Dhanlaxmi Bank Personal Loan

Overview

The Dhanlaxmi Bank offers personal loans to the Salaried, Self-employed professionals and non-professionals up to a maximum amount of Rs.15 lac with a repayment tenure of 12-60 months at maximum.  The interest rate charged is according to the borrower’s portfolio linked to an annual MCLR of 9.90% per annum.

The Bank charges a processing fee equal to 2.5% of the loan amount with a minimum of Rs.1250. The charges in case of prepayment are 2% of the outstanding principal loan amount.

Dhanlaxmi Bank is a good fit for you if?

If You have are self employed

While many other banks like UCO Bank and Karnataka Bank only entertain salaried individuals for the personal loan, the Dhanlaxmi bank also provides personal loans to Self-employed professionals and non-professionals having a minimum annual income of Rs.1.8 lac.

If You’re Looking for loan amount upto Rs. 15 lac

While most of the banks in the industry offer a very low amount in the personal loan category, The Dhanlaxmi Bank offers as high as Rs.10 lac. Karnataka Bank offers up to Rs.5 lac at maximum and Oriental Bank offers up to Rs.10 lac at maximum in the shape of a personal loan.

Dhanlaxmi Bank Personal Loan at a glance

Annual Interest Rate10.90% – 13.90% per annum
Loan Term12 Months – 60 Months
Loan AmountUp to Rs. 15 Lacs
Pre-Closure Charges2% of the outstanding amount

Dhanlaxmi Bank offers personal loans in a wide range of interest according to borrowers’ portfolios linked to an annual MCLR of 9.90% per annum. The bank offers a personal loan from Rs.1 lac minimum to Rs.15 lac maximum for the salaried individuals and Rs.3 lac minimum to Rs.15 lac maximum for the self-employed individuals.

The maximum repayment tenure can be up to 12-60 months as the loan for a period less than 12 months are not allowed. The repayment charges stand at 2% of the outstanding amount which is a bit high as most of the banks like Karnataka Bank and UCO Bank do not charge for the prepayment of personal loans.

Why Choose Dhanlaxmi Bank?

Larger loan amount upto Rs.15 lac

Dhanlaxmi Bank offers a higher maximum loan limit of Rs.15 lac in personal loan cases in front of some peers like Karnataka Bank offering up to Rs.5 lac and UCO Bank offering up to Rs.10 lac at maximum.

Avail longer repayment tenure upto 60 months

Dhanlaxmi Bank provides a repayment tenure as long as up to 60 months, While some of the banks like Dena Bank allow only a period of 36 months for repayment of the loan.

Available for self employed Individuals as well

Unlike its peers Karnataka Bank and UCO Bank the Dhanlaxmi bank also offers personal loans to self-employed professionals and non-professionals along with salaried individuals.

What to watch out for?

Higher Processing Charges

The Dhanlaxmi bank charges 2.5% of the loan amount with a minimum of Rs.1250 as processing charges for the loan application processing. This is quite high when compared with the Karnataka bank charging 0.50% of the loan amount and UCO Bank charging 1% of the loan amount with a minimum of Rs. 750.

Higher prepayment charges

While most of the peers in the industry do not charge for the prepayment of loans, The Dhanlaxmi bank is charging prepayment charges at 2% of the amount outstanding.

Minimum income criteria for salaried applicants

In the case of salaried applicants, the bank requires a monthly income of Rs.35,000, which is quite higher than the requirement of Rs.10,000 at UCO Bank for a personal loan in the case of salaried individuals.

Compare Dhanlaxmi Bank Personal Loans to Other Banks

Bank NameDhanlaxmi BankKarnataka BankUCO Bank
APR10.90% – 13.90%12.70%11.40% – 12.80%
Loan TermUp to 60 MonthsUp to 60 MonthsUp to 60 Months
Maximum Lending AmountRs. 15 LacsRs. 5 LacsRs. 10 Lacs
Processing Fee2.5% of the loan amount
Min. Rs.1250.
0.50% of the loan amount.1% of the loan amount
Min. Rs.750.
Pre-Closure Fee2% of the outstanding amountNilNil

The Dhanlaxmi Bank offers personal loans to borrowers in a wide range of interest according to borrowers’ portfolios linked to an annual MCLR of 9.90% per annum. The maximum repayment tenure allowed to repay the personal loan is up to 60 months. The same is offered by the Karnataka and UCO Bank.

