CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Dhanlaxmi Bank is almost a decade old bank and has a presence in many states in the country. The bank caters to its national and international customer base with the wide network of branches. The bank has many products and services specific to the target customers in each category of retail banking, commercial banking, SME banking and more.
The bank provides many types of loan products to its retail customers. Among the many retail loans, the bank also offers loans for purchase of new cars as well as pre-owned cars or used cars. The loans offered by the bank for purchase of the used cars at very affordable rates are available at quicker processing with minimal documentation.
The details of the bank’s used car loans with respect to the eligibility, documentation, features, rate of interest applicable and other details are mentioned below.
About Dhanlaxmi Bank Used Car Loan
The bank allows salaried, non-salaried, corporate or non-corporate entities to apply for the used car loans of the bank. Dhanlaxmi bank has laid down specific conditions relating to each category of applicants with respect to the minimum income requirements, age criterion (if applicable), minimum existence requirement, etc. The eligibility details for Dhanlaxmi Bank used car loans are tabled below.
Minimum annual Salary/ Income
Minimum Employment stability/ Business Continuity
- one year in current employment
- total experience of 2 years
3 years in same business
The bank has detailed the list of documents that are required to be submitted by each category of applicants in a very comprehensive manner. The documents required are more or less very basic in nature i.e. usually required by the bank in the normal KYC procedure. The Additional documents that are specific to loans for used cars are also detailed below.
Duly filled application form
Passport Size Coloured Photographs
6 months salary slip/ Salary Certificate + Form 16 and ITR for past 2 years
Last 3 years ITR + Previous year’s ITR with Advance Tax Challan of current years
Audited Financial Statements + ITR for past 3 years
Latest past 6 months bank statements
Other documents required
Memorandum of Association/ Articles of Association
Following documents can be considered for identity proof and address proof –
Identity Proof – PAN Card/ Passport/ Voter’s ID/ Driving License/ Employee ID card (in case the person is employed with MNCs/ PSUs/ Public Limited Companies or Government Companies)
Address Proof – Telephone Bill/ Electricity Bill/ Ration Card/ Life Insurance Premium Receipt/ Sale Agreement/ Municipality Tax Receipt/ Property Tax Receipt/ Valid Leave and License Agreement
Dhanlaxmi Bank offers flexible tenure for repayment of used car loans taken from the bank. The minimum tenure under this loan scheme is 1 year (12 Months) and the maximum is 4 years (48 Months).
Amount to be sanctioned as a loan –
The bank finances up to 60% of the value of the vehicle to be purchased out of the loan. The value of the vehicle for this purpose will be derived or determined by a certified or approved valuer of the bank.
Rate of Interest –
The rate of interest for the used car loans will be determined based on various factors like,
The current rate of interest offered by the bank for used car loans is from 12.20% to 15.70% (depending on the above factors) with effect from 1st March 2020.
The bank requires the applicants to provide a margin of a minimum of 40% of the value of the vehicle.
Processing charges -
The bank charges nominal processing charges at the rate of 1% of the loan amount. These charges are not subject to any minimum or maximum limit of the amount to be charged.
Foreclosure Charges -
The bank charges foreclosure charges on the used car loans to the extent of 2% +ST of the principal outstanding amount.
Credit Information charges –
The bank at times will charge a certain fee for getting the credit information on the customer. These charges are applicable when the customer has made an application for loan processing. The details of these charges are provided below,
The bank does not charge any part prepayment charges any time during the tenure of the loan.
Dhanlaxmi Bank provides the loans at minimum documentation and the processing of loans is also faster.
The other charges of the bank on the used car loans include,
The bank offers the customers an easy and hassle-free loan application process. The customers can apply for the loan using the bank’s online application mode or by physically going to the nearest branch of the bank and applying for a loan there.
Online application mode –
Physical Application Mode –
Upon submitting the application form and the necessary documents along with the applicable fees, the bank will process the application. If the application meets all the necessary parameters set by the bank for used car loans and the bank is assured of the viability of the loan then it may sanction it to the applicant. It may reduce the amount of loan sought by the applicant if the amount applied is higher than the creditworthiness of the applicant or loan viability.
Dhanlaxmi Bank boasts of minimum processing time and minimal documentation for the application process for used car loans.
Customers can contact the bank for any details or queries that they may need with regards to the used car loans offered by the bank. The customer care service of the bank is available 24x7 throughout the years for any assistance that the customers may need. The following are the channels or means to contact the bank or its customer care service.
customer[dot]complaint[at]dhanbank[dot]co[dot]in (for complaints)
Postal address – Dhanlaxmi Bank Limited
Thrissur – 680001
Telephone - +91 487 6617000
1. What is the age limit for salaried persons to apply for a used car loan of the bank?
The minimum and maximum age limit for salaried persons to apply for used car loans is 21 years and 60 years respectively.
2. Can a person apply for the used car loan online?
Dhanlaxmi Bank allows the applicants to apply for used car loans via the online mode as well as the physical mode.
3. What is the margin requirement for Dhanlaxmi Bank Used Car Loan?
The Bank requires a minimum margin of 40% of the value of the car.
4. Does the bank have any upper limit amount to sanction a used car loan?
The bank states that the finance to be provided for used car loans is up to 60% of the value of the car but does not have any upper limit to sanction a used car loan.
5. What is the current rate of interest for a used car loan from the bank?
The bank charges anywhere from 12.20% to 15.70% as the applicable rate of interest for used car loans with effect from 1st March 2020.
Get loans starting from 11.25% interest rate
Know how to improve credit score
FREE credit analysis for 1 year
Au Small Finance Bank Used Car Loan
Axis Bank Used Car Loan
Bank Of India Used Car Loan
Bank Of Maharashtra Used Car Loan
Canara Bank Used Car Loan
Central Bank Of India Used Car Loan
Federal Bank Used Car Loan
HDFC Bank Used Car Loan
ICICI Bank Used Car Loan
Indian Overseas Bank Used Car Loan
IndusInd Bank Used Car Loan
Jammu And Kashmir Bank Used Car Loan
Karnataka Bank Used Car Loan
Karur Vysya Bank Used Car Loan
Kotak Mahindra Bank Used Car Loan
Lakshmi Vilas Bank Used Car Loan
Magma Fincorp Used Car Loan
Nainital Bank Used Car Loan
Punjab National Bank Used Car Loan
SBI Used Car Loan
Sundaram Finance Used Car Loan
Tamilnad Mercantile Bank Used Car Loan
UCO Bank Used Car Loan
Union Bank Of India Used Car Loan
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.