Dhanlaxmi Bank Personal Loan’s excellent features make it a good loan option for those who have a cash crunch and need immediate cash to take care of personal expenditures.
The Dhanlaxmi Bank offers exciting features which makes it an ideal choice to avail a personal loan from. Here are some of the features and benefits:
| Interest Rate | As per the rate fixed by the bank |
| Loan Amount | Up to Rs.15 lakh |
| Processing fee | Up to 2.5% per annum |
| Prepayment charges | 2% + GST |
| EMI Late payment charges | 36% per annum on outstanding balance from date of default payment |
| EMI cycle change | Rs.200 |
| Loan cancellation charges | Rs.1,000 + GST |
| Foreclosure statement charges | Rs.200 + GST |
| Cheque swapping/bounce charges | Rs.500 + GST |
If you wish to apply for a personal loan with Dhanlaxmi Bank, you will be required to submit the following documents:
| Proof of identity | passport, Voter ID, PAN, etc. |
| Proof of age | birth certificate, college certificate, school leaving certificate, LIC policy |
| Proof of residence | driving licence, telephone bill, bank passbook |
| Signature verification | Driving licence, PAN, bankers certification |
| Continuity proof | Form 16, appointment letter, letter from authorised HR signatory |
| Income proof | Previous 3 pay slips and 6 months bank statement of the salary account |
| Age | Minimum 23 years |
| Employment type |
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| Income requirement |
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| Total work experience |
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A personal loan is basically a special type of loan that does not require individuals to pledge collateral to get the loan, in most cases. Banks take into account the individual’s credit history to decide whether the loan should be given to him/her or not. Borrowers, after receiving the loan amount, are expected to start paying equated monthly installments (EMIs) for a specific tenure at a rate of interest decided by the bank. Here is an example to better understand how personal loans work.
Mr. Ashok required Rs.2.5 lakh to renovate his old house. He approached Dhanlaxmi Bank for a personal loan and agreed to return the amount in 1 year. The EMI schedule for the loan, at an interest of 8% plus 2% processing fee, is as given in the table below:
| Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | Total Payment (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
| 1 | 20,080 | 1,667 | 21,747 | 2,29,920 |
| 2 | 20,214 | 1,533 | 21,747 | 2,09,705 |
| 3 | 20,349 | 1,398 | 21,747 | 1,89,356 |
| 4 | 20,485 | 1,262 | 21,747 | 1,68,871 |
| 5 | 20,621 | 1,126 | 21,747 | 1,48,250 |
| 6 | 20,759 | 988 | 21,747 | 1,27,491 |
| 7 | 20,897 | 850 | 21,747 | 1,06,594 |
| 8 | 21,036 | 711 | 21,747 | 85,558 |
| 9 | 21,177 | 570 | 21,747 | 64,381 |
| 10 | 21,318 | 429 | 21,747 | 43,063 |
| 11 | 21,460 | 287 | 21,747 | 21,603 |
| 12 | 21,603 | 144 | 21,747 | 0 |
If you want to calculate the EMI in a similar manner for a different amount and interest rate, you can use our EMI calculator
| Parameters | Dhanlaxmi Personal Loan | Kalyan Janata Sahakari Bank Personal Loan | ICICI Bank Personal Loan |
| Interest rate | As per the rate fixed by the bank | 13.10% per annum onwards | 11.25% per annum onwards |
| Processing fee | Up to 2.5% per annum | 0.75% of the loan amount sanctioned | Up to 2.25% + GST |
| Maximum loan quantum | Up to Rs.15 lakh | Up to Rs.5 lakh | Up to Rs.20 lakh |
| Foreclosure charges | Rs.200 + GST | Nil | 5% of the outstanding amount + applicable taxes |
Only employee IDs issued by the government, defence, reputed MNCs, or public sector undertakings are accepted. Employee IDs by private companies do not act as ID proof.
The personal loan interest rate is fixed by the bank over the Marginal Cost of Funds based Lending Rate (MCLR). The interest rate changes as per the repo rate fixed by the RBI and the performance of the bank.
The bank, on receiving the loan application, will check your credit history to know if you have a sufficient income to repay the loan. Also, it will check if you have been regular in repaying previous loans, if any. If the bank finds that you have many instances of default payments or that you have a low credit score, it may reject your application.
The bank has the authority to decide if an individual is eligible to avail a loan or not. Hence, the eligibility criteria may differ from one case to another.
At the time of loan application, you can decide the repayment tenure that you will require to repay the loan. In case of Dhanlaxmi Bank, the minimum repayment tenure is 1 year.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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