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  • Dhanlakshmi Bank Car Loan Interest Rates 16 Oct 2019

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  • Dhanlaxmi Bank customers can avail a car loan from the bank in order to purchase either a new car or a pre-owned car. The rate of interest levied for new car range between 9.90% and 10.15%. Similarly, the rate of interest charged for a pre-owned car range between 13.18% and 15.65%.

    The rate of interest levied on a car loan will depend on factors such as the loan amount, repayment tenure, credit score, etc.

    Dhanlaxmi Bank Car Loan

    Features New Car Loan Used Car Loan

    Interest rates

    9.90% - 10.15%

    13.18% - 15.65%

    Loan tenure

    Up to 5 years

    Up to 4 years

    Processing fee

    1% of the loan amount

    1% of the loan amount

    Loan amount

    • Up to 85% of the on-road cost of the vehicle.
    • Up to 95% of the ex-showroom price of the vehicle.

    Up to 60% of the cost of the vehicle.

    EMI per lakh

    Rs.1,060 per lakh for a loan amount of Rs.1 lakh, repayment tenure of 5 years, interest rate of 9.90% and processing fee of 1%.

    Rs.1,346 per lakh for a loan amount of Rs.1 lakh, repayment tenure of 4 years, interest rate of 13.18% and processing fee of 1%.

    Prepayment charges

    NIL

    NIL

    Other Charges for New Cars

    Charges

    New Car

    Foreclosure charges

    2% + service tax on the outstanding loan amount

    Cheque Bounce Charges

    Rs.500 + service tax

    Late Payment Charges

    3% per month

    *Customer Credit Information Report

    • Individual customers: Rs 200
    • Non-Individual Customers: Rs 750

    NOC issuance charges - Nil for 1st Issuance

    Rs.500 + service tax

    Non-refundable fees

    NA

    Part Prepayment Charges

    NA

    Other Charges for Pre-Owned Cars

    Charges

    New Car

    Foreclosure charges

    2% + service tax on the outstanding loan amount

    Cheque Bounce Charges

    Rs.500 + service tax

    Late Payment Charges

    3% per month

    *Customer Credit Information Report

    • Individual customers: Rs 200
    • Non-Individual Customers: Rs 750

    NOC issuance charges - Nil for 1st Issuance

    Rs.500 + service tax

    Non-refundable fees

    NA

    Part Prepayment Charges

    NA

    Factors affecting Dhanlaxmi Bank Car Loan Interest Rates

    There are multiple factors affecting the interest rates given to customers by Dhanlaxmi Bank. Some of the common factors playing a key role have been explained below -

    Income

    The income of an applicant plays an important part in determining the interest rate for a Dhanlaxmi Bank car loan. Banks prefer individuals with a lower debt to income ratio. While making approvals lenders will make sure that the applicant has the required income to repay the car loan and also does not carry a lot of debts. The income eligibility criteria can be improved by adding a co-applicant with a good credit history, thereby helping the borrower get a lowered rate of interest.

    Down Payment

    Customers making higher down payments can always enjoy the advantage of getting low interest rates on their car loans. Banks have to sanction only smaller loan amounts if the down payment is huge and this reduces the risk factor for them. This also ensures that the borrower gets the lowest interest rate possible. New car loan borrowers must always make sure that they are well-prepared financially to pay a higher sum as down payment, to get attractive interest rates.

    Loan Tenure

    If customers opt for a longer loan tenure, they will have to pay higher amounts as interest rate in the long run. Interest rates change with market fluctuations and depending on that the monthly installment amounts might also increase or decrease. It is always advisable to go for a shorter loan tenure and pay lesser amounts as interest rates. Also, lenders give better interest rates to customers paying higher down payments, thereby shortening their loan terms.

    Existing Debts

    Applicants who carry a load of debts and do not have a regular payment pattern will not get the best deals on interest rates. The debt to income ratio is important to determine whether the borrower has the required financial capacity to repay the car loan. So, before applying for a Dhanlaxmi Bank car loan, customers must ensure that they have sufficient funds, with all the outstanding debts capably managed. This will definitely get a borrower, car loans with comparatively lower interest rates.

    Dhanlaxmi Bank Car Loan Frequently Asked Questions (FAQs)

    1. What are the eligibility criteria I will have to fulfil before applying for a car loan from Dhanlaxmi Bank?
    2. The eligibility criteria you will have to fulfil if you are looking to buy a new car or a pre-owned car and thus avail a car loan from Dhanlaxmi Bank are given below:

      Salaried individual

      • The minimum age of the applicant should be 21 years old and the maximum age of the applicant at the time of loan maturity should be 65 years.
      • The minimum age of the applicant should be Rs.1.2 lakh.
      • Minimum work experience should be 2 years including having spent at least 1 year in the current place of employment.

      Self-employed individual

      • The minimum age of the applicant should be 21 years old and the maximum age of the applicant at the time of loan maturity should be 65 years.
      • The minimum age of the applicant should be Rs.1.2 lakh.
      • Should be in the current business for at least 3 years.

      Partnership firms

      • The minimum age of the applicant should be Rs.1.2 lakh.
      • Should be in the current business for at least 3 years.

      Private Limited Company

      • The minimum age of the applicant should be Rs.1.2 lakh.
      • Should be in the current business for at least 3 years.

      Public Limited Company

      • The minimum age of the applicant should be Rs.1.2 lakh.
      • Should be in the current business for at least 3 years.
    3. I have a query related to my car loan which I want to get addressed. How can I get in touch with a Dhanlaxmi Bank customer care executive?
    4. You can visit the official website of Dhanlaxmi Bank and under ‘Customer Service’ click on ‘Contact Us Online’. You will be directed to a separate page, where you will have to enter the details required by the bank. Once you have entered all your details, you will have to enter the text given in the box available and click on ‘Submit’. You will receive a call from a customer executive from the bank who will help you by resolving your issue.

      You can also call on the number +91 - 0487 6613000 or send an email to customercare@dhanbank.co.in in case of any query or complaint. You can also write to the bank and send the mail to the address given below:

      Mr.Manikandan P Chief General Manager, Dhanlaxmi Bank Ltd, Corporate Office, Naickanal, Thrissur Kerala State – 680001.

    5. How to apply for a car loan from Dhanlaxmi Bank online?
    6. The process to apply for a car loan from Dhanlaxmi Bank online is very easy. You will have to visit the official website of the bank and under ‘Personal Banking’ section click on ‘Car Loan’. There will be two sections i.e. New Car and Used Car. Depending on whether you are looking to purchase a new car or a pre-owned car, you will have to click on ‘Apply Now’ under the section relevant to you.

      You will be directed to a new page where you will have to enter the details required and click on ‘Submit’. You will receive a call back from an official from the bank who will assist you with the process of applying for a car loan from the bank.

    7. Can I apply for a car loan from Dhanlaxmi Bank offline?
    8. Yes, you can apply for a car loan offline from Dhanlaxmi Bank by visiting its nearest branch. You must ensure you carry all the relevant documents. An official will then help you with the process related to the application for a car loan.

    9. How important is credit score while applying for a car loan from Dhanlaxmi Bank?
    10. Your credit score plays a very important role while applying for a car loan from Dhanlaxmi Bank. It is important to have a credit score of 750 and above so you can avail a car loan from the bank at a lower interest rate. Having a higher credit score gives the bank the impression that you will be able to pay the loan back in time due to which not only are you charged a lower rate of interest but also your application for the car loan is approved faster.

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