Dena Bank Car Loan

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Dena Bank Car Loan

Dena Bank Car Loan Key Features – Oct 19 2021

Dena Bank Car Loan Rate of Interest

7.35% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 80% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure One year to 7 years
Lowest EMI / Lac ₹ 1,614
Minimum Net Monthly Income ₹ 16,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Dena Bank Car Loan Processing Fee Up to 0.40%
Foreclosure Charges N/A
Dena Bank Car Loan Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Dena Bank Car Loan

The predecessor of Bank of Baroda, Dena Bank was found in 1938 by Choonilal Devkaran Nanjee and Pranlal Devkaran Nanjee and was nationalized in 1969. The Government of India now owns Dena Bank. Headquartered in Mumbai, Dena Bank has more than 1875 branches across the nation. CEO of Dena Bank: Shri Karnam Sekar. Dena Bank has a long chain of financial products available to all the customers, and a Car loan is one of the most popular products among all.

Advantages of Dena Bank Car Loan

Dena Bank Car Loan

Dena Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum ₹ 16000
  • Employment Duration – Minimum 2 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 3 Lakh
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 3 Lakh
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least six months
  • Average Quarterly Balance – Minimum Rs.1 lakh for the last two quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last two quarters

Dena Bank Car Loan Interest Rate 

Charges New Car Loan Used Car Loan
Dena Bank Car Loan Interest Rate

7.35% per annum

14.80% p.a. to 16.80% p.a.
Dena Bank Car Loan Processing fee 0.40% 0.40%
Issuance of Duplicate Repayment Schedule Charges Starting from Rs.450 Starting from Rs.450
Foreclosure Charges N/A N/A
Penal Interest N/A N/A
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Starting from Rs.450 Starting from Rs.450
Documentation Charge Starting from Rs.450 Starting from Rs.450
Issuance of Duplicate No Dues Certificate Charges Starting from Rs.450 Starting from Rs.450
Registration Certification Collection Charge Rs.150 per instance Rs.150 per instance
Cheque Bounce/Instrument Return Charges Starting from Rs.450 Starting from Rs.450
Issuance of Duplicate Statement Charges Starting from Rs.450 Starting from Rs.450
Loan Cancellation/Re-booking Charges Starting from Rs.2000 Starting from Rs.2000
Issuance of Credit Report >Rs.50 >Rs.50

How to Increase Your Eligibility for Dena Bank Car Loan

  • Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Dena Bank. This will be an indication of your higher repayment capacity for the Dena Bank Car Loan, which will build a sense of confidence in you.
  • Keep your credit score in check: If you wish to increase your Eligibility for Car Loan for a Dena Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Dena Bank Car Loan.
  • Maintain a low debt-to-income ratio: A low debt-to-income ratio in Dena Bank means you have a good balance between your earnings and your spending. This is because before Dena Bank decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Dena Bank Car Loan.
  • Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a Dena Bank car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Dena Bank loan are higher.

Factors Affecting Dena Bank Car Loan Eligibility

The eligibility criteria for car loan for Dena Bank will depend on the below-given factors:

  • Income: If your income is on the higher side, there is a good chance that your eligibility for a Dena Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Dena Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount: Your Eligibility Criteria for Car Loan from Dena Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, Dena Bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Dena Bank Car Loan.
  • Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Dena Bank. It might give an impression to the bank that you do not possess the ability to pay Your Dena Bank loan.
  • Credit score: This is an important factor that every bank, including Dena Bank, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by Dena Bank and most lenders.
  • Relationship with the bank: As stated earlier, Dena Bank offers instant car loans to their existing customers, which allow Dena Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

Dena Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

 

(Any 1)

Aadhaar Card
Passport
PAN
Voter ID
Driving Licence
Address Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
Date of Birth Proof

 

(Any 1)

Birth Certificate
Passport
10th Marksheet
Driving Licence
PAN
Signature Proof

 

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of the last six months
Employment Continuity Proof ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Work Experience Certificate
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of the last six months
Employment Continuity Proof Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Current Account Statement
Business Proof SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Current Account Statement
Utility Bills
Shop & Establishment Act Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Aadhaar Card
Passport
PAN
Driving Licence
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous two years
Bank Statement Bank statement of the last six months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest AOA
Copy of Latest MOA
Copy of Incorporation
Address Proof (Any 1)
Current Account Statement
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous two years
Bank Statement Bank statement of the last six months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Dena Bank Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for Dena Bank Car Loan?

  1. Provide your details on Dialabank’s authentic address.
  2. Enjoy free guidance from our highly knowledgeable Relationship Manager throughout the process.
  3. Compare and choose among various options available.
  4. Get Personalized services with Dialabank ensuring no hidden charges on the process.

Tips to Decide the Right Amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Dena Bank for a loan, you inform them about the amount of loan you need to borrow. Limit your Dena Bank loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking a Dena Bank loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the Dena Bank Loan after taking into account other obligations.
  • Calculate your Dena Bank car loan eligibility: Your Dena Bank eligibility is an assessment of your repayment capacity based on your monthly income. Dena Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Dena Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Dena Bank loan eligibility.
  • FOIR based loan amount eligibility: Dena Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. Dena Bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Dena Bank or other banks to calculate your fixed obligations.

Car Loan EMI – EMI Changes in Case of Prepayment

In case you prepay your loan for the vehicle, a small penalty is charged. Prepayment in Dena Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your loan for the vehicle reduces. Dena Bank provides you with two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged: This alternative allows you to shut your loan prior and save the interest outgo associated with the remaining term. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure the same: This option provides you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would require to reduce their monthly EMI obligations.

