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  • Dhanlaxmi Bank Loan Against Securities

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  • Mostly, investments in shares and mutual funds are useful keeping a long-term goal in mind and instant liquidity options are few and far between. Dhanlaxmi Bank provides a specialised loan that aims to change that norm. This loan from Dhanlaxmi Bank allows individuals and non-individuals to utilise the power of their investments without having to lock out or liquidate them. These loans can help out in business or personal financial needs.

    What is the usage of Dhanlaxmi Bank Loan against Securities?

    This loan is provided to individuals or non-individuals for any purpose that is not explicitly speculative. Banking on the power of the investments made by the applicant, this loan is a powerful aid in financial terms.

    Who is eligible for Dhanlaxmi Bank Loan against Securities?

    An unsecured loan as this has a few eligibility criteria to be met in order for the bank to be able to sanction the loan. The eligibility requirements can be mentioned as follows –

    1. Applicants can be individuals, professionals, sole proprietorships, partnership firms and private limited companies (including closely-held public limited companies) and must be Indian residents
    2. Applicants should be at least 18 years of age when the loan is sanctioned. Shares in the name of minors, trusts, partly paid up shares or shares in the name of individuals who are directors or promoters of the same holding company are not allowed
    3. The acceptable securities that can be pledged are dematerialised equity shares (loan to 50% of market value), mutual funds (loan up to 50% of net asset value)

    What are the types of financing under Dhanlaxmi Bank Loan against Securities?

    Loan against Securities from Dhanlaxmi Bank is a specific term loan with optional overdraft facility.

    What are the loan limits under Dhanlaxmi Bank Loan against Securities?

    Based on the credit-worthiness of the applicant, validity of documents and the market value or NAV of the pledged securities, Dhanlaxmi Bank can provide loans based on its discretion. The portfolio of securities is assessed regularly and based on the performance, loan limits might be revised.

    What are the interest rates for Dhanlaxmi Bank Loan against Securities?

    Interest rates for a Loan against Securities could depend on the base lending rate and is based on the discretion of Dhanlaxmi Bank. Further changes to the rates could be done by Dhanlaxmi Bank as and when required.

    Interest is charged only on the amount that is actually utilised as a loan, irrespective of the overdraft limit that is allowed.

    What documentation is required during applying for Dhanlaxmi Bank Loan against Securities?

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Photographs of individual applicant and/or co-applicant, directors and promoters, in case of a company & Trusts, partners in case of a partnership firm or authorized person as applicable in case of societies
    2. IT Returns, Audited Profit and Loss Account statement and Balance Sheet for the last 2 years, six months bank statement of the primary current account, business proof, latest year provisional, sundry creditors and debtors list
    3. Know Your Customer (KYC) documents for the co-applicant
    4. Partnership deed, Memorandum of Association (MOA) and Articles of Association (AOA) or License issued under the Shops and Establishments Act of the respective states for business proof.

    The above set of documents comprise the minimum required list. To aid in credit approval, Dhanlaxmi Bank might ask for extra documents if necessary.

    What are the features of Dhanlaxmi Bank Loan against Securities?

    The Loan against Securities from Dhanlaxmi Bank is a good financing option for urgent financial needs on business or personal grounds.

    Some key features of this specialised loan are as follows

    1. Loan tenure or repayment period is annual and renewable per year
    2. Minimal documentation and faster approval
    3. No security or collateral required (pledged shares act as security)
    4. Loan amounts are variable and no upper limit specified

    How to apply for Dhanlaxmi Bank Loan against Securities?

    The loan can be applied for through Dhanlaxmi Bank’s website, as well as forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Dhanlaxmi Bank requesting an executive assistance for application process.

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