory in case of proprietorship firms), Academic and Professional qualifications of all the professionals.
Apart from the mentioned documents, a bank Verification form has to be submitted by all the applicants irrespective of the nature of their business or job profile.
The EMI calculation can be done with the help of EMI calculator which are provided by the bank. Any potential loan applicant can make use of these calculators to calculate the EMI of Dhanlaxmi Bank Personal Loan which represent the monthly installments which will have to be paid for the amount of Dhanlaxmi Bank Personal loan required by him or her. This would make them assess the affordability of the loan’s instalments on their pockets. To make the calculation, the bank’s website needs to be accessed where the process is done online. One has to enter the desired amount of loan along with the tenure required for repayment. At the current rate of interest charged by the bank, the EMI will be calculated and shown. The instalment payable is inversely proportional to the tenure chosen. Higher the tenure of repayment, lower will be the instalment payable each month. The customer can adjust the tenure as per his requirement to find the optimum level of instalments which he can afford. The following are some illustrative examples:
- Mr. and Mrs. Sharma will be celebrating their 25th anniversary and want to go on a foreign trip. The estimated cost of their trip comes to be around Rs.5 lakhs and Mr. Sharma seeks a Dhanlaxmi Bank Personal loan form the bank of which he is an existing accountholder. By choosing a repayment period of 5 years in which he seeks to pay off the loan, the EMI calculated results in Rs.10, 996 at an interest rate of 11.50%.
- Mr. Sinha’s daughter is about to get married for which the father makes the necessary financial provisions. After accounting for a shortfall or requirement of an additional amount of Rs.3 lakhs, he approaches the bank for a Dhanlaxmi Bank Personal loan for marriage purposes. With repayment tenure of 5 years, Mr. Sinha’s EMI comes to Rs.6598.
- Bimal relocated to Pune after a recent promotion in his rank. He rents a new house and requires Rs.1 lakhs so that he could buy the required appliances for the home. Desirous of protecting his small savings, the option of personal loan is explored. Dhanlaxmi Bank proposes an EMI of Rs.3298 at the Dhanlaxmi Bank Personal Loan interest rate for Personal loans of 11.50% if Bimal pays off the loan in 3 years
The above illustrations are recorded in this table for a quick reference.
Dhanlaxmi Bank Personal Loan Amount
Dhanlaxmi Bank Personal Loan Interest Rates
The bank offers Personal Loan application online through our website. The process is simple:
You can simply open our website at Paisabazaar.com and on the page choose the Personal Loan option. This option would create a new page where the details of the applicant are asked. These details are used to determine whether the applicant meets the prescribed Dhanlaxmi Bank Personal Loan eligibility criteria. Once satisfied of the personal loan requirements, the application can also be done online.
The Personal Loan requests which are made through an application would be screened and if all the details are found to be satisfactory, the required documents would have to be submitted and by completing all the associated formalities with the application procedure, the loan could be availed.
Checking Loan Status
Even after opting for a loan, its processing takes some time and money is credit to a customer’s account after some time. Meanwhile if the customer wants to know the loan application status, the bank also helps in providing the relevant facility. For checking the loan status, an applicant simply needs to visit the bank’s website and using the internet banking facility check the status of the Home Loan availed
- How can I use the Personal Loans from Dhanlaxmi Bank?
The Personal Loan offered by Dhanlaxmi Bank can be used for a multitude of purposes which can be personal or commercial in nature. Under the personal uses, the loan amount can be used to meet any unforeseen expenses, for planning a marriage, for taking a vacation, for meeting the child’s educational expenses, or for any other purpose provided it is within the legal framework. Commercial uses of the loan include business-related expenses like paying off creditors, meeting the short-term working capital requirement of the business, etc.
- Can anyone avail the Dhanlaxmi Bank Personal Loan?
Dhanlaxmi Bank Personal Loan is issued to both salaried and self-employed individuals. However, any individual cannot avail of the Dhanlaxmi Bank Personal Loans because the bank prescribes a list of eligibility criteria which are a compulsory requirement for the Personal Loan. Any individual, whether employed or salaried, would have to meet the required eligibility criteria to qualify for the loan sanction.
- What are the Dhanlaxmi Bank Personal Loans eligibility criteria?
The eligibility requirement calls for four different parameters of age, income, profile and work experience. The minimum age of the applicant for applying for the Dhanlaxmi Bank Personal loan should be at least 23 years. Salaried employees should earn a minimum of Rs.35, 000 per month while self-employed individuals should have an annual income of Rs.1.8 lakhs. Salaried individuals must be employed in a Central or State Government organizations, reputed private companies or institutions while self-employed individuals can be professionals or non-professionals who are engaged in business, partnership firms, or private limited companies. As far as work experience goes, the salaried individual should have a minimum experience of 2 years while self-employed professionals should have a work experience of 3 years or more and self-employed non-professionals should have an experience of 5 years or more with a total of 4 years in the current venture.
- Is this eligibility criterion constant for every application?
Though the above list encompasses every eligibility facet of the loan, the bank may vary the eligibility criteria requirement from case to case.
- How much loan is available under the Dhanlaxmi Bank Personal Loan scheme?
The amount of loan granted depends on the profile of an applicant. Salaried individuals can avail of a loan ranging from Rs.1 lakh to Rs.15 lakhs. Self-employed individuals have a different range of available loan. They can avail of a loan ranging from Rs.3 lakhs to Rs.15 lakhs
- What is the tenure for Dhanlaxmi Bank Personal Loan?
Dhanlaxmi bank Personal Loans come with an easy repayment tenure which can be chosen from any tenure ranging from 1 year, i.e. 12 months to 5 years, i.e. 60 months.
- What is the processing fee payable for the Dhanlaxmi Personal Loan?
Though the bank analyses the application form of salaried and self-employed individuals separately, the processing fee charged for the Dhanlaxmi bank Personal loan is uniform across the applicant profiles. A fee up to 2.5% of the amount of loan sanctioned is charged as a Processing fee. However, the minimum processing fee for the loan should not be below Rs.1250.
- Are there other charges payable under the Dhanlaxmi Personal Loans?
Apart from the upfront processing Fee, the bank also levies charges for the various services it renders in connection with the loan granted. These charges accrue as and when the bank’s services are sought by the borrower. Some common examples of these charges include loan prepayment charges, issuance of No Objection Certificate or No Due Certificate, late payment of the loan instalments, stamp duty and other statutory charges, cheque swapping charges, cheque bounce charges, insurance fees, etc.
- Can one apply for the issuance of a Credit Information report?
Yes, the bank issues the Credit Information Report of the customer provided two necessary conditions are fulfilled by the customer. The first condition is that the customer must submit his application for loan processing and the second is that customer seeking the report must pay Rs.200 if he is a salaried or self-employed individual and Rs.750 if he is a self-employed non-individual for the report. The amount requires is a part of the fees and charge structure of Dhanlaxmi Bank.
- Customer Care
The bank also has a systematic approach to deal with the customer’s Loan related queries. They can use the website of the bank to connect with it online by filling up and sending an online form depicting the queries, requests or feedbacks. Lastly, the customers can also write to the bank at its registered office in Kerala.