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    Personal Loan BYTES FROM OUR KITCHEN

    About Dhanalakshmi Bank Personal Loan

    Dhanalakshmi Bank was incepted in the year 1927. The Bank’s focus has been on customizing services and personalizing relations. It offers personal loan to help an individual with the diverse financial needs. It could be for paying your child’s admission fees, upgrading home appliances or to take a holiday or paying your bills. Dhanalakshmi Bank provides personal loans without any hassles.

    Dhanalakshmi Bank Personal Loan Eligibility

    The eligibility for a salaried individual to avail a Dhanalakshmi Bank personal loan is as follows:

    • Profile: The salaried individual must be a permanent employee with the central or state government institution or a profit making company or a reputed organization.
    • Age:The applicant must be above 23 years of age.
    • Income:The salaried applicant's net monthly salary must be a minimum of Rs.35,000.
    • Work experience:The applicant must have total work experience of 2 years and above.

    The eligibility for a self-employed individual to avail a Dhanalakshmi Bank personal loan is as follows:

    • Profile:The self-employed individual must be a self-employed professional or self-employed non-professional with a profit making Proprietorship Business or a Partnership firm or a Private limited company.
    • Age: The applicant must be above 23 years of age.
    • Income: The salaried applicants annual salary must be a minimum of Rs.1,80,000.
    • Work experience: The self-employed professional must have work experience of 3 years and more. The self-employed non-professional must have a total 5 years of work experience and a 4 years work experience in the current venture.

    Factors affecting Dhanalakshmi Bank Personal Loan Eligibility

    There are many factors that affect the applicant's’ eligibility. Dhanalakshmi Bank prefer to give loans to those who are capable of repaying the loan and who do not default on making the payments. Some other factors that affect an applicant’s eligibility are:

    • Residence: The bank offers personal loans easily to those living in metro cities. The preference is also given to those who have their own home than compared to those living in a rented flat. As those who have their own home will not have an additional financial burden of paying the rent and will also have a higher disposable income.

    • Income: The level of income indicates how much EMI the applicant is capable of paying at a time. This also affects the total loan amount that will be sanctioned to the applicant. If the applicant’s income is higher, there is a higher chance of the applicant getting a loan of a bigger amount.

    • Age: If you are too young, the banks will be hesitant to give you a loan as there is a higher chance of the applicant shifting the job. The banks look for individuals who have a stable work life.

    • Type of employment: The self- employed professionals and non professionals are required to have higher work experience that compared to salaried individual and salaried professionals.

    • Employment status: An applicant who has stayed in a company for a longer period will get higher preference. It shows that the individual has a stable income and the bank can be assured that the individual is having constant cash flow to pay for the EMIs.

    How CIBIL score affects your Dhanalakshmi Bank Personal Loan Eligibility?

    When an applicant applies for a loan with Dhanalakshmi Bank, the bank runs a credit check on the applicant and reviews his credit report. If the CIBIL Score is above the ideal limit, the bank will further consider your application and go through your credit report. The bank will take into consideration the loans that the applicant had previously taken and closed. The bank will check the credit payment history to check how efficiently the applicant has repaid the loan in the past. It also considers the types of loans that the applicant has taken and checks if he has a good mix of both secured and unsecured loans.

    If the applicant has agreed to settle for a loan due to certain financial constraints, then it gets recorded in the credit report and stays in the report for 6 years. The settlement of the loan is considered as a negative remark and hence the Dhanalakshmi Bank might not offer you a personal loan as they might be unsure about your capacity to repay the loan.

    How to increase Dhanalakshmi Bank Personal Loan Eligibility?

    You can do the following to increase Dhanalakshmi Bank personal loan eligibility:

    • Maintain a good credit history: Be sure to pay all your previous EMIs on time and that you do not miss out on any deadlines. Find ways to increase your CIBIL score and don’t let the banks offer you any settlement on loans.
    • Get lower EMIs on existing loans: If you are able to, refinance your existing loan for a lower interest rate or extend the tenure of the existing loan. This can reduce the EMIs each month and ensure that you do not miss out on making payments.
    • Prepayment: If you have lesser EMIs left on any loan, then prepay them and close the loan. The applicant will then have a higher disposable and stand a chance of getting a higher amount loan.
    • Have both secured and unsecured loans:Have a mix of both the types of loan. The secured loans are favourably looked at and it shows the bank that you do have managed to attain some assets over the period of time and not just built credit.
    • Don’t apply for too many loans: All the banks will run a credit check and it gets recorded in your credit report. If you are applying at multiple banks, they will all run a credit check. This will also look bad on your report and affects your credit score.
    • Don’t have too many credit cards: Having too many credit cards is also unfavourable. Though you may not have used the credit on all of the cards, it lowers your overall credit limit.

    FAQs on Dhanalakshmi Bank Personal Loan Eligibility

    Q. What are the minimum age for an individual to take a Dhanalakshmi Bank personal loan?

    A. At the time of taking the loan the minimum age requirement is 23 years.

    Q. Is there a minimum income requirement for a salaried applicant?

    A. Yes, the applicant's net monthly salary must be a minimum of Rs.35,000.

    Q. Is there a minimum income requirement for a self-employed applicant?

    A. Yes, the applicant's annual salary must be a minimum of Rs.1,80,000.

    Q. What is the work experience that is required for a salaried individual who wish to avail the personal loan from Dhanalakshmi Bank?

    A. The applicant must have minimum 2 years of work experience.

    Q. What is the work experience that is required for a self- employed individual who wish to avail the personal loan from Dhanalakshmi Bank?

    A. The self-employed professional must have work experience of 3 years and more. The self-employed non professional must have a total 5 years of work experience and a 4 years work experience in the current venture.

    Q. What is the maximum loan sanctioned by Dhanalakshmi Bank?

    A. The maximum amount sanctioned towards personal loan is Rs.15 lakhs.

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