Consolidation Loans from Dhanlaxmi Bank
Different loan options for paying off debt.
Dhanlaxmi Bank, previously named as Dhanalakshmi Bank, offers a range of financial products to different segments of its customer base right from housing loans to business loans to help its retail as well as corporate customers get the financial assistance they need.
Dhanlaxmi Bank Consolidation Loans
Dhanlaxmi Bank offers specially designed loan schemes to its customers for their varied needs in addition to standard loan options – home loans, education loans, business loans, etc. – such as consolidation loans.
Debt consolidation loan, simply referred to as consolidation loan, helps bank customers pay off all their debts and consolidate them all into one loan which they can repay by choosing terms as per their preference. The bank does not brand a specific loan scheme as a consolidation loan. However, there are quite a few loans such as unsecured loans like personal loans and secured loans like loans against property, rental income or securities that can be used to consolidate debt.
Here are some of the loan schemes offered by Dhanlaxmi Bank that you can avail as a consolidation loan:
- Dhanam Personal Loan
- Dhanam Easy Loan (Loan Against Securities)
- Loan Against Property
- Dhanam Lease Rental Discounting
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Dhanlaxmi Bank Dhanam Personal Loan
This loan scheme helps salaried employees of reputed public and private organisations and self-employed professionals/non-professionals having a regular source of income to get funds to meet their personal needs. This loan can be availed to meet expenses such as those for a child’s wedding, domestic and foreign travel, medical emergency, debt consolidation, etc.
Features of Dhanlaxmi Bank Personal Loan
Why this Loan?
- The Dhanlaxmi Bank Dhanam Personal Loan is designed to help salaried employees of public limited companies, private limited companies, Central and State Government undertakings, multinational corporations, reputed partnership firms and self-employed professionals/non-professionals having a regular source of income get the needed funds to meet their personal needs
- Borrowers can also avail this loan scheme to pay off their debts, thereby consolidating their debts under one scheme
- This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan
Dhanlaxmi Bank Dhanam Loan Against Securities
This scheme helps borrowers get access to funds by pledging their securities such as shares, mutual funds, etc. to the bank. While the main purpose of this loan is to help the borrower to meet any contingencies and personal needs such as a wedding, overseas travel and so on, it can also be used to consolidate the borrower’s high-interest debts thereby acting as a consolidation loan.
Features of Dhanlaxmi Bank Loan Against Shares, Mutual Funds, etc.
Why this Loan?
- The Dhanlaxmi Bank Dhanam Loan Against Securities is meant for borrowers who want to avail financial assistance by pledging shares, mutual funds, etc. for financial exigencies
- Being a secured loan, borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
Dhanlaxmi Bank Loan Against Property
This loan helps borrowers get access to funds by pledging their residential or commercial property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts.
Features of Dhanlaxmi Bank Loan Against Property (Mortgage Loan)
Why this Loan?
- The Dhanlaxmi Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, trading or speculative purposes
- Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
- There are no pre-payment charges for this loan
Dhanlaxmi Bank Dhanam Lease Rental Discounting
This loan helps property owners who have let out/leased their property situated in metro, urban or semi-urban areas to credit-worthy establishments to get financial assistance to meet their personal needs. This loan can also be used to consolidate debts.
Features of Dhanlaxmi Bank Lease Rental Discounting (Loan Against Rent Receivables)
Why this Loan?
- The Dhanlaxmi Bank Dhanam Lease Rental Discounting is let out or leased their property situated in metro, urban or semi-urban areas to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. get access to funds to meet their personal needs
- This loan can be availed to meet the financial needs for business expansion, education expenses, wedding expenses, purchase of a new property, repayment of existing loans, consolidate debts, etc. It cannot be used for trading, capital market or speculative reasons
Important Note: Dhanlaxmi Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Dhanlaxmi Bank Consolidation Loans
- The interest rate applicable to this loan is defined as the sum of two factors: one-year Marginal Cost of Funds based Lending Rate (MCLR)/Repo Linked Lending Rate (RLLR) and a Spread factor. As of October 2020, the one-year MCLR of Dhanlaxmi Bank is 8.90% and RLLR is 7.00%. The Spread factor is decided by the bank based on different factors such as the type of loan, loan amount, credit score of the borrower, etc.
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts:
- Dhanlaxmi Bank Website: www.dhanbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Toll-Free Number: 0487 6613000