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List of personal loan interest rates across all banks in India
In times of unexpected financial shortfall, a personal loan can be a friend indeed. It is quick and convenient - you are not required to provide any collateral or security and you are free to use the loan amount as you desire. Interest rates for personal loans in India and elsewhere in the world are relatively high as compared to other retail loans because the lenders do not hold any customer asset as security. They charge a high interest rate in order to safeguard their against the risk of customer default.
The personal loan amount can be used for any expenditure including child’s school admission fee, a leisure vacation, using it in your business, consolidating credit card debt, to celebrate a wedding, buying a household appliance, medical emergency, or simply to tide you over a temporary financial crisis.
The interest rate on a personal loan could generally range from 11% to as high as 32% per annum or more. It is influenced by a variety of factors, like your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
About Dhanlaxmi Bank Personal Loan Interest Rate
Dhanlaxmi Bank Personal Loan Interest Rate 2018: 11% per annum upwards (subject to MCLR and periodic review)
Personal Loan Interest Rates in Dhanlaxmi Bank vary and the interest rates and other charges are subject to current MCLR and periodic review. Dhanlaxmi Bank Personal Loan Interest can range from 11% per annum upwards though it can vary, depending on your credit history amongst other factors. The final interest rate will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time. For the most accurate information on the Dhanlaxmi Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
The EMI or Equated Monthly Installment is the fixed amount that you have to pay on the same date every month towards paying off your personal loan. Each EMI consists of payment towards the principal and interest component.
You can calculate your personal loan EMI payments using an online Personal Loan EMI Calculator. The calculator will help in determining your exact EMI outflow every month as well as the interest amount you pay. Using the calculator is free, easy and simple, and you can calculate your EMI in a matter of minutes to help you with your monthly personal budgeting.
Your credit score is a vital factor in being approved for a personal loan being sanctioned. It is advisable to be aware of your credit score when you plan to apply for a personal loan, or any line of credit, for that matter. You can obtain your credit score by requesting a copy of your credit report from one of the three main credit bureaus in India. It is generally desirable to have a credit score of at least 750 when applying for a personal loan.
It is difficult to secure a personal loan with a low interest rate if you have bad credit. If you have a poor credit score and your loan application is approved, you need to be prepared for a high interest rate and other unfavorable terms on your loan.
Once the Bank receives a completed application form along with the necessary supporting documents, it determines your eligibility for a personal loan. If you qualify, you will get an approval for a specific loan amount based on your requirement and repayment capability. You can contact the customer care department for help with tracking your loan application.
1. What are the minimum and maximum loan amounts?
The amount is at the discretion of the Bank. The loan amount is a maximum of Rs 15 lakhs. The final loan amount also depends on various parameters like your income, credit history, repayment patterns and capacity, among various other factors. You can contact the bank directly for details on minimum and maximum amount applicable to you.
2. What are the tenures available?
You can choose from flexible loan tenures depending on your need.
3. I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If eligible and the documents are in order, loans are generally approved within 7 to 10 working days from the submission of complete set of required documentation.
4. What is personal loan EMI?
Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure, towards servicing your personal loan.
5. Is there a processing fee or documentation charges?
Yes, there is a processing fee of 2.5% of the loan amount subject to a minimum of Rs. 1250. However, it is best to check for the most updated processing fee or allied charges directly with the bank.
5. Is there a prepayment charge?
There might be a prepayment penalty of 2% of the loan amount for closing a loan before the end of the tenure. It is advisable to check the charges with the bank directly.
There are several ways of applying for a Dhanlaxmi Bank Personal Loan:
- You can apply online for the loan product at the Dhanlaxmi Bank website and you will be contacted at your email ID
-You can go in person to your nearest branch with the required documentation
-You can contact the customer care department of the bank
Need help with advice on eligibility and on which loan offer suits you the best?
If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.
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