Financial emergencies can arise at any time in life. It is a situation when you need urgent funds at short notice. It can be tedious to apply for a personal loan from a bank and complete its various documentation formalities before you lay your hands on the money. It would be a fantastic idea to get the loan approved in a few clicks and get the amount in your bank account instantly. Yes, Dhani is such an instant personal loan app that can fulfill your needs in an emergency.
What is Dhani?
Dhani is a loan app introduced by Dhani Loans and Services Limited. Formerly, the company was known as Indiabulls Consumer Finance Limited. As an Indiabulls group company, you can also refer to the Dhani instant loan as Indiabulls Personal Loan.
The Purpose of the Loan
The best part of the Dhani personal loan is that you do not have to disclose the purpose of the loan. It can be to purchase the second-hand car your neighbor wants to dispose off urgently. You might need funds for a travel trip. It can also be a medical emergency or a wedding in the family. In simple words, the end use of the funds does not matter with the Indiabulls Personal Loan.
Dhani – In Brief
Before we go into the loan details and discuss its features, eligibility criteria, interest rates, and EMI calculator, here is a brief introduction that should sum it up in a few lines.
- The Dhani Personal loan process is entirely online without any physical documentation.
- Loans are available for amounts ranging from Rs 1,000 to Rs 15 lakhs.
- The interest rates range starts at 13.99% per annum.
- The loan repayment tenure is between three to 24 months.
- You receive the money in your bank account instantly.
Indiabulls Dhani Personal Loan
Indiabulls Dhani, the personal loan app, is available on Google PlayStore and App Store.
- The first step towards applying for the Indiabulls Personal Loan is to download the Dhani app. Then, the loan application process has to be initiated through this specific instant loan app alone.
- On installing the app, you have to proceed with your registration process. It entails entering your mobile phone number.
- You get an instant OTP on your phone that you have to submit for verification.
- On verification of the mobile number, you can proceed to enter the loan amount you need.
- The submission of personally identifiable information and income/employment details is the next step of the Indiabulls personal loan process.
- The Dhani app asks you to furnish details about your occupation/employment, mode of salary payment, address, PAN card details, and so on.
- The loan approval process is entirely online, and the verification is almost instant. If you are eligible for the personal loan, the loan gets credited to your bank account within minutes.
- You can repay your loan EMIs through the same app. The app is also helpful in managing and tracking your loan account.
The Documents Required
Indiabulls Personal Loan does not require you to hand over the documents physically. Instead, you can upload the following documents online.
- PAN Card
- Aadhar Card – as proof of identity and address
- Bank Account details – for disbursal and repayment purposes
The Eligibility Criteria
The eligibility criteria for the Dhani personal loan are simple.
- All Indian citizens 21 years and above can apply for the Indiabulls personal loan individually.
- The applicant can be a salaried person or a self-employed individual.
- The application process has to be initiated through the dedicated mobile app alone.
The Benefits of Indiabulls Personal Loan
Here are the prime benefits of using the Dhani app for your personal loan requirements.
- You get instant credit within three minutes. It eliminates the need for enduring tedious loan application procedures and submitting innumerable documents.
- You can apply for the Dhani personal loan from anywhere at your convenience.
- Indiabulls Personal Loan allows you the option of paying the interest component of your EMIs alone for the first couple of months. This EMI moratorium is a unique feature and benefit of the Dhani loan.
- Prompt repayment of your loan EMIs entitles you to receive cashback up to 10%. Thus, using the Dhani credit line is beneficial for you in multiple ways.
- All borrowers get the Dhani Pay Rupay Card to shop at online or offline merchant establishments and enjoy the benefits of rewards points and cash back every time.
The Indiabulls personal loan interest rates start from 13.99% per annum. However, the interest rate for the individual borrowers varies, depending on various factors.
- The individual’s employment and income profile is a critical aspect. Salaried employees get a benefit over self-employed individuals because of the regularity of their income. Among salaried employees, those employed with government departments, public sector undertakings, and reputed corporates benefit from the interest rate concessions.
- The credit rating of the applicant decides the rate of interest offered by Indiabulls Dhani.
Besides the interest rates, borrowers should know the other charges that Indiabulls Dhani stipulates.
|Type of Charge||Particulars|
|Processing Fees||Starting from 3%|
|Foreclosure/Pre-payment charges||Over six months – 5%|
|EMI bounce charges||Salaried persons – Rs 400 per instance
Self-employed – Rs 750 per bounce
|Late payment Penalty||3% per month on the overdue amount|
|Stamp Duty||As applicable to the state|
|Repayment mandate swapping charges||Rs 500 per instance|
|Loan cancellation charges||Rs 3,000|
|Loan re-booking charges||Rs 1,500|
|Statement of account||Rs 500|
|Duplicate Repayment Schedule||Rs 500|
All the charges listed above are exclusive of GST.
Calculating the EMI for your Indiabulls Personal Loan is easy. Indiabulls official website presents an EMI calculator that requires you to submit the following information for its calculation.
- The Loan amount
- The rate of interest
- The repayment tenure
You get the EMI amount instantly on the screen.
Getting a personal loan was never easier before. The Indiabulls Dhani instant loan app is the ideal route to access funds in an emergency. The process is simple, and the interest rates are reasonable. Eligible persons can apply for the Indiabulls Personal loan through the Dhani app and get immediate financial assistance with no questions asked.