Indiabulls Dhani Personal Loan Eligibility
Indiabulls Dhani offers personal loan at attractive interest rates starting from 13.99% onwards, repayment tenure of up to 3 months, and subscription fee of up to Rs. 1,500.
Indiabulls Personal Loan Fees & Charges
| Loan Amount | Rs. 2,500 – Rs. 1 Lakh |
| Rate of Interest | Starting from 0% |
| Repayment Tenure | 3 months |
| Subscription Fee | Rs. 125 - Rs. 1,500 |
| Turnaround Time | Get money in just 3 minutes |
Indiabulls Personal Loan Eligibility Criteria
Following are the Indiabulls Dhani Eligibility Criteria:
- Age: 21 years or above
- Occupation: Salaried or self-employed
- Nationality: Applicants must be an Indian citizen.
- Applicant must have an Aadhaar number for KYC and instant money transfer.
- For loan disbursal, you must link your bank account to permit Indiabulls Dhani to auto-debit monthly EMIs via the Net banking/Debit Cards option OR choose the physical/Aadhaar-based e-mandate option.
- The personal loan sanction, tenure, and terms & conditions are subject to Dhani Loans & Services Limited’s (DLSL) internal review and evaluation.
Types of Indiabulls Personal Loan
| Type | Purpose |
|---|---|
| Two Wheeler Loans | Purchase a home/scooter with no down payment provided |
| New Car Loans | Purchase of a pre-owned car |
| Used Car Loans | Purchase of a new car |
| Wedding Loan | Pay for the wedding expenses incurred. Covers the cost of invitations, jewellery, hotel room for guests, travel expenses, venue expenses, decoration expenses etc. |
| Travel Loans | Holiday /personal travel expenses. |
| Medical Loans | Pay for any medical emergency. Covers the cost of the treatment, doctor's fees, medicines etc. |
| Education Loans | Fund the education expenses of students studying abroad or in India. |
| Top-up Loans | Personal Loan that can be availed by anyone already having an Existing loan with Indiabulls Personal Loan. |
Factors Affecting Indiabulls Personal Loan Eligibility
- Income: A higher income naturally means a higher percentage of the amount at your disposal and hence, a higher chance of repaying the Personal loan completely. A higher income will also allow you to avail a lower interest rate on your personal loan. It can also mean a lower tenure as you will be able to pay a higher EMI.
- Age and tenure: Your age along with your tenure can greatly impact the chances of your personal loan approval. In the case of very young applicants, they might not have enough salary because they will be just the beginning of their career. On the contrary, an applicant young enough also has a higher chance of being able to pay long-term EMI amounts. That is why the applicant's age and tenure coupled can have a great impact on the Personal loan application.
- Existing debt: Your existing unpaid loans can hurt your loan application. An existing debt means that you are already paying the EMI for one loan. The company will hesitate before approving another loan which will prove to be an added EMI burden. If you can prove enough disposable income to be able to pay both, EMI's, your chances of approval will increase, but there are chances that your rate of interest will be higher. You can even consider paying off the previous loan entirely before you choose to apply for the Personal loan.
- Credit score: Your credit score is a very important measure of your financial capability to repay your credits. The credit score is calculated using all your prior payments, credit behaviours, finances, etc. Timely repayment and maintenance of your accounts, credits, and utility bills add value to your credit score. Most companies accept a credit score of 750 or higher for Personal loan eligibility
- Missed payment: The company goes through your entire credit history when you apply for a Personal Loan. They will go through your payment history, credit card bills, bill payments, etc. to check if you have been paying off your debts successfully. If they find any missed or delayed payment from your side, it reduces the trust factor in your application. A missed payment will also lower your credit score.
- Number of dependents: The number of individuals dependent on your income will also be a factor in your application process. This is because the number of dependents are considered as liabilities and they will impact the amount of income that remains out of your gross income. A high number of dependents will mean a higher rate of interest for your loan.
- Guarantor/security: Personal loans are typically unsecured and do not require any form of collateral. However, if you can provide some form of collateral/liquitable assets, your chances of loan approval can increase. Alternatively, providing a third-party guarantor can also increase your chances of availing the Personal loan.
Tips to Increase Indiabulls Personal Loan Eligibility
- Get a financial assessment done: It is important to get your finances assessed professionally to get a clear understanding of your financial net worth. A financial assessment will give you an overview of your income and also your liabilities and dependents. Through a financial assessment, you can get an overview of your monthly disposable income. You can get a professional financial assessment through a third-party vendor or similar financial professionals.
- Credit report: A credit report is a history of all your availed credits. The company will be sure to create a credit report of its own to validate all your claims. They use the credit report to make sure that you have paid off all your previous finances successfully and on time. It is wise to get a credit report generated yourself before you apply for a Personal loan to make sure that it contains no errors or mistakes. It will also allow you to check what your credit history looks like.
