Dena Bank Car Loan in Mumbai

Last Updated : March 14, 2017, 10:15 a.m.

About Dena Bank Car Loan Mumbai

Dena Bank is one of the reputed nationalized banks which was established in 1939. Headquartered in Mumbai along with a network of branches, the bank is the first to introduce the following segments:

• launching the credit card in rural India under the name “Dena Krishi Sakh Patra (DKSP)”

• launching smart card at selected branches in Mumbai,

• establishing ATMs counter in Juhu, Mumbai and;

• forming the base for customer rating system in order to rate the bank services.

Moreover, the bank hosts ample of products and services such as loans, deposits, internet banking, corporate banking,international banking, priority lending including small & medium enterprises services. Among the regular loans, a car loan is an acclaimed loan preferred by several loan seekers to optimize on their dreams.

Dena Bank Car loans are offered at an affordable interest rate and competitive terms, which gives benefit to the customers. Financing options are available for both new cars along with the used ones which come with an appropriate tenure to choose from. The margin requirements for the new car is 15% whereas for a used car it is 20%(upto 3 years old). Dena Bank car loans finance upto ₹ 200 lakhs for purchase of a new car but it depends on the stipulated eligibility criteria for individuals availing the loans. The salaried individuals who have a minimum income of ₹ 2.50 lakhs can apply for the car loan, provided they have all their clear track record of financial commitments. On the other hand, the minimum income for partnership firm/companies should be ₹ 3 lakhs per annum with a good financial track record. Dena Bank car loan for new cars can be availed for purchasing any make and model of the car for the repayment period upto 7 years. As compared to the used cars(the second handed cars upto 3 years old), the repayment period should not be more than 3 years. Owing to these benefits, Dena Bank is the most sought lender for the car loan in the market.

Dena Bank Car Loan Mumbai at a glance

Eligibility Criteria

• Salaried Individuals, proprietary firm, partnership firms and companies are eligible to apply for the car loan.

• The minimum income for salaried individuals/proprietary firm is ₹ 2.50 lakhs per annum.

• The minimum income for partnership firm/company is ₹ 3 lakhs per annum.

Documents Required

• Proof of Identity: Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible)

• Proof of Address: Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.

• Proof of Income: Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years/ Have a minimum turnover of ₹ 4,50,000 per annum / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR

• Bank Statement: Last 6 months

To know more, visit Car Loan Mumbai

Address of Dena Bank Branches in Mumbai