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    Dhanalakshmi Bank Personal Loan Reviews

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    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.


    You’re probably eligible for an Dhanalakshmi Bank Personal Loan if you are

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    Dhanalakshmi Bank Personal Loan Minimum Age

    At least 23 years old

    Dhanalakshmi Bank Personal Loan Maximum Age

    Less than 58 years old

    Dhanalakshmi Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Dhanalakshmi Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Dhanalakshmi Bank Personal Loan amount eligibility is based on these factors

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    Dhanalakshmi Bank Personal Loan Minimum Salary

    Minimum income required
    Rs. 35,000 per month

    Dhanalakshmi Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 15 lakhs

    Dhanalakshmi Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Dhanalakshmi Bank Personal Loan amount by these steps

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    Dhanalakshmi Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Dhanalakshmi

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an Dhanalakshmi Bank Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Dhanalakshmi Bank Personal Loan Interest RatesUpdated on 26 Sep 2016

    Dhanalakshmi Bank Personal Loan Details
    MCLR 10.35%
    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

    About Dhanlaxmi Bank Personal Loan

    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.

    Why choose Dhanlaxmi Bank Personal Loans?

    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.

    Features of Personal Loans from Dhanlaxmi Bank

    The features of personal loans offered by Dhanlaxmi Bank for salaried persons are as follows:

    • Loan Amount: The Dhanlaxmi Bank offers loans ranging from Rs. 1 lakh to 15 lakh for salaried persons and Rs. 3 lakh to 15 lakh for self-employed.
    • Income: The minimum income required is Rs. 35,000 p.m (salaried) and Rs. 1,80,000 p.a. for self-employed persons.
    • Experience: 2 years and above (salaried); 3 years & more (self-employed) and 5 years of experience with 4 years in the current company (self employed non-professional).
    • Documentation: The Dhanlaxmi Bank has a hassle-free and simple documentation process for applying for personal loans. Customers can either approach their nearest bank or log on to the official website of the bank for information about the procedure.
    • Payment: The Dhanlaxmi Bank offers flexible repayment options, i.e, 12 to 60 months.
    • Pre-closure charges: The Dhanlaxmi Bank charges 2% plus ST of the principal outstanding as the pre-closure charges.
    • Processing Fees: The Dhanlaxmi Bank charges 2.5% of the loan amount as processing fees.
    • Profile: Permanent employees in central or state government, blue chip private sector companies, doctors, engineers, chartered accountants and management consultants in addition to self-employed individuals.

    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.

    Dhanalaxmi Bank MCLR (For new borrowers)

    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
    Overnight MCLR 9.90%
    1 month MCLR 9.90%
    3 month MCLR 10.10%
    6 month MCLR 10.20%
    1 year MCLR 10.40%

    Dhanalaxmi Bank Personal Loan Interest Rates (MCLR)

    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.

    Dhanalaxmi Bank Base Rate & Prime Lending Rate (For existing borrowers)

    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)
    11.40% 21%

    Dhanalaxmi Bank Personal Loan Interest Rate (Base Rate)

    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:

    • Age: Above 23 years (salaried and self-employed)
    • Documentation: The documents required for salaried individuals are listed are the following:
    Proof Documents
    Proof of Identity (any one)
    • Photo PAN card
    • Valid Indian passport
    • Voters Identity card
    • Driving License
    • Pass book with attested customer photograph and signature (only from scheduled commercial Banks)
    • Certificate of practice issued by bodies such as ICAI/ICSI/ICWAI/ ICFA
    Proof of Age (any one)
    • PAN Card
    • Birth certificate
    • LIC policy
    • School leaving certificate
    Residential Proof (any one)
    • Valid Indian passport
    • Voter ID card
    • Latest Telephone bill not older than 3 months
    • Post paid piped gas connection bill showing consumption and complete address
    • Bank passbook or latest bank account statement
    • Postpaid mobile bill
    Signature Verification
    • Permanent laminated valid driving license
    • Government ID card for government employees
    • Copy of registered sale deed
    Continuity Proof
    • Form 16
    • Letter from HR authorised Signatory
    • Appointment Letter
    Income Proof
    • Three latest pay slips with six months bank statement of salary account

    The documents required for self-employed individuals are listed in the table below:

