Dhanalakshmi Bank Car Loan

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Dhanalakshmi Bank Car Loan

Dhanalakshmi Bank Car Loan Key Features – Jan 21 2022

Dhanalakshmi Bank Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 95% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,060
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee Up to 0.40% of the loan amount
Foreclosure Charges 2%+ service tax on the outstanding loan amount
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Dhanalakshmi Bank Car Loan

Dhanalakshmi Bank is an old private sector bank headquartered in Thrissur City, Kerala, India.  The bank was incorporated on 14th November 1927 by a group of entrepreneurs at Thrissur city, the “Cultural Capital of Kerala”. It has 280 branches, and 398 ATMs all over the country.

Dhanalakshmi Bank proffers Car Loans at feasible interest rates to the candidates for buying their dream car, the car can be new or second hand. This loan is easily available who have a good credit or CIBIL score.

Advantages of Dhanalakshmi Bank Car Loan

Loan Approval in 30 Minutes
Lowest Rate of Interest
Up to 100% on Road Loan
Minimum Documentation
Paperless Process
Flexible Repayment
Zero Foreclosure
24 x 7 Online Payment Facility
No Hidden Charges

Dhanalakshmi Bank Car Loan

Dhanalakshmi Bank Car Loan Eligibility

The car loan eligibility requirements are as followed:

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Dhanalakshmi Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

13.18%
Processing fee Up to 0.40% of the loan amount Up to 0.40% of the loan amount
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 2%+ service tax on the outstanding loan amount 2%+ service tax on the outstanding loan amount
Penal Interest 2% per month 2% per month
Part Payment charges 3% of the paid amount 3% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance + service tax Rs.500 per instance + service tax
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Dhanalakshmi Bank Car Loan Documents Required

Documents required for car loan are as followed:

Salaried Individual

Category Documents Required
Identity Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

 

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

 

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

How to Increase Your Eligibility for Dhanalakshmi Bank Car Loan

  • Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Dhanalakshmi Bank. This will be an indication of your higher repayment capacity for the Dhanalakshmi Bank Car Loan, which will build a sense of confidence in you.
  • Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a Dhanalakshmi Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Dhanalakshmi Bank Car Loan.
  • Maintain a low debt-to-income ratio: A low debt-to-income ratio in Dhanalakshmi Bank means you have a good balance between your earnings and your spending. This is because before Dhanalakshmi Bank decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Dhanalakshmi Bank Car Loan.
  • Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a Dhanalakshmi Bank car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Dhanalakshmi Bank loan are higher.

Factors Affecting Dhanalakshmi Bank Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

  • Income: If your income is on the higher side, there is a good chance that your eligibility for a Dhanalakshmi Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Dhanalakshmi Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount: Your Eligibility Criteria for Car Loan from Dhanalakshmi Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, Dhanalakshmi Bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Dhanalakshmi Bank Car Loan.
  • Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Dhanalakshmi Bank. It might give an impression to the bank that you do not possess the ability to pay Your Dhanalakshmi Bank loan.
  • Credit score: This is an important factor that every bank, including Dhanalakshmi Bank, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by Dhanalakshmi Bank and most lenders.
  • Relationship with the bank: As stated earlier, Dhanalakshmi Bank offers instant car loans to their existing customers, which allow Dhanalakshmi Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

Dhanalakshmi Bank Car Loan Customer Care – Toll-Free Number

Dhanalakshmi Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 0487 661 3000. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 0487 661 3000.

Dhanalakshmi Bank Car Loan EMI Calculator

The candidate has the option to examine the EMI’s before getting a Car Loan. You can easily check out through the given link below:

Car Loan EMI Calculator

Dhanalakshmi Bank Car Loan Types

Dhanalakshmi Bank provides different types of car loans to its consumers. You have the choice of choosing the offer which suits your need. Dhanalakshmi Bank provides the following types of Car Loans:

  1. New Car Loan –  Those who desire to buy a new car, this is the proposal for you. You can take a Car Loan from Dhanalakshmi Bank for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you have a desire to buy a used car then you can opt for this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can pick this offer if you are in require of urgent funds where you can keep your cars as security with the bank where you can avail Rs. 10 lakh or up to 50% of your car’s price.

