The most common thing that people from all walks of life indulge in is seeking a loan. This article is an overview on Dhani Personal Loan.
However, while a loan becomes a necessity for many people due to unavoidable circumstances, there are quite a few who uses the funds thus obtained for purchasing goods that could eventually turn dearer to possess.
To buy an item that could be currently purchased at a fabulous discount, a new apartment whose worth will multiply over a period of time, an essential business requirement that cannot be delayed, or an urgent medical condition are all needs wherein a long term process of gain is projected.
A critical medical provision cannot be held up for want of funds. A severe cash crunch also needs financial aid to sustain itself, and loans serve as the most sought after support that provides timely assistance.
Dhani Personal Loan and Services
Dhani is a 100% subsidiary of Dhani services limited, which is in the business of providing personal loans and business loans to MSME businesses online without taking deposits from customers.
Dhani Personal Loan and Services is a Non-Banking Financial Company (NBFC). It is registered with the RBI.
It is part of the Indiabulls group and was formerly called Indiabulls Consumers Finance Limited.
Loans are always a high-risk business and capital intensive in nature. Hence, it is important that the company that is providing the loan has a good holding capacity, capital reserves, and a long term good reputation.
Dhani Personal Loan Features and Benefits
The most noteworthy features provided by Dhani personal loan are as follows:
- Dhani provides loans up to Rs 15 lakhs. This loan can be applied online through Dhani’s Phone Pe Loan App and will be disbursed directly to your account.
- The process of disbursement will be triggered only after the identification of the applicant with an Aadhar Card, along with his address proof that may be found on his voter ID or ration card, is verified.
- The loan applicant may use the Dhani App from any location or any smartphone. The Dhani App is available on both Android, as well as, iPhone or iOS ecosystem.
- Besides availing of the loan, the app has other useful provisions for tracking your loan account, balance pending, principal amount, interest rate, and managing your EMI.
- The interest rates that apply are subject to the following conditions:
- Borrowers credit ratings
- Borrowers age
- Borrowers current liabilities
- Borrowers current income
- The loan amount applied for
- Any other specific criteria related to the loan
Dhani Personal Loan - Interest Rates and Other Expenses
The rate of interest differs as per the type of loan and other activities. As a thumb rule, the rate of interest mentioned is p.a. - per annum basis, unless otherwise stated.
- Interest Rates - 13.99% onwards
- Processing Fee - Up to 5% of the loan amount
- Amount (Loan) - Rs 1000 to Rs 15 lac
- Tenure - 3 months to 24 months
- Prepayment charges - 5% of Principal Outstanding
- EMI Bounce charges - Salaried class Rs 400/- per bounce; Self-employed class Rs 750/- per bounce
- Late Payment fee - 3% per month
- Duplicate NOC - Rs 500/- per request
- Charges for Loan Cancellation - Rs 3000/-
- Charges for Loan Rebooking - Rs 1500/-
- Charges for Statement of Account - Rs 500/-
- Duplicate Repayment Schedule - Rs 500/
Applying for Dhani Personal Loan and Services
Personal loans are often required during an emergency or some dire situation. During such times it is important to have ease of understanding and ease of taking a loan.
Dhani Personal Loan has multiple options for a person to avail of a loan as quickly as possible.
- Call Dhani Loans and Services at 0124-6555-555 between 8.00 am and 8.00 pm and get in touch with the customer care cell.
- You can also send a mail to support@dhani.com for loan inquiries.
- Yet again, you could just post a letter to the following address: a. M-62 &63, First Floor Connaught Place, New Delhi, 110001.
- A representative from Dhani will approach you to help you with the process of applying.
- Post applying, the necessary documents will be sent for verification.
- The approval will follow, subject to satisfactory proof of the documents.
- The loans are generally approved if the liabilities are limited and income is adequate to meet the EMI requirements.
Documents Required for Dhani Personal Loan
The documents required for Dhani Personal Loan are:
- PAN Card
- Proof of Address
- Bank Statements: This will provide the disposable income and the various expenses deducted every month. Hence it will verify the liabilities of the applicant.
- The above documents need not be submitted in person. All the above could be uploaded through the smartphone device and sent across.
Eligibility for Dhani Personal Loan
The Eligibility for Dhani Personal Loan is:
- It is for individuals above the age group of 21 years
- Should have to be an Indian citizen
- Should be either employed and salaried or in business
- Should be capable of servicing the loan on a timely basis
Why Avail of Dhani Personal Loan and Services?
- A good credit rating is enough to fetch you a loan in the shortest possible time and at the lowest interest rate (13.99%).
- A customer can avail of a personal loan for any purpose, be it a medical requirement, marriage, home renovation, business requirement, travel, or any useful purpose.
- The loan disbursal will be done directly to their bank account no sooner than the documents are submitted and found in order. Therefore, the time for evaluation and approval/rejection is minimal.
- The borrowers/customers need not visit the bank. Instead, the entire process can be initiated by using smartphones and, if found essential, through an agent visit.
- Loans can be applied from the remotest villages with internet connections of any city or state in India or outside by using the app.
- Loan application and the disbursement process are made extremely simple by the easy-to-use interface of Dhani.
- No documents are physically required for expediting the loan. All applications are in digital form, and some of the documents are digital, too, while others need to be uploaded.
Conclusion
Dhani Personal Loan provides a credit line or a loan during much needed times. This facilitates some relief during a personal emergency due to a medical reason or even a natural disaster.
The documentation process is smooth, and almost anyone can avail of such a service. However, there are a few outstanding features and functionalities of the Dhani Personal Loan, such as:
- The loans are disbursed without any collateral attached. This increases the risk quotient of the lender.
- Despite the risk, the rate of interest is not alarming enough.
- Cheque bouncing charges are levied more on the business class as they are identified among the defaulters to a more
- significant extent. Bad debts are getting increasingly difficult for the NBFCs and banking sector to handle
- A speedy disbursal is very important in contemporary times as delays cost money.
- Dhani loan and service hence becomes a valuable tool for meeting financial targets in a time-bound manner.
Frequently Asked Questions: FAQs
1. Does Dhani provide a personal loan?
Yes, Dhani is a Non-Banking Financial company that provides personal loans for medical requirements, marriage, home renovation, business requirements, travel, or any genuine purpose. It offers personal loans for individual needs as well as MSME businesses.
2. Who can take a loan from Dhani?
Any person or business needs can avail of a loan from Dhani. The loan is to the extent of Rs 15,00,000. There is no collateral security, but the repayment capacity is verified by bank statements that detail his income and expenses.
Based on the bank's evaluation, the loan amount is approved and ready for disbursal.
3. What is the interest rate on the Dhani loan?
The least interest is 13.99%. However, the bank will value their capacity to repay and would identify the possible risks involved in the event of a fall in his revenue and decide on the rate of interest. It is to protect the interest of the Non-Banking sector.
4. Is the Dhani app registered with RBI?
Yes, Dhani has RBI’s approval for running a Non-Banking Finance Company.