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Dhanlaxmi Bank Personal Loan Eligibility

Get instant personal loan up to Rs. 15 Lakhs online from Dhanlaxmi Bank at attractive interest rates. To meet Dhanlaxmi Bank personal loan eligibility criteria, applicants must be aged at least 23 years. The minimum income requirement is Rs. 35,000 per month for salaried and Rs. 1,80,000 per annum for self-employed applicants.

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Dhanlaxmi Bank Personal Loan Eligibility

To avail Personal Loan from Dhanlaxmi Bank, one must meet the following eligibility criteria:

For salaried

Eligibility ParameterEligibility Description
AgeAt least 23 years of age
Minimum Income RequirementRs 35,000 per month
Employment ProfilePermanent Employee with Central or State government institute or a profit making company or a reputed Private sector company
Total Experience2 years and above

For self-employed

Eligibility ParameterEligibility Description
AgeAt least 23 years of age
Minimum Income Requirement1,80,000 per annum
Employment Profile

Self-employed professional

Self -employed non-professional

Proprietor of a business/ partnership firm/ private limited company recording a positive turnover

Total Experience

For Self-employed professional at least 3 years

For Self - employed non-professional - total of 5 years of which 4 years should be in same business

Features of Dhanlaxmi Bank Personal Loan

Dhanlaxmi Bank Personal Loan comes with the following features and benefits:

ParameterDescription
 SalariedSelf-Employed
Loan AmountRs 1 lakh to Rs 15 lakhRs 3 lakh to Rs15 lakh
Loan TenureMinimum 12 months to maximum 60 monthsMinimum 12 months to maximum 60 months
Rate of Interest10.99% p.a.10.99% p.a.
Purpose

Loan proceeds can be used for any legitimate purpose.

Borrower is not required to submit an end-use certificate

Loan proceeds can be used for any legitimate purpose.

Borrower is not required to submit an end-use certificate

Processing FeeUp to 2.5% of the loan amount subject to a minimum of 1250Up to 2.5% of the loan amount subject to a minimum of 1250
Prepayment Charges2% of the amount + applicable GST2% of the amount + applicable GST
No Due Certificate / No Objection CertificateRs 250Rs 250
Duplicate No Due Certificate / No Objection CertificateRs 250Rs 250
Late Payment Charges on EMI default36 % p.a. on amount outstanding from date of default36 % p.a. on amount outstanding from date of default
Cheque Swapping ChargesRs 500 + GST per instanceRs 500 + GST per instance
Cheque Bounce ChargesRs 500 + GST per instanceRs 500 + GST per instance
EMI Cycle ChangeRs 200Rs 200
Loan Cancellation ChargesRs 1000 + GSTRs 1000 + GST
Foreclosure Statement ChargesRs 200 + GSTRs 200 + GST
CIBIL ReportRs 200

Individual -Rs 200

Non-Individual -Rs 750

Documents Required for Dhanlaxmi Bank Personal Loan

List of documents required and accepted by Dhanlaxmi Bank for its Personal Loan approval are:

Document CategoryDocument Accepted (Salaried Individual)
Proof of Identity (Any One)

Photo PAN Card

Passport

Permanent Laminated Driving license

Voter ID Card

Employee ID Card issued by Government department (ID Card of Private Sector company will not be accepted)

Certificate of practice issued professional bodies like ICAI/ICSI/ICWAI/ ICFA (Only Photo ID accepted)

Bank pass book with attested customer photograph and signature (only from scheduled commercial Banks)

Defense ID Card

Proof of Age (Any one)

Birth Certificate

School Leaving Certificate

LIC Policy (minimum 12 months in force)

College Certificate

PAN Card

Driving License

Passport

Proof of Residence (Any One)

Valid Passport

Life Insurance Policy Receipt (minimum 12 months in force)

Voter ID Card

Permanent Laminated Driving license

Utility bills not more than 3 months old

Bank pass book/ latest bank statement with attested customer photograph and signature (only from scheduled commercial Banks)

