Dhanlaxmi Bank Ltd is an old private sector bank headquartered in Thrissur City, Kerala, India. The bank was focusing mostly on Southern states like Karnataka, Tamil Nadu, Andhra Pradesh and Kerala but it is looking for a pan-India presence since the last few years. Dhanlaxmi bank with its rich heritage has earned the trust and goodwill of clients. It is due to our strong belief in the need to seek innovation, deliver best service and demonstrate responsibility, that we have grown from strength to strength. Dhanlaxmi bank's personal Loan is just what you need to address your diverse financial needs – be it your child’s admission fee or upgrading your home appliances, you can now look forward to getting the financial support you need, without any hassles. Continue reading to view more details about this loan.
|Processing Fees||2.5% of the Loan Amount with Min Rs.1250|
|Loan Tenure||60 months|
|Pre Closure charges||2% + ST of the Principal Outstanding|
Incorporated at Thrissur in 1927, Dhanlaxmi Bank Ltd now has over 678 branches across India. The Dhanlaxmi Bank lays emphasis on increasing its client base on the basis of high quality customer service, wide range of products and strong innovation among others. The Dhanlaxmi Bank introduced several measures to deliver efficient services aided by technology such as the Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems, which ensure easy processing of large settlements online in real time. The Dhanlaxmi Bank is one of the key players in the microcredit sector in Kerala.
The Dhanlaxmi Bank offers personal loans to cater to the various financial requirements of customers such as admission fees of children and buying home appliances among many others without any hassles.
The Dhanlaxmi Bank offers attractive personal loan schemes for salaried and self-employed for the benefit of customers. The Dhanlaxmi Bank aims to cater to the financial requirements of customers by providing high quality service via its branches in addition to various initiatives aided by latest technology. Salaried customers opting for personal loans need to have a steady regular income. The Dhanlaxmi Bank reviews the customers’ ability to pay EMIs. Also, customers should not have any current or past loan defaults, which is reflected in the CIBIL report. Personal loans are offered have a maximum tenure of 60 months.
The features of personal loans offered by Dhanlaxmi Bank for salaried persons are as follows:
Dhanalaxmi Bank offers affordable personal loans to help individuals cater to their personal needs. Interest on this loan will be calculated on the basis of the MCLR system which was introduced by the RBI on April 1, 2016. Existing loan borrowers will continue to pay interest on the basis of the Base Rate and other contributing factors.
MCLR, also known as Marginal Cost of Funds based lending, is the minimum lending rate which is determined on the basis of various factors like tenor premium, CRR, cost of funds, operating costs, etc. MCLR rates are subject to change after every review. Following are MCLR the rates applicable with effect from June 7, 2016.
|Tenor||MCLR percentage per annum|
|1 month MCLR||9.90%|
|3 month MCLR||10.10%|
|6 month MCLR||10.20%|
|1 year MCLR||10.40%|
New personal loans will carry the MCLR linked interest rates. Therefore, the final rate of interest charged on the loan will be determined by the addition of a certain percentage over the MCLR.
The Base Rate and Prime Lending Rate offered by the bank are subject to change without prior notice.
|Base Rate (w.e.f Nov 3, 2015)||BPLR (w.e.f Nov 2, 2011)|
Existing loan borrowers will continue to pay interest on their loan as per the existing Base Rate. However, they also have the option of switching over to the MCLR based interest rate system. The bank holds the authority to add a certain percentage over and above the applicable Base Rate for arriving at the final interest rate figure.
Note:The MCLR rates given above are effective as of June 7, 2016. Interest rates for personal loans are subject to change with change in MCLR / Base Rate. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same.
The Dhanlaxmi Bank may change the eligibility criteria on a case to case basis. However, some of the common Dhanlaxmi Bank Personal Loan Eligibility Criteria are listed below:
|Proof of Identity (any one)||
|Proof of Age (any one)||
|Residential Proof (any one)||
The documents required for self-employed individuals are listed in the table below:
|Proof of Identity (any one)||
The documents required for co-applicants-non-individuals/companies/are listed in the table below:
|Proof of Existence and Registration Office Address (any one)||
|Proof of Operating Address (any one)||
EMI or Equated Monthly Instalment is the amount payable every month if an individual takes a personal loan. EMI is calculated on the basis of the personal loan amount, interest rate and tenure of the personal loan. Customers need to calculate the EMI based on two specific parameters, namely, loan amount and loan tenure. While the aforementioned factors are decided upon by the customers, the interest rates are set by the banks, which in turn, depend on the rates and policies announced by the RBI. Websites such as bankbazaar.com display an EMI calculator which helps customers fill in the required details to calculate the actual EMI amount. Customers need to change the slider in order to select the loan amount and tenure. The EMI Calculator will calculate the EMI which would be applicable for the applicant depending on the figures submitted.
The maximum loan tenure available for personal loans is 60 months.
The Dhanlaxmi Bank charges 2% plus ST of the principal outstanding as the pre-closure charges.
The Dhanlaxmi Bank offers personal loans ranging from Rs. 1 lakh to 15 lakh for salaried persons and Rs. 3 lakh to 15 lakh for self-employed.
Customers can submit the copy of sale agreement, municipality water bill, municipal tax receipt, credit card statements or the leave and license agreement.
All salaried and self-employed individuals can apply for a personal loan with Dhanalakshmi Bank
Dhanalakshmi Bank offers interest rates ranging from 16% to 18% for all salaried and self-employed individuals. Self-employed non-professional can earn interest rates of up to 20%
Personal loan tenures can range from 12 - 60 months for both salaries as well as self-employed individuals. Repayments can be made over this duration through a number of flexible repayment options that the bank offers.
For salaried individuals, personal loan amounts can be availed from a minimum of Rs 1 lakh to a maximum of Rs 15 lakhs. For self-employed individuals, personal loan amounts can be availed from a minimum of Rs 3 lakhs to a maximum of Rs 15 lakhs
A. Salaried individuals are required to meet the following eligibility criteria when applying for a personal loan with Dhanalakshmi Bank:
Self-employed individuals are required to meet the following eligibility criteria when applying for a personal loan with Dhanalakshmi Bank:
The following fees and charges may be levied when applying for a Personal loan from Dhanalakshmi Bank:
Should you decide to prepay the loan either before the repayment of 12 EMIs or after the repayment of 12 EMIs, you will be charged 2% plus GST of the Principal Outstanding
In the event that you are unable to make the EMIs on time a charge of 36% per annum on the amount outstanding from the date of default will be applicable
Yes. The EMI cycle of your personal loan can be changed. However, doing so will incur a charge of Rs 200
You can cancel the personal loan by intimating the bank in advance. Loan cancellation charges of Rs 1,000 plus GST will be applicable in this case.
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