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    Dhanalakshmi Bank Used Car Loans

    Dhanalakshmi Bank offers car loan for not only new vehicles but also for used/second hand cars as well. Customers are liable to receive 60% of the vehicle’s value as approved and certified by the Bank’s valuer. The bank provides speedy and efficient processing of the used car loan and ensures quicker possession of the vehicle by the customer.

    Features and Benefits of Dhanalakshmi Bank Used Car Loan
    • The tenure ranges from 12 to 48 months.
    • Quick and speedy processing.
    • Convenient repayment option through flexible EMIs.
    • Attractive interest rates.
    • Marginal documentation.

    Dhanalakshmi Bank Used Car Loan Eligibility Criteria

    Salaried Individuals:
    • Applicant should be at least 21 years old.
    • At the time of loan maturity the applicant should not be over 60 years of age.
    • The applicant should have an annual salary of at least Rs.1,20,000/-
    • The applicant should have an employment stability of at least one year in current employment and a total experience of not less than 2 years.
    Self-Employed / Professionals:
    • Applicant should be at least 21 years old.
    • At the time of loan maturity the applicant should not be over 65 years of age.
    • The applicant should have an annual salary of at least Rs. 1,20,000/-
    • 3 years of minimum business continuity in same business is required.
    Partnership Firms/ Private Limited Company/ Public Limited Company:
    • The applicant should have an annual salary of at least Rs. 1,20,000/--
    • 3 years of minimum business continuity in same business is required.

    Documentation Required for Dhanalakshmi Bank Used Car Loan

    Salaried Individuals
    • Filled Application Form
    • Colored passport size photographs
    • Proof of identity in the form of Pan Card, Passport copy, Voters ID card, Driving License, Employee ID Card where applicable, etc.
    • Residence Proof in the form of Telephone Bill, Electricity Bill, Ration Card, Life Insurance premium receipt, Sale Agreement, Municipality TAX receipt, Property Tax, Receipt/ Valid Leave and License agreement, etc.
    • 6 months’ salary slip or salary certificate and Form 16 and ITR of the last 2 years
    • Last 6 months bank statements.
    Self Employed/Professional
    • Duly filled Application Form
    • Passport size colored photographs
    • Proof of identity in the form of Pan Card, Passport copy, Voters ID card, Driving License, Employee ID Card where applicable, etc.
    • Residence Proof in the form of Telephone Bill, Electricity Bill, Ration Card, Life Insurance premium receipt, Sale Agreement, Municipality TAX receipt, Property Tax, Receipt/ Valid Leave and License agreement, etc..
    • Latest 3 years ITR and previous year’s ITR with tax advance challan of current year to be submitted as IT proof.
    • Previous 6 months’ bank statements
    Partnership Firms
    • Filled Application Form
    • Residence Proof in the form of Telephone Bill, Electricity Bill, Ration Card, Life Insurance premium receipt, Sale Agreement, Municipality TAX receipt, Property Tax, Receipt/ Valid Leave and License agreement, etc.
    • Audited Financials and ITRs for last 03 years to be submitted as proof of income.
    • Partnership Deed
    • Previous 6 months’ bank statements
    Private Limited Company
    • Filled Application Form
    • Residence Proof in the form of Telephone Bill, Electricity Bill, Ration Card, Life Insurance premium receipt, Sale Agreement, Municipality TAX receipt, Property Tax, Receipt/ Valid Leave and License agreement, etc.
    • Audited Financials and Last 03 years ITR to be submitted as proof of income.
    • Applicant(s) should submit the Memorandum of Association or Articles of Association.
    • Previous 6 months’ bank statements.
    Public Limited Company
    • Filled Application Form
    • Residence Proof in the form of Telephone Bill, Electricity Bill, Ration Card, Life Insurance premium receipt, Sale Agreement, Municipality TAX receipt, Property Tax, Receipt/ Valid Leave and License agreement, etc..
    • Audited Financials and Last 03 years ITR to be submitted as proof of income.
    • Applicant(s) should submit the Memorandum of Association or Articles of Association.
    • Previous 6 months’ bank statements.

    Dhanlaxmi Bank Used Car Loan Interest Rates

    Dhanlaxmi Bank offers customers a used car loan which can be utilised to purchase a pre-owned car. The interest on this loan is computed utilising MCLR, with existing customers having the option to migrate to this system from their existing interest platform.

    Dhanlaxmi Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    New customers will be charged an interest based on the MCLR, with Dhanlaxmi Bank revising these rates periodically.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 10.05%
    1 month 10.05%
    3 months 10.05%
    6 months 10.35%
    1 year 10.45%

    Used car loan interest rates – May 2016

    The bank can charge a spread over and above the MCLR, depending on the tenure and relationship a customer has with them. The table below highlights the existing rates for a used car loan.

    Product Spread over MCLR
    Used car loan 3.28% - 5.75% per annum

    Dhanlaxmi Bank Base and Prime Lending Rates (For existing borrowers)

    Base Rate 11.40% per annum, effective 03/11/2015
    Prime Lending Rate 21% per annum, effective 02/11/2011

    Dhanlaxmi Bank interest rate for used cars (Based on Base Rate)

    Existing customers who do not wish to migrate to MCLR can continue paying interest as per their existing terms and conditions. The Base Rate is typically used to compute this interest, with Dhanlaxmi Bank having the autonomy to charge a certain percentage over and above the existing base rate.

    Note: The rates mentioned here are valid as of June 6, 2016. Dhanlaxmi Bank reserves the right to modify/change interest rates without prior notice. Eligible borrowers should check the rates prevailing at time of application. 

    EMI Calculation for Dhanalakshmi Bank Used Car Loan

    Car loan EMI calculator is a reliable tool which gives detailed information of EMI repayment, interest to be paid and principal amount due. BankBazaar’s car loan EMI calculators provide a platform for customers to derive a detailed repayment schedule of their Dhanalakshmi Bank used car loans for the selected loan tenures. The EMI calculator tool is available in the BankBazaar homepage under the “Finance Tools” menu. Customers have to provide details such as loan amount, tenure, interest rate charged by Dhanalakshmi Bank for used car loans, etc. and the tool calculates these values and in the results page the customers can view relevant information related to loan repayment.

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