How to Calculate EMI on Dena Bank Car Loan

Before an applicant Avail Car Loan Online from Dena Bank, you may require to understand how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses finely.

One can easily calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E denotes the EMI, P the principal amount, in the interest rate, and n the number of years or tenure of the loan.

One can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Dena Bank Car Loan EMI Calculator

Know your EMIs even before applying for the loan by the following calculator:

Car Loan EMI Calculator

Dena Bank Car Loan Types

Car Loan by Dena Bank in itself has three different types based upon the needs of the customers:

  1. New Car Loan –  For those who are willing to buy a new car from the dealer can avail of this loan for a tenure of up to 7 years and a minimum loan amount of Rs. 1 lakh.
  2. Used Car Loan – Applicants looking for buying a second-hand car also have this option to avail of a loan with a tenure of 2-5 years.
  3. Loan Against Car – Dena Bank also provides quick fund allocation by this loan. You can keep your preowned car as a gage and get a loan against it for up to 50% of its value.

Compare Dena Bank Car Loan with other Banks in India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

Dena Bank Car Loan for Top Selling Cars

Other Available Products from Dena Bank

Dena Bank Car Loan Dena Bank LAP Dena Bank Business Loan
Dena Bank Personal Loan Dena Bank Home Loan Dena Bank Education Loan

FAQs for Dena Bank Car Loan

✅ What is Dena Bank Car Loan?

Dena Bank Car Loan is a secured loan that provides funds to borrowers for buying a new/used car.

✅ How can I get a Car Loan from Dena Bank?

Car Loan from Dena Bank consists of a routine procedure, either apply from the bank’s branch or apply online through Dialabank and avail exclusive offers.

✅ How does Dena Bank Car Loan work?

Dena Bank Car Loan has effortless working consisting of a bank, and the applicant wants to buy a car with the help of the bank’s loan.

✅ What is the Car Loan Interest Rate in Dena Bank?

A regular car loan interest rate of

7.35% per annum

is imposed by Dena Bank.

✅ How to Check Car Loan status in Dena Bank?

Dena Bank gives an option to check Car Loan status online or by reaching the nearest branch.

✅ How to Calculate Car Loan Interest in Dena Bank?

Calculate Car Loan Interest in Dena Bank by using Dialabank’s Calculator. It helps you to find out EMI as well as Interest Rate.

✅ What is the maximum loan amount I can avail myself on a Car Loan from Dena Bank?

Dena Bank gives Car Loan for up to 100% ex-showroom price of the car.

✅ What is the loan tenure of Dena Bank Car Loan?

You can get a long tenure of up to 7 years of Dena Bank car Loan. Whereas, five years for used car loans.

✅ Can I get a 100% Car Loan from Dena Bank?

Car Loan of 100% ex-showroom price can be availed with Dena Bank.

✅ How much is the Processing Fee applicable on Dena Bank Car Loan?

A processing Fee of 0.40% is applicable on Dena Bank Car Loan.

✅ What are the EMI options available on Dena Bank Car Loan?

EMI options available on Dena Bank car Loan are step-up EMI and Balloon EMI.

✅ What are the charges for Prepayment in Dena Bank Car Loan?

Dena Bank never charges any prepayment fee for the foreclosure of your Car Loan.

✅ Can I get a top-up loan on my existing Dena Bank Car loan?

Top-up on existing Dena Bank Car Loan can be availed in individual cases. Reach out to the loan branch to know more.

✅ Do I need to provide a guarantor to avail myself of a Car Loan from Dena Bank?

Dena Bank never asks for any type of guarantor for sanctioning a Car Loan.

✅ How to get Dena Bank Car Loan Statement?

Get your Dena Bank Car Loan statement from the Loan status corner of the Bank’s webpage or contact the banker of your loan branch.

✅ How to Pay Dena Bank Car Loan Interest Online?

Use Dena Bank payment gateway to pay your Car Loan interest Online.

✅ What if I can’t pay the interest on Dena Bank Car Loan for 3 months?

Dena Bank provides the remainder facility if you don’t pay EMI for three months and further, the bank can seize your vehicle and impose no payment fee against you.

✅ How can I apply for EMI Moratorium on Dena Bank Car Loan?

Apply easily using E-mail for EMI Moratorium on Dena Bank Car Loan and follow the further instruction given by the bank.

✅ What is the number for Dena Bank Car Loan agent?

9878981166 is the number of most worthy Dena Bank Car Loan agents, i.e. Dialabank.

✅ Can I close Dena Bank Car Loan online?

You can initiate the closing of your Dena Bank Car Loan online but have to meet the bank authority to finish the process.

✅ What is Dena Bank Car Loan Customer Care Number?

Ring us at 9878981144, and we are all ears to hear you out.

✅ How can I get NOC from Dena Bank for a Car Loan?

Pay all your outstanding amounts to get NOC from Dena Bank for Car Loan. Branch provides the hard copy of your NOC while closing your loan account.

✅ What is the Dena Bank Car Loan closure procedure?

  • Just go to the bank with the documents required for a car loan.
  • Write a letter for pre-closure of the Dena Bank Car Loan account.
  • Pay the pre-closure charges as per Dena Bank Car Loan.

✅ What are the Dena Bank Car Loan preclosure charges?

Dena Bank Car Loan preclosure charges are zero.

✅ What is the Dena Bank Car Loan maximum tenure?

The Dena Bank Car Loan maximum tenure is 7 years.

✅ What is the Dena Bank Car Loan minimum tenure?

The Dena Bank Car Loan minimum tenure is 1 year.

 

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