    Proof Documents
    Proof of Identity (any one)
    • PAN Card
    • Driving License
    • Bank passbook
    • Voter ID Card
    • Employee ID Card
    • Ration Card
    • Photo Debit Card and Credit Card
    Residence Proof
    • Life insurance premium receipt
    • Leave and License Agreement
    • Telephone bill
    • Post paid gas connection
    • Copy of sale agreement
    • Municipality water bill
    • Municipal tax receipt
    • Credit Card statements

    The documents required for co-applicants-non-individuals/companies/are listed in the table below:

    Proof Documents
    Proof of Existence and Registration Office Address (any one)
    • VAT Service Tax Registration Certificate
    • Bank account statement in the name of the entity
    • Partnership Deed or Certificate of Registration/Certificate of Incorporation
    • Sales Tax Registration Certificate
    • Factory Registration Certificate
    • Import-Export Code Certificate
    Proof of Operating Address (any one)
    • Leave and License Agreement
    • Electricity Bill
    • IT Assessment Order
    • Acknowledged ITR
    • PAN Intimation Letter
    • ECS mandate

    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.

    1. What is the maximum period of tenure offered for personal loans?

      The maximum loan tenure available for personal loans is 60 months.

    2. Are there any pre-closure charges for personal loans?

      The Dhanlaxmi Bank charges 2% plus ST of the principal outstanding as the pre-closure charges.

    3. What is the maximum loan amount offered by Dhanlaxmi Bank?

      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.

    4. What are the documents required as residence proof for self-employed individuals?

      Customers can submit the copy of sale agreement, municipality water bill, municipal tax receipt, credit card statements or the leave and license agreement.

    5. Who can apply for a personal loan with Dhanalakshmi Bank?

      All salaried and self-employed individuals can apply for a personal loan with Dhanalakshmi Bank

    6. What are the interest rates offered on personal loans by 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%

    7. What are the personal loan tenures on offer by Dhanalakshmi Bank?

      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.

    8. What is the amount of personal loan I can avail from Dhanalakshmi Bank?

      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

    9. What is the eligibility criteria for applying for a personal loan from Dhanalakshmi Bank?

      A. Salaried individuals are required to meet the following eligibility criteria when applying for a personal loan with Dhanalakshmi Bank:

      • The applicant must be above 23 years of age
      • The applicant must draw a regular income of at least Rs 35,000 per month
      • The applicant must be a permanent employee of any of the following:
        • Central or State government institution
        • A profit making organisation or company
        • Any organisation with good repute
      • The applicant must have a total work experience of 2 years or above

      Self-employed individuals are required to meet the following eligibility criteria when applying for a personal loan with Dhanalakshmi Bank:

      • The applicant must be above 23 years of age
      • The applicant must draw a regular income of at least Rs 1,80,000 per year
      • The applicant must be one of the following:
        • A self-employed professional
        • A self-employed non-professional with a profit making proprietorship business, a partnership firm or a private limited company with a positive turnover
      • The applicant must have a total work experience of 3 years or above if he or she is a self-employed professional
      • The applicant must have a total work experience of at least 5 years with 4 years in the current venture if he or she is a self-employed non professional
      • However, the eligibility criteria may vary from applicant to applicant.
    10. What are the fees and charges applicable when applying for a personal loan from Dhanalakshmi Bank?

      The following fees and charges may be levied when applying for a Personal loan from Dhanalakshmi Bank:

      • Loan Processing Fee of up to 2.5% on the loan amount, subject to a minimum of Rs 1,250
      • A charge of Rs 250 for a No Objection Certificate (NOC)
      • A charge of Rs 250 for a duplicate copy of the NOC
      • Stamp duty and other charges are applicable as per state laws
      • Cheque swapping charges of Rs 500 plus service tax per swap
      • Cheque bounce charges of Rs 500 plus service tax per cheque
      • Legal or incidental charges
      • Foreclosure statement charges at Rs 200 plus service tax
      • Insurance fees of Rs 500
      • Customer Credit Information Report charges of Rs 200
    11. What are the charges incurred if I prepay the loan?

      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 service tax of the Principal Outstanding

    12. What happens if I am unable to make my repayments towards the loan?

      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

    13. Can I EMI cycle on my personal loan?

      Yes. The EMI cycle of your personal loan can be changed. However, doing so will incur a charge of Rs 200

    14. What happens if I decide to cancel the loan?

      You can cancel the personal loan by intimating the bank in advance. Loan cancellation charges of Rs 1,000 plus service tax will be applicable in this case.

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