Co-operative housing society receipt

Original post paid mobile bill

Rent agreement signed by Notary with latest electricity bill issued in name of landlord

Signature Verification (Any One)

Permanent laminated valid driving license

PAN card

Banker's verification (only Scheduled Commercial Bank)

Copy of entire Registered sale deed showing photo and signature

Government ID card for government employees

Continuity Proof (Any One)

Form 16

Appointment Letter

Letter issued and signed by authorized HR

Income Proof (All)

3 months salary slip

6 months bank account statement of salary account

Other DocumentsProcessing fee cheque
Document CategoryDocument Accepted (Self Employed Individual - Professional and Non-Professional)
Identity Proof (Any One)

Photo PAN Card

Permanent Laminated Driving License

Bank pass book with attested customer photograph and signature (only from scheduled commercial Banks)

Voter ID Card

Employee ID Card issued by Government department (ID Card of Private Sector company will not be accepted)

Photo Ration Card

Photo Debit Card

Photo Credit Card (Valid card not more than 3 months old)

Defense ID Card

Residence Proof (Any One)

Life Insurance Premium Receipt  (minimum 12 months in force)

Permanent Laminated Driving License

Leave and License Agreement

Bank pass book/ Latest Bank account statement showing full address

Telephone bill

Water bill

Electricity Bill

Piped Gas pipeline bill

Ration Card

Voter ID Card

Passport

Sale deed in case of owned residence

Post Paid mobile bill

Front copy of Credit Card with latest bill statement

Property Tax Receipt

Office ID Card showing residence address (issued by multination company, Public Sector Undertaking, Public Limited Company, other)

(Utility bill and credit card bill should not be more than 3 months old)

Proof of legal existence and registered office address (Any One)

Certificate for VAT/ Service Tax Registration

Latest bank account statement in the Entity's name with full address

For partnership firms: Certificate of Registration/ Partnership Deed from Registrar of firms.

For Companies: MOA/ AOA with Certificate of Incorporation

PAN Card of partnership firm/ companies as proof of the existence

Certificate for Shop and Establishment

Certificate for Factory Registration

Certificate for SSI Registration

Importer - Exporter Code Certificate

Proof of operating address (Any One)

Leave and license agreement in the name of the applying entity

Latest bank account statement in the name of the applying entity, bearing the address of the entity along with banker's verification of the authorized signatory of the entity.

For self proprietorship: Proof of the operating address in the individual's name along with the office address.

Telephone/ electricity bill in the name of the entity

IT Assessment Order

Acknowledged ITR of the entity

PAN intimation order

Signature verification proof of entity's authorized signatory (Any One)

ECS mandate with authorized signatory's signature & stamp of the entity. The bank should duly verify and acknowledge the stamp and signature before sanctioning the loan.

Clearance of an initial payment cheque bearing an amount equal to the decided EMI

For companies with authorized General Power of Attorney Holder (GPA) for signing the PDCs, the GPA should carry details of the authorized signatories along with their name and of the branch.

Documents stating the authorized signatories of the entity submitted at the time of loan application and banker's verification of the Entity's PDC issuing authority

Banker's verification of the entity's authorized signatory from where the post-dated cheques are issued.

Income Proof (All)

Previous 2 years' Income Tax Return

2 year audited Balance Sheet and Profit and Loss account of the applying entity

Certificate of incorporation (mandatory for proprietorship firms)

Recent bank statements of business (not older than 12 months)

Other Documents (All)

Academic and Professional qualifications of all the professionals

Processing fee cheque

Factors Affecting Dhanlaxmi Bank Personal Loan Eligibility

Dhanlaxmi Bank has a streamlined and well-structured process to check and approve personal loans. The personal loans approved by Dhanlaxmi Bank are based on the credit profile, financial position of the loan applicant, along with other parameters.

