Dhani Personal Loan App – Eligibility and Interest Rates

Suppose you are in a financial crunch like a medical emergency, a wedding in the house, or wish to pursue higher education. In that case, the Dhani app can come in handy as it enables you to get immediate liquidity. The Dhani Personal Loan has distinctive characteristics that make it easy for anyone to apply for a personal loan. Let us discuss the characteristics of this loan, its eligibility norms, and interest rates, and other charges.

The Dhani Personal Loan In Brief

To avail of the Dhani Personal Loan, you should do the following.

  • Download the Dhani app from Google PlayStore or App Store.
  • Get your credit line approved by Dhani. It requires you to complete the following steps.
  1. You can use your Aadhar Card, complete your KYC process, upload your identity documents and selfie, and complete the loan application process.
  2. Get your credit line. A credit line is not a loan but an indication of how much loan you are generally eligible for, based on the documents you provide and your credit rating.
  3. Select a loan amount within your credit line and check the details like tenure, interest rate, and proceed.
  4. Link your savings bank account with the Dhani app to get the disbursement. You can set up your EMI using net banking or debit card or opt for an Aadhar-based e-mandate option. Alternatively, you can select the physical e-mandate option for recovering your EMIs.
  5. The loan amount is available in your account without any questions asked. You can use the personal loan to meet any financial emergency.

The Benefits of Dhani Personal Loan

Dhani Personal Loan comes with the following benefits.

  1.  It is a low-cost loan with a paperless and online process. Loans are available for amounts between Rs 1,000 and Rs 15 lakhs.  
  2. This loan allows you to pay the interest portion alone for a few months. The EMI holiday is a unique facility available for this personal loan.
  3. It is an instant loan to get the money into your savings account within three minutes of its approval.
  4. Regular repayment of the Dhani Personal Loan entitles the borrower to receive cashback up to 10%.
  5. The Dhani Rupay Card is available for use across all online and offline merchants. Besides, you get exciting rewards and cashback every time. 

The Eligibility Criteria for a Personal loan

  • All salaried and self-employed persons are eligible to apply for a Dhani personal loan. However, it implies that the applicant should have a regular source of income for repayment.
  • Dhani Personal Loan has specific eligibility criteria that applicants should satisfy. Depending on the data and documents provided by the applicant, Dhani calculates the credit line for the borrower. However, it does not mean that the applicant can apply for 100% of the credit line. It is advisable to apply for a maximum of 50 to 60% of the credit line to improve the chances of approval. 
  • Generally, all lending institutions look for a monthly income of a minimum of around Rs 35,000. However, the EMI/NMI ratio plays a critical role in every personal loan approval. The ideal EMI/NMI ratio should be around 50%. This is because the EMI constitutes the total EMI of all loans, including the prospective personal loan.
  • The credit rating of the individual is another crucial aspect of personal loan eligibility. The thumb rule is that the applicant should have a minimum CIBIL credit rating of 750.
  • Once you have successfully repaid the first Dhani personal loan, the subsequent loans do not require many credit checks. They are readily available to the applicant, based on their existing record with Dhani.

Interest Rates and Charges – Dhani Personal Loan

Here is a complete breakup of the interest rates and other charges associated with the Dhani Personal Loan.

Type of Charge Charges
Processing Fees It starts at 3%
Loan foreclosure or prepayment charges Dhani does not charge any foreclosure penalty for loans up to Rs 20000.

It does not allow foreclosure before six months.

Subsequently, it charges a penalty of 5% of the closure or prepayment amount. 

Interest Rate per annum 13.99% onwards, depending on various factors
Cheque or EMI Bounce Charges For a salaried person, it is Rs 400 per instance.

For self-employed individuals, the penalty is Rs 750 per bounce.

Late Payment Penalty 3% per month
Stamp Duty charges for the documentation process As applicable to the particular state where you reside
Duplicate NOC Charges Rs 500 per request
Repayment mandate or instrument swapping charges Rs 500 per request
Loan cancellation charges Rs 3,000
Loan Re-booking charges Rs 1,500
Statement of Account charges Rs 500
Duplicate Repayment Schedule Rs 500

How does Dhani determine the interest rate of the individual’s loan?

Various factors determine the interest rate on the individual personal loan. Therefore, it can vary from one individual to the other, depending on the following factors.

  1. Salaried persons get a preferential interest rate than self-employed individuals because Dhani considers self-employed persons as individuals with higher risk perceptions. It is because they do not have a regular source of income, despite having more income than a salaried person, at times.
  2. Applicants working with government departments, PSUs, and the top corporates have a less risky profile than other salaried individuals. As a result, they get a better interest rate.
  3. The credit rating of the borrower is a crucial aspect that decides the personal loan interest rate. For example, while a CIBIL score of 750 is the minimum requirement, an individual with a credit rating of 850 stands a better chance of getting a lower interest rate. 
  4. Borrowers with a good credit repayment history with Dhani get preferential rates. Besides, they can expect quick processing and disbursal of their loans.

Final Thoughts

A personal loan is an excellent financial instrument as it helps you raise immediate funds in an emergency. However, it requires the borrower to maintain high-quality financial discipline. Dhani acknowledges this fact and provides incentives to borrowers who repay their installments promptly. They provide cashback up to 10% of the installment amount instantly into the account. That should make the Dhani Personal Loan app a handy one to have on your smartphone.

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