DMI Finance Personal Loan
Get instant personal loans up to ₹5 Lakhs with the DMI Finance app and repay in flexible tenures of 3 to 48 months at an attractive interest rate starting from 12% p.a. DMI Finance loans are available for salaried professionals as well as small business owners. The DMI Finance app helps you secure personal loans in a completely paperless manner.
DMI Finance Personal Loan Details
The key details of the DMI Finance personal loan are as follows:
| Loan amount | ₹10,000 - ₹5 Lakhs |
| Tenure | 3 - 48 months |
| Interest rate | 12% - 27.9% p.a. |
| Processing fee | Up to 3.95% of the loan amount + GST |
| Pre-closure charges | 2% - 4% |
| Minimum household income | ₹25,000 per month |
| Credit score | Above 700 |
Features & Benefits of DMI Finance Loan
The key features and benefits of the DMI personal loan are mentioned below:
- Fully digital journey that requires no paperwork.
- Your data is encrypted and protected.
- You can check your CIBIL score and credit report for free.
- Smooth disbursal
- Flexible EMIs
- You can apply, track, repay, and manage loans from a single platform.
- Digital EMI repayments via UPI, net banking, etc.
- Set e-Mandate for automated EMIs to avoid late fees.
- Get your repayment schedule instantly via your registered mobile number.
- View all past EMI payments in one place.
- Download sanction letters and agreements anytime.
DMI Finance Personal Loan Interest Rates & Charges
The interest rate, processing fee, and other charges associated with the DMI Finance personal loan are as follows:
| Interest rate | 12% - 27.9% p.a. |
|---|---|
| Processing fee | Up to 3.95% of the loan amount + GST |
| Pre-closure charges | 2% - 4% on balance principal + GST |
| Part prepayment charges | Up to 4% on the balance principal + GST |
| Overdue charges | 1% - 4% p.m. on overdue amount |
| One-time mandate rejection charges | ₹500 + GST |
| Late payment fees | ₹550 for amounts below 75,000, ₹650 for ₹75,000 to 1 Lakh & ₹750 for above ₹1 Lakh |
| Non NACH fee | Up to ₹30 + GST for Net banking & UPI transactions and up to 1.7% + GST of transaction value for Debit Card |
Compare DMI Finance Loan App with Other Loan Apps
Below is the comparison of the DMI Finance personal loan with other app-based personal loans:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| DMI Finance | ₹2,000 - ₹5,00,000 | 12% - 27.9% p.a. | 3 - 48 months |
| Airtel | ₹10,000 - ₹9,00,000 | 12.75% p.a. onwards | 3 - 60 months |
| TrueBalance | ₹5,000 - ₹2,00,000 | 2.4% p.m. onwards | 6 - 12 months |
| Anytime Rupee | ₹2,000 - ₹30,000 | 0.1% - 1% per day | 62 - 90 days |
| Kundan Finance | ₹5,000 - ₹2,00,000 | 1.5% - 2.92% p.m. | 3 - 12 months |
| PayRupik | ₹1,000 - ₹1,00,000 | Up to 36% p.a. | 3 - 12 months |
| Cholamandalam | Up to ₹35,00,000 | 10% - 28% p.a. | Up to 5 years |
| PhonePe | ₹5,000 - ₹5,00,000 | 13% - 20% p.a. | Up to 5 years |
| FatakPay | ₹30,000 - ₹5,00,000 | 12% to 35.95% p.a. | 3 - 36 months |
| Kamakshi Money | ₹1,000 - ₹2,00,000 | 18% p.a. onwards | Up to 3 months |
DMI Finance Personal Loan Eligibility Criteria
Below are the eligibility criteria required for the DMI Finance personal loan:
- Profession: Indian resident, salaried and self-employed individuals.
- Minimum age: 23 years.
- Maximum age: 52 years.
- Minimum household income: ₹25,000 per month (₹3 Lakhs per annum).
- Work experience: No minimum experience is required.
- Credit score: Above 700.
Documents Required for DMI Personal Loan
The list of documents required to apply for the DMI Finance personal loan is mentioned below:
- Identity proof: PAN Number and Aadhaar Number.
- Income proof: Last 6 months’ Salary Slips or Bank Statement of last 6 to 12 months.
- Address proof: Utility Bill (gas connection, electricity or postpaid bills), Rental Agreement, etc.
Steps to Apply for a DMI Finance Personal Loan Online
Follow the steps below to get a personal loan from DMI Finance.
- Download the DMI Finance app from the Play Store and log in using your mobile number.
- Click on the “Apply Personal Loan” tab to start your application.
- Enter personal and employment details.
- Enter your bank account details to enable DMI Finance to verify your income details securely.
- Select the required loan amount and suitable repayment tenure.
- Complete the e-KYC process by mentioning your Aadhaar details.
- Review your address and then provide your bank account details for automatic EMI payments (e-Mandate).
- Carefully read and accept the personal loan terms and conditions.
- Submit your application to get approval within a few minutes.
- Receive funds directly into your bank within 24 to 72 hours.
DMI Personal Loan Customer Care Details
You can contact the DMI personal loan customer care team through the following modes:
- Call: 02268539500/ 08064807777
- Email: customercare@dmifinance.in
FAQs
Yes, DMI Finance offers personal loans of up to ₹5 Lakhs.
The interest rate of DMI Finance personal loan ranges from 12% to 27.9% p.a.
The CIBIL score required for a DMI Finance loan is above 700.
Yes, self-employed individuals can apply for a DMI Finance personal loan.
You can get anywhere between ₹10,000 to ₹5 Lakhs as a personal loan amount through the DMI Finance personal loan app.