List of factors that affect Dhanlaxmi Bank Personal Loan Eligibility are discussed below:

Credit Score - The first and foremost factor that affects Dhanlaxmi Bank Personal Loan eligibility is the credit score of the applicant. As personal loan comes without any collateral security, a good credit score is paramount for approval of personal loan. Credit score is the indicator of the credit worthiness of the applicant. Thus, it helps lending institutions to evaluate the potential risk posed by lending money to the particular customer and thereby reduce their losses due to bad debt. Credit Score is rated on the scale of 300 to 900 points. 300 shows the minimum whereas, 900 points depict the maximum credit worthiness. Lending institutions generally accept a credit score of 750 and above.

Existing Debts: The number of debts and obligations that a person stands at a point of time can affect his/her chances of getting a personal loan approval. But in case the applicant has a  high disposable income, high value of debts will no longer prove to be a hindrance provided there are no signs of delays and defaults in repaying ongoing loans.

Salary/ Income: Applicant who has a high disposable income, either through a fat salary cheque or though profitable business have greater prospects of getting a personal loan as against those who have smaller monthly inflows. Dhanlaxmi Bank approves a personal loan application if a salaried individual draws minimum of 35,000 per month and a self-employed earns a minimum of 1,80,000 per annum.

Age: The eligibility criteria of a lending institution hugely consider age as a factor for advancing loan. It helps the lender calculate the number of productive years remaining in a person's life and thus mitigate their losses due to bad debt. A person who is young and has just entered working life is more likely to get a personal loan approved than those who are nearing retirement. Applicants who are nearing retirement can enjoy a repayment term of only up to the number of years left in retirement.

Current Employer: The market worth of the current employer is as much important as the credit standing of the prospective borrower. Permanent employees of established private sector companies and those holding jobs in government departments are more preferred for a personal loan.

Job Continuity: For being eligible for a personal loan from Dhanlaxmi Bank, the applicant must be in a stable job or business. A salaried individual must be in the same job for a minimum of 2 years, whereas, a self-employed must be in the same business/ profession for at least 4 years.

Banking Health and History: The bank will track the borrower's banking history for a relatively long period of time. Applicants who show no signs of default and delays in EMI payments are more likely to get their personal loan approved. The bank will check the repayment history of all loan accounts and credit cards active under the applicant's name.

Co-applicant: The presence of co-applicants can prove to be a boon for the main applicant. The co-applicant, especially an earning spouse or child increases the loan eligibility manifold.

Tips to Improve Dhanlaxmi Bank Personal Loan Eligibility

A personal loan is an unsecured loan, Dhanlaxmi Bank thus does not ask for a collateral security. But high on all parameters of eligibility is must.

One can improve the Dhanlaxmi Bank Personal Loan eligibility through:

Maintain Good Banking History: A good banking health a history is must. There should be no delay in payments, either of ongoing loans or credit card dues. Also, cheque bounce charges, late payment penalties and other such penalties that reflect in the account statement attract a negative score.

Co-applicants: Presence of co-applicants proves really helpful for increasing personal loan eligibility. The applicant must be a close relative and earning independently.

Good Credit Score: The credit score is a numerical value which is calculated using an algorithm considering five parameters - individual's payment history, the credit utilization ratio, credit history, most recent credits and loan repayments, and the overall capacity. If all parameters are taken care of independently, the credit score is bound to be high.

Job Stability: Applicant should not switch/ change jobs too often. Dhanlaxmi Bank requires a mandatory job continuation of 2 years for salaried employees and 4 years for self-employed.

Higher Income: A higher income will ensure a higher amount of personal loan. Salaried employee can attach proofs of variable incentives, if any, whereas, a self-employed can attach proofs of income from other sources like rental income from commercial or residential properties, interest from securities, etc. to get a loan approval for personal loan.

Opt for longer tenures: The personal loan eligibility increases when you opt for a longer tenure. This also reduces your monthly EMI and thus makes repayment easy and comfortable.

Navi Personal Loan @9.99% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.

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What are the main features of Dhanlaxmi Bank Personal Loan?

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The main features of Dhanlaxmi Bank Personal Loan are:

Loan AmountRs 1 lakh to Rs 15 lakhRs 3 lakh to Rs 15 lakh
Loan TenureMinimum 12 months to maximum 60 monthsMinimum 12 months to maximum 60 months
Rate of Interest10.99% p.a.10.99% p.a.

