Dhanlaxmi Bank provides unsecured loans that are ideally aimed to provide financial aid towards business needs of self-employed professionals, business owners and even doctors.
These loans can help out in the growth or urgent financial demands of any business. You can avail a business loan of up to Rs.5 crore for tenure ranging up to 5 years.
Loan amount | Rs.10 lakh to Rs.5 crore |
Tenure | 1 year to 5 years |
Interest rate | 10.30% p.a. onwards. |
This unsecured loan is provided to self-employed individuals or entrepreneurs for the sake of furthering their business. Long repayment terms allow the loan to function as an effective working capital tool.
An unsecured business loan as this has a few eligibility criteria to be met in order for the financial institution to be able to sanction the loan. The eligibility requirements can be mentioned as follows –
Business Loan from Dhanlaxmi Bank is a specific term loan with repayment period of up to 5 years.
Based on the credit-worthiness of the applicant and validity of documents, Dhanlaxmi Bank can provide loans from Based on the credit-worthiness of the applicant and validity of documents, Dhanlaxmi Bank can provide loans from Rs.10 lakh and Rs.5 crore.
Interest rates for a Business Loan could depend on the base lending rate and is based on the discretion of Dhanlaxmi Bank. Further changes to the rates could be done by Dhanlaxmi Bank as and when required.
Description | Charges levied |
Overdue Charges | 2.% p.a. over and above existing rate of interest for the number of days overdue since the due date. |
Charges for Auto-debit Mandate / Cheque Bounce | Rs.350 plus service tax |
Charges for Auto-debit Mandate / PDC Swap | Rs.500 plus service tax |
EMI Cycle Change | Rs.500 plus service tax |
Charges for loan Re-schedulement | 0.25% plus service tax |
Switch Charges (Floating to Fixed and vice versa) | 3.00% + plus service tax of the outstanding loan amount |
Part Prepayment Penalty |
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Part Prepayment Penalty Foreclosure Penalty |
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Charges for facility cancellation | Rs.2000 plus service tax plus the interest charges from disbursement date till cancellation request. |
Charges for facility statement | Rs.500 plus service tax (NIL for 1 statement half yearly) |
CGTMSE Guarantee Fee | Loan Amount up to Rs.5 Lakhs - 1.00% Loan Amount above Rs.5 Lakhs - 1.50% |
CGTMSE - Annual Service Fee | Loan Amount up to Rs.5 Lakhs - 0.50% Loan Amount above Rs.5 Lakhs - 0.75% |
Stamp duty (Facility documentation and Property) + Registration | As per Actuals |
Legal, Repossession and incidental charges | As per Actuals |
Insurance Premium | As per Actuals |
Charge creation with ROC | As per Actuals |
Any other charge | As per sanction letter |
*Service charge as applicable
The standard list of required documents for applying for this loan are mentioned as follows –
The above set of documents comprise the minimum required list. To aid in credit approval, Dhanlaxmi Bank might ask for extra documents if necessary.
The Business Loan from Dhanlaxmi Bank is a good financing option for urgent financial needs on business grounds.
Some key features of this specialised loan are as follows –
The loan can be applied for through Dhanlaxmi Bank’s website, as well as forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Dhanlaxmi Bank requesting an executive assistance for application process.
One can also apply for Dhanlaxmi Bank Business Loan through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.
No, you cannot apply for a business loan from Dhanlaxmi Bank if you have four years of experience with three years in your current venture. The requirement is to have five years of total experience with four in your current venture.
Yes, you can visit the business loan section on the Dhanlaxmi Bank's official website where you will find the EMI calculator facility. You can use the tool to determine the EMI you will be paying depending on the loan amount and tenure.
Yes, you can apply for a business loan from Dhanlaxmi Bank so that you can expand your business. However, you must ensure you are meeting the eligibility criteria.
The bank may take up to 15 business days to process and verify your loan. If all the documents and details provided by you are correct, then the bank will sanction your business loan application and disburse the loan amount to your bank account.
Yes, it is important you maintain a credit score of 750 and above so that not only you get your business loan application approved without any hassle, but also at a lower interest rate as well. If your credit score is poor, then it becomes difficult for you to get a loan. Even if you manage to get one, the interest rate charged is very high.
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