Dhanalakshmi Bank Car Loan Key Features – Nov 10 2024
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 Eligibility
The car loan eligibility requirements are as followed:
Salaried Individual |
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Self-Employed Individuals |
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Self-Employed Non-Individuals (Company/Partnership) |
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Priority Customers |
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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:
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:
- 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.
- 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.
- 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?
- Visit Dialabank and fill a simple form.
- Our Relationship Manager will call you and provide you with guidance throughout the processing of a car loan.
- You can compare various offers from banks and choose the one according to your suitability.
- You can easily apply for a Car Loan through Dialabank and enjoy offers.
Tips to Decide the Right Amount of EMI in Car Loan
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
|
Private 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.