About Dena Bank Car Loan
A car loan is not only about paying the EMIs, there are charges like processing fee, late payment penalty, etc, for which you will have to make provision. While processing fee is a one-time charge, late payment penalty happens every time you default on payment. EMIs are dependent upon the interest rate charged on a car loan. If the interest rate charged is higher, the EMI outgo from your pocket will be much more and vice-versa.
Dena Bank, with close to 2000 branches across India, is a renowned name in the banking space ever since its inception in 1938. Headquartered in Mumbai, the bank offers you a car loan at attractive interest rates with simple documentation to enable you to buy a car without any hassle. Below are the details regarding Dena Bank Car Loan.
Dena Bank Car Loan Interest Rate
The existing car loan interest rate of Dena Bank ranges from 7% onwards.
Dena Bank Car Loan EMI Calculator
Are you aware of a phenomenon called car loan EMI calculator? If not, then do know its nuances to steady the ship of your repayment journey. The EMI, as you would know, constitutes the portion of interest and principal repayments towards a car loan. You would be very happy to know that a longer tenure will reduce the figure of EMI payable each month. But at the same time be disappointed by letting a huge chunk of the interest go to the bank. So, a comparatively shorter tenure with not so much of hike in the EMI could be the way out for a smooth car loan experience at Dena Bank.
Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at Dena Bank
(in ₹ )
|Interest Rate(in % p.a.)||EMI(in ₹ )||Total Interest Outgo(in ₹ )||Total Amount(EMI+Interest) (in ₹ )|
Dena Bank Car Loan Details
|Dena Bank Car Loan Details|
|Interest Rate||7% onwards|
|Maximum Loan Amount||Rs. 2 Crore|
|Margin||Upto 15% of On-road Price|
|Repayment Period||New Cars : Upto 7 Years|
Pre-owned Cars(not more than 3 years old)
|Processing Fee||₹ 500/- irrespective of loan amount|
|Age||21-58 years||21-65 years|
|Minimum Income||Minimum salary of Rs 2.5 lacs per annum||Minimum salary of Rs 2.5 lacs per annum|
|Employment/Business Continuity||At least 1 year with current employer with overall experience of 2 years||At least remain in the business of 3 years|
After discussing the eligibility criteria, see the documentation of Dena Bank
|Identity Proof||PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc. of applicant and guarantor(s), if any, Passport size photographs of applicant||PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc. of applicant and guarantor(s), if any, Passport size photographs of applicant|
|Income Proof||Latest 2 months salary slips, Form 16/ ITR for last 2 years, Bank Statement reflecting salary credits for 4 months||Income Statement for last 2 years with computation of income / certified financials, Balance Sheet, P & L A/c, Bank statement|
|Address Proof||PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc. of applicant and guarantor(s), if any||PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc. of applicant and guarantor(s), if any|
Dena Bank Loan Application Form
Want to apply for a car loan at Dena Bank? Visit the official website of the bank, jump to the car loan page and click ‘Application Form’ button. Upon a click, you will see the form flashing before you. All you have to do then is to take a print out of the form and fill personal & professional details along with the details of the car you want to buy on a loan. Send the duly signed and filled in application form along with necessary documents to the nearest Dena Bank branch to let the concerned official of the lender process the application.