• Dhanlaxmi Bank Personal Loan

    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.

    • Attractive interest rate
    • Flexible repayment tenure option
    • Low processing fee
    • Simple documentation

    Features and Benefits

    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:

    • Loan Amount:The Dhanlaxmi Bank offers loans ranging from Rs.1 lakh to Rs.15 lakh for salaried persons and Rs.3 lakh to Rs.15 lakh for self-employed.
    • 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.
    • Repayment tenure:The Dhanlaxmi Bank offers flexible repayment tenures, i.e., 12 to 60 months.

    Dhanlaxmi Bank Personal Loan Overview

    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

    Fees and charges

    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

    Documents Required

    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
    • Employed with central/state government institution, profit-making firm, or a reputed organisation
    • Self-employed professionals and non-professionals
    Income requirement
    • Salaried: Rs.35,000 per month
    • Self-employed: Rs.1.8 lakh per annum
    Total work experience
    • Salaried: Minimum 3 years
    • Self-employed professionals: 3 years
    • Self-employed non-professionals: 4 years in current company

    How the EMI calculation of Dhanlaxmi Bank Personal Loan work?

    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

    How Dhanlaxmi Bank Personal Loan compares with other personal loans

    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

    Dhanlaxmi Bank Personal Loan FAQs

    Can I submit my employee ID card for proof of identity?

    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.

    How is the personal loan interest rate fixed?

    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.

    Can my loan application be rejected?

    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.

    Does the eligibility criteria remain the same for everyone?

    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.

    How is the repayment tenure decided?

    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.


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    Dhanalakshmi Bank Personal Loan Reviews

    • Dhanalakshmi Bank
      "NICE BANK"
      0.5 5.0/5 "Blown Away!"
      Dhanalakshmi bank we got the personal loan for running the buisness ,but It was closed now ,the service rendered by the DCB bank was nice all the customer service everything was good that was a nice experienence with dhanalakshmi bank on the process on personal loan.
      Was this review helpful? 12
      , bangalore
      Reviewed on Feb 10, 2018
    • Dhanalakshmi Bank
      Dhanalakshmi Bank
      "Hassle Free Experience"
      0.5 5.0/5 "Blown Away!"
      Dhanalakshmi bank gave me best interest rate for personal loan, I took the loan of Rs.2 lakhs to 3 lakhs then I done top up again with the attractive interest rate. They gave me part payment and foreclosure option. The documentation was very convenient, they take minimum time to disburse the time.
      Was this review helpful? 12
      , hyderabad
      Reviewed on Dec 28, 2017
    • Dhanalakshmi Bank
      0.5 4.0/5 "Great!"
      I have settled the personal loan with the Dhanalaxmi bank. The rate of interest was around 14.5% and the processing charges were around 2% of the total capital amount. The loan amount got disbursed within two days of time.
      Was this review helpful? 10
      , ernakulam
      Reviewed on Dec 23, 2015
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