Dhanlakshmi Bank offers personal loan to people to meet their diverse financial needs. It could be to pay your child’s fee or upgrade your house appliances or for any other financial needs. The process is hassle free and easy. Dhanlakshmi Bank personal loan is available for salaried and self-employed individuals.
Dhanlakshmi Bank personal loan interest rates depends the borrower’s on income, borrower’s credit history, the RBI rates, inflation etc. Dhanlakshmi Bank personal loan interest rate is charged at the sole discretion of the bank but the base rate is 11.50 percent. The interest rates is offered to a borrower in such a way that he is not burdened with the EMI payment.
|Interest rates||Charged at the sole discretion of the bank|
|Loan amount||Salaried individuals- Minimum: Rs.1 lakh
Maximum: Rs.15 lakhs
Self-employed- Minimum: Rs.3 lakhs Maximum: Rs.15 lakhs
|Loan tenure||Minimum tenure- 1 year
Maximum tenure- 5 years
|EMI per lakh (lowest interest rate and maximum tenure)
Click here to check the EMI on your personal loan
|Rs.2,199 per month|
|Prepayment charges||2 percent of the principal outstanding|
|Base rate||Range from 11% to 32% p.a|
EMI or Equated Monthly Instalment consists of interest as well as the principal amount that is to be repaid. The principal amount and interest is divided by the tenure in which the loan has to be repaid. The formula to calculate the EMI is:
EMI= Principal X Rate of interest on a monthly basis X (1+rate of interest on a monthly basis) to the power of the loan tenure divided by [(1+rate of interest on a monthly basis) to the power of the loan tenure – 1]
You can make use of the EMI calculator available on BankBazaar.com and you will get the amortization table that will contain details of the EMI amount that goes towards the principal amount payment and the interest amount.
For example, Mr. Saul has taken a personal loan for Rs.1 lakh from Dhanlakshmi Bank. The interest rate he is being offered is 11.50 percent for a tenure of 5 years. By the end of the fifth year, he would have paid Rs.31,956 towards total interest and his loan EMI is Rs.2,199. He will be paying 24.2 percent towards the interest and 75.8 percent towards the principal loan amount. His amortization table will look as follows:
|Year||Principal paid (in rupees)||Interest paid (in rupees)||Balance amount (in rupees)|
Dhanlakshmi Bank personal loan interest rate varies for every applicant due to various factors. Some major factors affecting the interest rates are as follows:
The interest rates and processing charges are charged at the sole discretion of the bank and are subject to change.
CIBIL Score and credit report plays a major role in deciding an applicant’s interest rate. CIBIL report consists of your repayment history and shows how efficiently you have made the payments. It usually shows how responsible the applicant is towards the credit he has taken. The banks usually accept application of individuals having an ideal CIBIL score of 750 and above. Those with a lower score are termed as a risk and the bank might offer you a personal loan at a higher interest rate or they might just reject the application. Check your credit score before applying for a loan so if the score is low, you can fix it and then apply for a fresh loan.
Before applying for Dhanlakshmi Bank Personal Loan, you must know the following factors:
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