Loan Interest Rates and Charges
Interest rates and other charges for loans at Dhani Finance India are transparent and affordable with no hidden costs. Take a look at the applicable charges below –
| Fees and Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 7% per annum |
| Loan Processing Charges | Starts at 2% of the approved loan amount |
| Interest on Overdue EMIs | 2% per month on the overdue EMI/Principal loan amount |
| Cheque Bounce | Rs.500/- each time |
| Loan Cancellation |
|
Foreclosure and Part-Prepayment Charges
| Fees and Charges | Amount Chargeable | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Foreclosure Charges | Nil but foreclosure can be done only after a minimum number of EMIs have been paid as illustrated below-
| ||||||||
| Part- Prepayment Charges | Part-prepayment is not allowed |
Factors That Affect Loan Interest Rates
Given below are some of the factors that affect loan interest rates –
- Credit Score
- Higher the credit score, lower will be the interest rate imposed
- Repayment History
- Those with good repayment history are known to present less risk to lenders hence, can avail loans with lower interest rates
- Employment Status
- Those with salaried or regular income are likely to avail loans with lower rates of interest as their ability to repay the loan is easier as compared to those with an irregular income schedule
- Income to Loans Ratio
- Having a high income is desirable but if the borrower already has multiple loans active at the same time, chances of him/her availing a loan at lower interest rates is low
- Existing relationship with the lender
- A good relationship with your lender may help you get a loan on lower interest rates as the lender is aware of the account balances, spending, saving trends, repayment history, etc.