Are you looking to get a car loan? Dhanalakshmi Bank always comes on top whenever you look for one. This is because of their essential car loan offers with facilities like lower interest rates and many more! They give loans for new cars and used vehicles when you know about their offerings.
Meanwhile, you have full access to your choice whatever vehicle you want. Just connect with them and get a suitable loan today.
Regarding some primary characteristics, the bank has the facility to provide a long-tenure of car loan for 84 months or 7 years. During this time, you can easily pay the loan amount without much hassle.
In addition, the bank also offers 100% cost on ex-showroom cost, with 90% cost on-road cost to you, which is quite good. It also costs you only a 5% margin on ex-showroom costs for diesel and electric cars.
Moreover, the bank is also popular for its speedy processing among customers. This is because of minimum documentation, which you can easily proceed with.
Pay attention the processing fee for both old and new cars is 1% of the total loan amount given by the bank.
According to the banking rules, you will pay higher interest rates if you have chosen a longer period. Meanwhile, the Dhanalakshmi Bank offers 7 years of maximum tenure, but you can select a shorter timeframe if you can clear loan payments earlier.
The bank offers attractive interest rates for used & new cars starting from only 8.75% per annum as of May'23. As you know, interest rates are ever-changing, depending on the financial fluctuations in the country.
One more thing that should be mentioned here is a starting loan price that could reach maximum value. It depends upon the package you select and go with. For further Dhanalakshmi Bank car loan interest rate details, you need to contact them and get the required information.
If we talk about other charges that might be applied to your loan, these would be:
� Foreclosure charges of 2% + service tax
� In case of a check bounce, you will be charged Rs. 500 + service tax
� 3% charges per month on late payment
� Rs. 500 + service tax for NOC issuance
� To get a customer credit information report, you will also be charged Rs. 200 as an individual customer while Rs. 750 as non-individual.
CIC or CIBIL is your credit score which always plays an important role when you ask for a new car loan from the bank. You need a minimum credit score of 700 to get a new car loan from Dhanalakshmi Bank. A score above 700 might benefit you in terms of interest rate or tenure.
Surely, you will be provided with complete navigation on tenure and interest rates considering your CIC/CIBIL score.
Car purchasing is undoubtedly one of the most expensive purchases for which you get a loan. You probably are charged with standard interest rates but they can be changed if you are good in terms of certain factors, which are mentioned below:
If your credit score is good, you will be charged lower interest rates at Dhanalakshmi Bank.
Apart from this, if you pay a higher upfront payment, also known as the down payment, you would be charged a lower interest rate, due to less risk for lenders here.
It a general rule of thumb, if economic situations are strong, interest rates tend to be higher or vice versa. So, if you want lower interest rates, consider putting off your purchase until higher rates drop.
If you have a choice and can easily pay the loan within a short period, do not go for longer periods. That is because rates always vary, depending on the loan term. You will be charged a higher interest rate for the longer term and a lower one for the short term.
Another factor affecting Dhanalakshmi Bank's car loan interest rate massively is the type of car you are getting a loan for. You will have to pay higher interest rates for used cars than newer ones. So, make a wise choice.
You must meet these eligibility criteria to get a loan from Dhanalakshmi Bank. Different eligibility parameters are counted depending on your occupation or place of work.\
For Salaried Individuals
If you are salaried, you must be at least 21 years of age and 60 years maximum. Your gross salary should be Rs. 20,000 or above, while Rs. 2.40 lakhs minimum change should be observed annually in your salary.
For Self-Employed Individuals
For professionals or self-employed people, Dhanalakshmi Bank has changed its requirements. The age factor for the maximum level is increased to 65 years from 60 years. Additionally, you should have an average taxable income level as per ITR of Rs. 2.40 lacs per annum.
For Private Companies
For a private limited company, the minimum income of your organization should be above Rs. 120,000/-. A good income with a great credit score can help with lower interest rates, but it should be at least the mentioned amount.
Applying for a Dhanalakshmi Bank car loan is quite easy. The Bank provides an extensive form that you must fill in with your details. You will notice sections for personal details, professional details, vehicle details, previous vehicle details, loan details, references and much more.
Fill in all the information and in case of any issue, you should contact the bank expert representatives to get better navigation.
You can also for the Dhanalakshmi Bank car loan online by visiting the website's car loan section and clicking on apply for the loan. The procedure is simple enough and nothing complex to follow. You only need to fill in the details and click on submit.
The bank will call you for further confirmation and procedures. After everything has been confirmed, the application will be approved, and you get a loan by the given deadline.
Everybody wants the lowest interest rates on car loans and of course, you do too. Park+ has developed several tips you can apply while negotiating with Dhanalakshmi Bank for car loans to avail best interest rates.
Maintain a good Credit Score
If you plan to get a car loan from Dhanalakshmi Bank, maintain a positive credit history with the bank for at least 6 months. You must clear any outstanding dues to get higher CIC/CIBIL. This way, you will get discounts on the Dhanalakshmi Bank car loan interest rate.
Auto Refinancing
You can use this tip if you have already taken out an auto loan because you can reduce the existing APR. If you also have a good credit score, it would be easier to get a few lower points in APR, which results in saving a considerable amount per annum.
Apply with a Co-borrower
If you donot have a good credit score, you cannot get lower APR points, so you can apply with a co-borrower. Ensure the second person has a good credit score and will be responsible for missing payments.
Make Large Down Payments
If possible, make a large down payment and enjoy discounts on the Dhanalakshmi Bank car loan interest rate.
You need a drivers license, passport, PAN card and voter ID. You also submit salary slips, tax returns, and balanced sheets as income proof if youre a businessman.
Divide the interest rate by the number of monthly payments per year. Then, multiply the monthly payments by the balance of your loan. The calculated amount is the interest rate you will pay for your first months payment.
Yes, you can pay off a complete car loan early. You may not need to pay interest further except for a prepayment fee. The relevant bank can only provide additional information.
Dhanalakshmi Bank requires a CIBIL score of at least 750 to accept your new car loan application. Remember, the above the CIC, the lesser the interest rates on your loan applications will be.
It usually takes 7 days for Dhanalakshmi Bank to approve a car loan.
The minimum age limit is 18 years and the maximum age is 70 years to apply for a car loan from Dhanalakshmi Bank.
Yes, the car that is being purchased with the loan will be considered collateral or security.
The processing fee for a car loan from Dhanalakshmi Bank is up to 1% of the loan amount.