Personal Loan Rates 2018515 views
Table of Contents
About Dhanlaxmi Bank Personal Loan
Be it your child’s foreign education or renovation of your house, you don’t need to worry as Dhanlaxmi Bank Personal Loan is here to give you the financial support that you need. Yes, the loan amount offered by the lender can serve many purposes at a time, thus allows you to fulfill your wishes without putting your wishes on hold. The best thing about this bank is the fact that you can avail the same with the easy process, simple documentation and numerous other perks. That’s why borrowers who are in urgent need of funds, come to Dhanlaxmi Bank so as to give wings to their dreams.
The USP of a personal loan offered by this particular bank is a fact that it is a loan that covers all your diverse financial needs without hurting your pocket much. Dhanlaxmi Bank personal loan with its plenty of unmatched features and services ensures to fulfill every wish of yours without any hassle.
Let’s understand this product in detail through this article…
Dhanlaxmi Bank Personal Loan Interest Rates
|Interest Rates||10.35% (MCLR)|
|Loan Amount||₹1 Lakh-₹15 Lakh|
|Processing Fees||Upto 2.5% of the loan amount|
|Prepayment Charges||2% + ST of the Principal Outstanding|
Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility
|Age||Above 23 years||Above 23 years|
|Minimum Income Requirement||₹35,000/- per month||₹1,80,000/- per annum|
|Profiles Covered||Salaried with a central or state government institution or a profit making company or a reputed organization as a permanent employee||- Self Employed Professionals|
- Self Employed Non Professional with a profit making Proprietorship Business / Partnership firm/ Private limited company with a positive turnover
|Total Work Experience||2 years and above||- For Self Employed Professionals- 3 years & more|
- Self Employed Non Professional-Total 5 years of experience with 4 years in the current venture
Know Your Eligibility for Dhanlaxmi Bank Personal Loan
A personal loan eligibility is set on certain parameters set by banks/NBFCs. Now, the calculation of Dhanlaxmi Bank Personal Loan Eligibility can be understood with the help of an example below.
Suppose, Nilesh Jain is working in an MNC and gets a monthly in-hand salary of ₹1,00,000/- and after fulfilling all his necessary financial expenses, he is able to save around 40%-50% of his monthly income. Now, let’s say, he saves around 50% of his monthly income and wants to know if he is eligible for a personal loan or not.
In bank’s point of view, this man is saving around ₹50,000 per month out of his monthly income of ₹1,00,000. So, this saving can be used to repay the EMIs of the personal loan, which he is planning to take. The calculation of the loan amount, tenure and rate of interest, will help him know the EMIs that he will have to pay every month.
Amount- ₹ 1 Lakh
Loan Tenure- 5 years
Rate of Interest- 10.35% p.a.
Your monthly EMI will be- ₹2,142
The calculation for the maximum loan amount on the personal loan would be
₹Lakh x 50000/2142=₹23.34 Lakhs
So, his personal loan amount eligibility would be ₹23.34 Lakhs
Dhanlaxmi Bank Personal Loan EMI Calculator
An EMI is the sum of principal and interest that a borrower needs to pay each month so as to repay the loan. So, if you are taking a personal loan from Dhanlaxmi Bank, what will be the EMI that you will have to pay? Well, your EMI gets calculated in a very easy and quick manner. All you have to do is mention the below details in the EMI calculator:
- Loan Amount
- Rate of Interest
In the EMI Calculator, you need to feed loan amount, interest rate and tenure of the loan so that it calculates your monthly installments accurately. The personal loan EMI calculator will first compute the interest component and then the principal amount of your personal loan.
For Example: Rakhi Sharma is willing to take a personal loan of ₹5,00,000 from Dhanlaxmi Bank for 5 years, and the bank is offering her the loan at an interest rate of 10.35% per annum. To know her EMI or equated monthly installments, total interest outgo and total amount payable, go through the article below:
Total Interest Outgo- ₹1,42,590
Total Amount Payable- ₹6,42,590
Below is a table- given showing your EMI, interest and total amount payable for different tenures.
Table showing EMI, interest outgo and total amount payable on your personal loan
|Loan Amount (in ₹)||Loan Tenure (in years)||Interest Rate (p.a.)||EMI (in ₹)||Total Interest Outgo (in ₹)||Total Amount (EMI+Interest) (in ₹)|
|Year||Principal Payment (in ₹)||Interest Outgo (in ₹)||Balance Amount (in ₹)|
|Identity Proof||Identity Proof|
|Residential Proof||Residential Address Proof|
|Proof of Age||Proof of Legal Existence and Registered Office Address|
|Signature Verification||Signature verification (SV) of the Authorized signatory of the Entity|
|Continuity Proof||Proof of Operating Address|
|Income Proof||- Last 2yrs filed ITR along with computation of income, Balance Sheet, P&L schedules,Bank Statement (Business) latest 12 months.|
- Certificate of incorporate in case of Proprietorship
- Academic & professional Qualification certificate is mandatory for professionals
- Bank Verification Form
Features & Benefits
- Higher Loan Amount
- Flexible Loan Repayment Options
- Minimal Documentation
- Speedy Loan Approval
- Competitive Interest Rates