- Apply with a co-applicant/guarantor: As Personal loans are generally unsecured, the company places major trust value in the applicant. Applying for a loan with a co-applicant can impact your personal loan application positively. This is because a co-applicant means that the burden of repayment lies on both of you. Moreover, both of your incomes can be considered as the total income for the loan eligibility.
- Opt for a higher tenure: The EMI amount decreases with an increase in tenure. This means that a higher tenure results in a lower EMI amount. However, the rate of Interest also increases with an increase in tenure. A lower EMI means a lesser burden on your monthly income and more trust in your repayment capabilities. A higher tenure also means more time to repay the loan amount. This increases your loan approval possibility.
- Mention all sources of income: It is not only your salaried/business income that is counted as your total income. You can also mention any other sources of income that you may have. This fan includes income from rental properties, savings, fixed deposits, personal income sources,s, etc. More sources of income will improve your eligibility for the Personal loan.
- Take care of existing debt: The company will hesitate to approve your loan if you already have existing unpaid loans/credits. Approving your personal loan application means burdening you with multiple EMIs. It can be wise to consider paying off the existing loan before applying for another one. You can also consider increasing the tenure to reduce the EMI as this will increase your chances of approval.
Dhani Personal Loan Eligibility FAQs
Indiabulls Dhani specialises in quick approvals and disbursements. Indiabulls Dhani only requires the following details from you for your loan application - PAN card Information(to verify your identity), Address proof(in the form of a Passport, Aadhar Card, Driving License, Utility Bills), and your Bank account details(to verify your finances) along with your application form. You can submit these details to us online. Once your loan is approved, we will disburse you with the loan amount immediately.
Indiabulls Dhani is a revolutionary tool by Indiabulls Group to provide personal financial assistance to individuals. Indiabulls Dhani's best feature is the quick and hassle-free personal loan process. Indiabulls Dhani ensures that their customers never have to wait at their branches to avail of a Personal loan. They provide an easy application process through their website or app. Their application is extremely user-friendly and you can apply, verify, upload, and even check your application status through the same.
The EMI amount contains your Interest as well as the principal amount. At Indiabulls, the Interest to be applied is calculated using a monthly reducing balance method. In a monthly reducing balance method, the principal amount is reduced with the EMI payment, and the Interest is calculated every month, on the remaining amount. The Interest rate may also change monthly /yearly as per the plan and type of loan availed.
You can pay for the personal loan EMI through NACH (National Automated Clearing House). NACH is a web-based platform that helps you to make bulk periodic transactions. You will have to register for NACH to start paying your EMIs. The EMI amount will then be deducted directly from your bank account every month.
The most important feature/benefit of a personal loan is that it can be used for any purpose. There is no restriction on the end usage of the personal loan amount availed. Also, Indiabulls Dhani offers a quick and hassle-free application process for Personal loans. Indiabulls Dhani offers you a variety of Personal loan products for all your customer needs. Personal loans also offer a lower Interest rate as compared to other credit facilities like credit cards. Personal loans are also unsecured, which means they require no collateral. Indiabulls Dhani also does not require a guarantor to approve your loan. Through personal loans, you can avail for a loan of up to 15 lakhs.
The EMI is a very important part of your loan application process as this is the amount that you will have to pay long term. The EMI amount needs to be enough to fall well within your monthly income. Moreover, the bank will also your EMI amount to check your income eligibility. Finalizing the EMI amount also means finalizing the loan amount and tenure for your loan application. For all these reasons, it is important to determine your EMI beforehand, so you can be confident in your application.
Indiabulls Dhani provides a wide variety of personal loan products for its customers. Please find the details below:
- Two Wheeler Loan - For the purchase of a bike/scooter
- Used Car Loan - For the purchase of second-hand cars
- New Car Loan - For the purchase of new cars
- Wedding Loan - For all wedding-related expenses
- Travel Loan - For purposes of holidays and travel
- Education Loan - For higher education
- Medical Loan - For medical emergencies
- Top-up Loan - For existing personal loan customers who wish to avail more funds.
Along with the Interest rate, other charges associated with your loan are Processing few, Prepayment charges, EMI bounce charges, late payment fees, etc. The processing fee will have to be paid at the time of submitting your loan application. The processing fee starts from 3% of the loan amount. Pre-payment charges for personal loans are nil. EMI bounce charges are 400/- per EMI bounce and late payment charges start from 3% per month. Apart from these, you will also have to pay any legal/stamp duty charges as applicable as per state laws.
Once you submit your application to Indiabulls Dhani, the team will go through your application and eligibility. Based on your desired loan amount and tenure, you will be given a soft approval. Once the team verifies your eligibility and determines that you are a trustworthy individual, the team finalists the loan details and gives you the hard approval. The team then sends you the documents such as sanction letters, loan agreements, etc by mail. A sanction letter contains all the details such as the approved loan amount, tenure, and the approved rate of Interest. The loan amount is then disbursed as per the details mentioned in the sanction letter.
Yes, Indiabulls Dhani provides you with the latest technology-based application features. You can easily apply, submit, and track your personal loan application through the company's website or mobile application.