Dhanalakshmi Bank Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for Dhanalakshmi Bank Car Loan?

Dhanalakshmi Bank Car Loan

  1. Visit Dialabank and fill a simple form.
  2. Our Relationship Manager will call you and provide you with guidance throughout the processing of a car loan.
  3. You can compare various offers from banks and choose the one according to your suitability.
  4. You can easily apply for a Car Loan through Dialabank and enjoy offers.

Tips to Decide the Right Amount of EMI in Car Loan

  • Ascertain the amount you need to borrow: It is important that before approaching Dhanalakshmi Bank for a loan, you inform them about the amount of loan you need to borrow. Limit your Dhanalakshmi Bank loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking a Dhanalakshmi Bank loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the Dhanalakshmi Bank Loan after taking into account other obligations.
  • Calculate your Dhanalakshmi Bank car loan eligibility: Your Dhanalakshmi Bank eligibility is an assessment of your repayment capacity based on your monthly income. Dhanalakshmi Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Dhanalakshmi Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Dhanalakshmi Bank loan eligibility.
  • FOIR based loan amount eligibility: Dhanalakshmi Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. Dhanalakshmi Bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Dhanalakshmi Bank or other banks to calculate your fixed obligations.

How to Calculate Dhanalakshmi Bank Car Loan EMI

Before you avail of a car loan from Dhanalakshmi Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Dhanalakshmi Bank Car Loan for Top Selling Cars

Other Available Products from Dhanalakshmi Bank

Dhanalakshmi Bank Personal Loan Dhanalakshmi Bank Gold Loan Dhanalakshmi Bank Home Loan
Dhanalakshmi Bank Credit Card Dhanalakshmi Bank Two Wheeler Loan Dhanalakshmi Bank Education Loan

Compare Dhanalakshmi Bank Car Loan With Other Banks In India

Car loan Banks Interest Rates
EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55%
Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35%
Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50%
Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 7.05% – 11.25%
Rs. 1,512 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75%
Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85%
Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70%
Rs. 1,609 – Rs. 1,645

FAQs for Dhanalakshmi Bank Car Loan

What is the Dhanalakshmi Bank Car loan?

Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.

✅ How can I get a car loan from Dhanalakshmi Bank?

Salaried applicants and self-employed people with a minimum annual income of Rs.2 lakh can apply for a car loan at Dhanalakshmi Bank. You can also apply for a maximum loan amount of up to 85% of the on-road price or 95% of the ex-showroom price of the car.

✅ How to Check Car Loan status in Dhanalakshmi Bank?

You can check your car loan status in Dhanalakshmi Bank by visiting the nearest branch or by checking the bank’s website

✅What is the maximum loan amount that I can avail of on a car loan from Dhanalakshmi Bank?

N/A 

✅ What is the loan tenure of the Dhanalakshmi Bank Car loan?

Dhanalakshmi Bank offers a car loan for a period of 1 year to 7 years.

✅ Can you prepay your Dhanalakshmi Bank Car Loan?

You can prepay/foreclose your car loan from Dhanalakshmi bank at a charge of 2% plus service tax on the outstanding principal amount.

✅ Does Dhanalakshmi Bank Car Loan charge any Processing Fees?

The processing fee charged by Dhanalakshmi Bank for a car loan is up to 0.40% of the loan amount.

✅ Can I get a Dhanalakshmi Bank Car Loan if I have a low Credit score? 

Dhanalakshmi bank needs you to have a decent credit score of 700 or above for a car loan.

✅ What can you keep as Security with Dhanalakshmi Bank to get a Car Loan?

There is no need for any other security other than the car itself to get a car loan from Dhanalakshmi Bank.

 

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