The maximum loan amount offered by the Dhanlaxmi Bank is up to Rs.15 lac which is higher than both of its peers Karnataka and Uco bank offering up to Rs.5-10 lac at maximum. The processing charges of Dhanlaxmi bank are quite high as 2.5% of the loan amount with a minimum of Rs.1250; While the Karnataka bank charges at 0.50% of the loan amount and Uco Bank charges 1% of the loan amount. Dhanlaxmi Bank charges 2% of the outstanding amount as preclosure charges also while the Karnataka and Uco Bank does not charge for prepayment of personal loan.

Dhanlaxmi Bank Personal Loan Eligibility Criteria

Minimum Age21 Years
Maximum Age 60 Years
Minimum Relationship Period with Bank6 Months

For Salaried

  • The minimum age of the applicant should not be less than 21 years at the time of the loan
  • The applicant should be a resident Indian.
  • The minimum age of the borrower should be at least 23 years at the time of loan application.
  • A salaried employee of Govt. / Semi-Govt. / Reputed Public / Private Ltd. Co. /College / Universities / Public Sector Undertaking with a minimum of 2 years service.
  • The minimum income of the Individual should be Rs.35,000 per month.

For Self-Employed Professionals and Non Professionals

  • The minimum age of the borrower should be at least 23 years at the time of loan application.
  • Self Employed Professionals and Self Employed Non-Professional with a profit-making Proprietorship Business / Partnership firm/ Private limited company with a positive turnover.
  • The minimum annual income of the borrower should be more than 1.8 lac.
  • For Self employed professionals work experience of 3 years and for Self-employed non-professional total of 5 years of experience with 4 years in the current venture.

Dhanlaxmi Bank Personal Loans Schemes

Dhanlaxmi Bank Personal Loan

Dhanlaxmi Bank offers a personal loan to salaried individuals, Self-employed professionals, and non-professionals up to a maximum amount of Rs.15 lac. The bank provides a repayment tenure of 12-60 months for the repayment of the loan. The interest rate charged is according to the borrowers’ portfolio linked to an annual MCLR of 9.90% per annum.

The processing charges for the personal loan application are 2.5% of the loan amount with a minimum of Rs.1250 and the charges for prepayment which is only allowed after payment of the first 12 installments are 2% of the outstanding amount.

Documents for Salaried

  • KYC Documents
  • Income proof
    • Last 6 months salary slip.
    • Form 16/ letter from employer. 
    • Last two year ITR.
    • Last 6 months bank statement.
  • 3 passport photographs.
  • Any other document which may be required from case to case.

Documents for Self-Employed

  • KYC Documents
  • 3 passport photographs
  • Income proof :
    • Last three years ITR
    • Balance sheet and Profit & Loss statement.
    • Last 6 months bank statement.
  • Any other document which may be required from case to case.

Dhanlaxmi Bank Personal Loan Interest Rates

Personal LoanApplicable Interest Rate
Dhanlaxmi Bank Personal Loan10.90% – 13.90% per annum

Dhanlaxmi Bank Personal Loans Fees & Charges

Type of ChargesApplicable Charge
Processing Charges2.5%of the loan amount
Min Rs.1250
Prepayment Charges2% of the outstanding loan amount
Penal Interest36% per annum (3% per month) on the overdue amount
Loan Cancellation ChargesRs.1000

The Dhanlaxmi Bank charges 2.5% of the loan amount as processing charges for the loan application processing and 2% of the outstanding amount as foreclosures charges which are a bit higher than market peers. Karnataka Bank does not charge for prepayment of loans and the processing fee is as low as 0.50% of the loan amount.

The Dhanlaxmi Bank also levies 36% per annum penal charges in case of late payment of EMI and a fee of Rs.1000 in case of cancellation of the loan.

FAQs

What If I want to pay my personal loan early?

You can do so, But only after the payment of the first 12 EMIs. Dhanlaxmi bank also charges 2% of the outstanding amount as prepayment charges which you will have to pay if you want to close your loan early.

Do the bank also finance the loan to self employed?

Yes, Dhanlaxmi Bank provides personal Loans to self-employed professionals and non-professionals as well as to salaried individuals. 

Any guarantee required?

No, the Dhanlaxmi Bank does not require any guarantee for the personal loan.

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