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Dhanlaxmi Bank Car Loan
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Dhanlaxmi Bank Car Loan
A car is one of the best mode of transportations as it offers a convenience and luxury for the commuters. Buying a car is still a dream that is yet to be realized by many. It indeed requires a huge amount of money to purchase your favourite vehicle. However, with the advantage of banks and NBFCs, a decent income will help you get a car through a loan. Yes, car loan.Car loans are provided to people who have a good repaying ability.
What Is a Car Loan?
A car loan is a funding provided by public and private banks to buy a car that the borrower wants. The repayment on the loan can be done through Equated Monthly Instalments (EMI). The repayment period generally ranges between 6 months to 60 months. Before choosing a car loan, it is important to check the interest rates and other charges related to the loan.
Dhanlaxmi Bank Car Loan
Dhanlaxmi Bank, one of the popular banks in the country, provides car loans to varied customers to purchase a car. The interest rates on the loan are low when compared to other lenders. Dhanlaxmi Bank believes in providing car loans to the right applicants and thereby helping them purchase a car which is also cost-effective. If you are looking for a car loan, Dhanlaxmi Bank could be the right choice for you.
Key Features of Dhanlaxmi Bank Car Loan
Loan Amount: You can get up to 95% of the ex-showroom cost for new vehicles and up to 60% of the value of the vehicle.
Tenure: The repayment period is up to 60 months for new cars and 48 months for old cars.
Margin: 15% for new vehicles and 40% for pre-owned vehicles.
Security: The car is a form of collateral and it will be hypothecated in case of continuous defaults on the loan.
Dhanlaxmi Bank Car Loan Eligibility
The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.
| AGE | The applicant should be minimum of 21 years old and maximum of 60 years at the time of maturity and 65 years for self-employed professionals. |
| Salary Requirement | For salaried and self-employed individuals, the minimum annual income should be at least INR 1,20,000 per month. |
| Employment status | The salaried professionals should be in the current employment at least for 1 years and total of 2 years of work experience. The self-employed individuals should be in the current line of business for at least 3 years. |
| Residential Stability | You should have proof of residence to show whether you live in a rented or owned or parental accommodation. |
Dhanlaxmi Bank Car Loan Interest Rates and Other Charges
The interest rate is fixed at the sole discretion of the bank. The base lending rate is 9.45% per annum.
Processing fees: 1% of the loan amount is charged as processing fee with applicable taxes.
Late Payment Charges: 3% per month
Foreclosure Charges: 2% of the outstanding loan amount + ST
Cheque Bounce Charges: INR 500 + ST
NOC Issuance Charges: Nil for the first time and INR 500 + GST for second time onwards
Documents Required
For Salaried Individuals:
- Passport size photographs
- Identity proof - Pan Card/Passport copy/Voters ID card/ Driving License/ Employee ID Card
- Duly filled in application form
- 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
- Last 6 months salary slip
- Form 16 and ITR for the last 2 years
- Bank state of last 6 months
For Self-Employed Individuals:
- Passport size photographs
- Identity proof - Pan Card/Passport copy/Voters ID card/ Driving License/ Employee ID Card
- Duly filled in application form
- 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
- Income tax returns for the last 3 years
- Bank state of last 6 months
Partnership Firms:
- Duly filled Application Form
- 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.
- Proof of Income – Audited Financials and ITRs for last 03 years
- Partnership Deed
- Bank statement of last 6 months
Private Limited Company:
- Duly filled Application Form
- 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
- Audited financials and last 3 years ITR
- Memorandum of Association / Articles of Association
- Bank Statement of last 6 months
Public Limited Company
- Duly filled Application Form
- 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
- Audited financials and last 3 years ITR
- Memorandum of Association / Articles of Association
- Bank Statement of last 6 months
How to apply for a car loan with Dhanlaxmi Bank
You can apply for Dhanlaxmi Bank by visiting the nearby branch or online at the official website of the bank. The process is simple, and the executives will guide you through the process.
In case your car loan application was rejected, you will receive Dhanlaxmi Bank loan rejection letter which will receive a status update on the car loan rejection. Let us now see what the eligibility or qualifying criteria are as they are called in banking parlance for a car loan.
Dhanlaxmi Bank Car Loan Eligibility Check
Before a person applies for a Dhanlaxmi Bank car loan it is best to do an eligibility check which is available on the Dhanlaxmi Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
Car Loan EMI Calculator
Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Dhanlaxmi Bank Car Loan EMI calculator.
The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.
CreditMantri’ s Car Loan EMI Calculator and Dhanlaxmi Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
Dhanlaxmi Bank Car Loan FAQs
1. What is maximum loan amount for Dhanlaxmi Bank car loan?
For new cars, the borrower can get up to 95% of the ex-showroom price and up to 60% for used cars.
2. What is the maximum tenure for Dhanlaxmi Bank car loan?
The maximum loan tenure is up to 60 months for new cars and 48 months for used cars.
3. What type of cars do Dhanlaxmi Bank provide car loans for?
Dhanlaxmi Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.
4. Do I have to provide any security to avail a Dhanlaxmi Bank car loan?
Dhanlaxmi Bank car loan is a form of secured loan where your car will act as a collateral.
5. Can I sell my vehicle before I repay the entire car loan taken from Dhanlaxmi Bank?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Dhanlaxmi Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.