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Eligibility Criteria for Personal Loans from Dhanlaxmi Bank
The personal loans of the bank are available for salaried personal as well as self-employed persons and professionals. The bank has set minimum eligibility criteria which have to be met by applicants to be eligible for the loan. These criteria relate to the age of the applicant, income of the applicant among others. The details of such eligibility requirements set by the bank are mentioned hereunder.
Eligible Applicants
The eligible applicants for the personal loans of Dhanlaxmi bank are,
Salaried applicants
Applicants have to be permanent employees of any of the following organizations,
- Central Government institutions
- State Government institutions
- Any profit-making organization
- Any reputed organization
Self-employed Professionals
Self-employed Non-Professionals
Any self-employed person engaged in any of the following profit-making entities having a positive turnover
- Proprietorship Business
- Partnership Firm
- Private Company
Age of Applicants
The applicants have to be of minimum 23 years of age to be eligible for the personal loans of Dhanlaxmi Bank.
Income of Applicants
The minimum income requirement for the personal loans of the bank depends on the type of applicant.
Salaried applicant
The bank requires salaried applicants to have a minimum income of Rs. 35,000 per month to be eligible for a personal loan from the bank.
Self-employed applicant
The minimum income requirement for self-employed applicants to be eligible for the personal loan is Rs. 1,80,000 per annum.
Work Experience
Apart from the above conditions, the bank also requires the applicants to have a minimum work experience to be eligible for the personal loan of the bank. This minimum work-experience requirement is also dependent on the type of applicant.
Salaried applicants
The minimum work experience needed for a salaried person to be eligible for a personal loan from the bank is 2 years.
Self-employed professionals
The bank requires the self-employed professionals to have a minimum work experience of 3 years to be eligible for personal loans
Self-employed non-professionals
The minimum work experience needed for self-employed non-professionals is a total of 5 years. Of this period, the applicant should have a minimum period of 4 years employed with the current venture or project.
What are the documents needed to apply for a personal loan from Dhanlaxmi Bank?
The documents needed for Dhanlaxmi Bank personal loans are basic KYC documents along with documents related to the income proof of the applicant. The details for the same mentioned below.
Identity Proof
The applicant can submit any of the following documents as part of the identity proof required for personal loans.
- Voter ID
- Passport
- Aadhaar Card
- PAN Card
- Defence ID
- Employee ID card issued by any government institution or Public Limited Company
- Driving License
Age Proof
The applicant can submit any of the following documents as part of the age proof required for personal loans.
- Birth Certificate
- School Leaving Certificate
- College Certificate
- Passport
- Driving license
Address Proof
The applicant can submit any of the following documents as part of the address proof required for personal loans.
- Voter ID
- Passport
- Aadhaar Card
- PAN Card
- Driving License
- Bank Passbook/ Latest Bank Account Statement
- Latest Utility Bills
- Registered rent agreement
Proof of existence
- Memorandum of Association
- Articles of Association
- Partnership Deed
- Shop & establishment Certificate
- Factory Registration Certificate
Income Proof
The documents related to the income proof of the applicant depends on the category of the applicant. The details of the same are provided below.
For salaried applicants
The applicants need to provide the following documents as income proof for a personal loan,
- Last 3 months’ salary slip
- Form 16
For self-employed professionals
The applicants need to provide the following documents as income proof for a personal loan,
- ITR for the last 2 years
- Computation of Income for the past 2 years
- Balance Sheet for the past 2 years
- Profit and Loss Account for the past 2 years
Recent passport size photograph
Personal Loans from Dhanlaxmi Bank
A personal loan is a general-purpose loan that can be availed by eligible applicants to meet their personal needs. These loans can be used for any purpose like a wedding in the family, meet travel expenses, medical expenses of self or family, education expenses, etc.
These loans can be sanctioned with minimum documentation and the eligibility criteria set for these loans are very wide to enable the majority of applicants to gain the benefit of the personal loan of Dhanlaxmi Bank.
What are the highlights of the personal loans of Dhanlaxmi Bank?
The personal loans of Dhanlaxmi bank are available to all the eligible applicants at affordable interest rates on minimum documentation and faster processing.
The highlights of the personal loans of the bank are tabled below.
Category | Details |
Amount of Loan | Salaried Applicants
Self-employed Applicants
|
Rate of Interest | 12. 10% to 15.70% per annum |
Tenure |
|
Processing Fees | 2.5% of the loan amount (minimum Rs. 1,250) |
Prepayment charges | 2% of the principal outstanding amount (excluding taxes) |
What is a personal loan eligibility calculator?
A personal loan eligibility calculator is a tool available on the website of the bank that lets the applicants get an estimate of the personal loan that can be sanctioned to the eligible applicants based on various factors. This tool can also be used to get the details of the proposed EMI for the loan taken. The inputs needed for this tool are,
- Age of the applicant
- Current monthly income of the applicant
- Current obligations (if any)
- Loan amount
- Rate of interest
- Tenure
Overview of Dhanlaxmi Bank
Dhanlaxmi Bank is a private sector bank having its headquarters in Thrissur, Kerala. The bank was set up in 1927 and has grown to provide banking solutions to many sectors like retail banking, corporate banking, NRI banking, MSME banking and agriculture banking and much more.
The retail banking of the bank provides many types of loans to eligible applicants for various purposes like buying a home, vehicles, to meet their personal needs, etc. The personal loans of the bank are available for eligible borrowers at reasonable rates of interest as well as with flexible repayment options.
FAQs – Personal Loan Eligibility – Dhanlaxmi Bank
1. What is the eligibility to get a personal loan from Dhanlaxmi Bank?
A. The persons eligible to get a personal loan from Dhanlaxmi Bank are the salaried applicants, self-employed professionals or non-professionals.
2. What is the maximum eligible loan amount that can be sanctioned by the bank as a personal loan?
A. The maximum loan amount that can be sanctioned by the bank as a personal loan is Rs. 15,00,000 (15 lakhs)
3. What is the minimum work-experience needed for personal loan eligibility of Dhanlaxmi Bank?
A. The minimum work experience needed for personal loan eligibility of Dhanlaxmi Bank is tabled below,
Eligible Applicant | Minimum Work Experience |
Salaried Employees | Minimum of 2 years |
Self-employed Professionals | Minimum of 3 years |
Self-employed Non-Professionals | Minimum 5 years (4 years of which in the current venture) |
4. What is the minimum income requirement for a personal loan from Dhanlaxmi Bank?
A. The minimum loan requirement for a personal loan of Dhanlaxmi Bank is,
Eligible Applicants | Minimum Income Requirement |
Salaried Applicants | Rs. 35,000 per amount |
Self-Employed Applicants | Rs. 1,80,000 per annum |
5. How can I repay the personal loan taken from Dhanlaxmi Bank?
A. The modes of repayment of personal loan from Dhanlaxmi Bank are,
- Standing instructions to the branch of the bank
- Mobile banking
- Internet banking
- ECS clearing
6. What is the repayment tenure for the personal loan of Dhanlaxmi Bank?
A. The repayment period for a personal loan of Dhanlaxmi Bank is a minimum of 1 year and a maximum of 5 years.
7. Can the private company ID cards can be accepted as identity proof for the personal loan of the bank?
A. No. The identity cards issued by a private company cannot be used as identity proof for a personal loan from Dhanlaxmi Bank.
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