What is the minimum income requirement for Dhanlaxmi Bank Personal Loan?

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Dhanlaxmi Bank approves a personal loan application if a salaried individual draws minimum of Rs 35,000 per month and a self-employed earns a minimum of Rs 1,80,000 per annum.

What are the charges applicable for Dhanlaxmi Bank Personal Loan?

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The following charges are applicable on a Dhanlaxmi Bank Personal Loan account:

Processing FeeUp to 2.5% of the loan amount subject to a minimum of 1250Up to 2.5% of the loan amount subject to a minimum of 1250
Prepayment Charges2% of the amount + applicable GST2% of the amount + applicable GST
No Due Certificate / No Objection CertificateRs 250Rs 250
Duplicate No Due Certificate / No Objection CertificateRs 250Rs 250
Late Payment Charges on EMI default36 % p.a. on amount outstanding from date of default36 % p.a. on amount outstanding from date of default
Cheque Swapping ChargesRs 500 + GST per instanceRs 500 + GST per instance
Cheque Bounce ChargesRs 500 + GST per instanceRs 500 + GST per instance
EMI Cycle ChangeRs 200Rs 200
Loan Cancellation ChargesRs 1000 + GSTRs 1000 + GST
Foreclosure Statement ChargesRs 200 + GSTRs 200 + GST
CIBIL ReportRs 200

Individual - Rs 200

Non-Individual - Rs 750

What documents are to be submitted for signature verification by self-employed for Dhanlaxmi Bank personal loan?

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A self-employed applicant must submit any one of the following documents to verify signatures for approval of a Dhanlaxmi Bank personal loan:

  • ECS mandate with authorized signatory's signature and stamp of the entity. The bank should duly verify and acknowledge the stamp and signature before sanctioning the loan.
  • Clearance of an initial payment cheque bearing an amount equal to the decided EMI
  • For companies with authorized General Power of Attorney Holder (GPA) for signing the PDCs, the GPA should carry details of the authorized signatories along with their name and of the branch.
  • Documents stating the authorized signatories of the entity submitted at the time of loan application and banker's verification of the Entity's PDC issuing authority
  • Banker's verification of the entity's authorized signatory from where the post-dated cheques are issued.

What are the documents required for validating operating address in case of a self-employed applicant for Dhanlaxmi Bank personal loan?

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Dhanlaxmi Bank personal loan accepts any one of the following documents for validating operating address in case of a self-employed applicant:

  • Leave and license agreement in the name of the applying entity
  • Latest bank account statement in the name of the applying entity, bearing the address of the entity along with banker's verification of the authorized signatory of the entity.
  • For self proprietorship: Proof of the operating address in the individual's name along with the office address.
  • Telephone/ electricity bill in the name of the entity
  • IT Assessment Order
  • Acknowledged ITR of the entity
  • PAN intimation order

What are the documents accepted as proof of legal existence and registered office address in case of a self-employed applicant for personal loan from Dhanlaxmi Bank?

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Dhanlaxmi Bank accepts any one of the following documents as proof of legal existence and registered office address in case of a self-employed applicant for personal loan:

  • Certificate for VAT/ Service Tax Registration
  • Latest bank account statement in the Entity's name with full address
  • For partnership firms: Certificate of Registration/ Partnership Deed from Registrar of firms.
  • For Companies: MOA/ AOA with Certificate of Incorporation
  • PAN Card of partnership firm/ companies as proof of the existence
  • Certificate for Shop and Establishment
  • Certificate for Factory Registration
  • Certificate for SSI Registration
  • Importer - Exporter Code Certificate

What documents are accepted as proof of signature verification by salaried individual for Dhanlaxmi Bank personal loan?

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Dhanlaxmi Bank accepts any one of the following documents as proof of signature verification for personal loan application:

  • Permanent laminated valid driving license
  • PAN card
  • Banker's verification (only Scheduled Commercial Bank)
  • Copy of entire Registered sale deed showing photo and signature
  • Government ID card for government employees