If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    We found 3 Dena Bank Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.15% - 9.30% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.65% Floating
    575 One time fee
    1L Min
    1-3 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.05% - 9.20% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Dena Bank Car Loan Interest Rates is Rated as "Great!" by 213 Users

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    Overview About Dena Bank Car Loan Interest Rates

    Initially founded in 1938 as Devkaran Nanjee Banking Company Ltd., by the family of Devkaran Nanjee, Dena Bank is currently a public sector banking institution. It was nationalized in 1939. At present, Dena Bank has over 1739 Branches and more than 1482 ATM’s across the country. Dena Bank Car Loans are offered to individuals and to Partnership firms, Proprietary Firms, Corporates, etc. for the purpose of financing the purchase of new cars or second-hand cars. Dena Vehicle Loan scheme offers a lower rate of interest for women.


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    Dena Bank Car Loan Interest Rates

    Car loan EMI can be easily calculated by a prospective borrower in order to understand it’s affordability and repayment schedule, even before applying for a loan. Car loan EMI can be calculated on the basis of factors such as desired loan amount, Interest rates (9.05% / 9.15% ) & loan tenure. The Dena Bank Car Loan scheme is the best scheme to finance the purchase of your dream car since it comes at incomparable interest rates and repayment options that are highly flexible. It also offers a lower-than-normal car loan interest rate for women.

    Dena Bank Car Loan Interest Rates 2017

    Interest Rate Repayable up to 5 Years : 9.15% (floating) For women borrowers : 9.05% (Floating)
    Processing Fees Rs.500
    Prepayment charges Nil
    Minimum loan amount Rs 1 lakh
    Maximum loan amount for purchase of a new car Rs. 200 lakhs
    EMI per Lakh (for 5 year loan tenure) Rs. 2,135*

    *Estimated value

    How to Calculate interest rate on my Dena Bank Car Loan

    With the flexibility of paying back your car loan in the form of Equated Monthly Installments(EMIs), customers can easily own a car without having to bear the brunt of a lumpsum expense. By paying nominal rates of interest for a tenure of your choice, you can get your dream car. When the loan tenure increases there would be an increase in the loan amount and a reduction in the rate of interest to paid.

    If you wish to know how EMI on your car loan is calculated, here is the basic formula that is applicable:

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

    Here,

    P stands for the principal or the loan quantum,

    R is the rate of interest applicable per month [ Therefore, for an annual interest rate of 10.20%, the rate of interest will be 10.20/(12 x 100)],

    N is the number of monthly installments made/ no. of months taken for car loan repayment.

    For example: If you take a car loan for Rs. 2,00,000 at an interest rate of 10.20% with a loan tenure of three years, an estimate of the total interest payable would be Rs. 33,000, and the total payment made by you at the end of the tenure will amount up to Rs. 2,33,000.

    In the following illustration, for a car loan amount of Rs. 4,00,000 to be repaid in 2 years at an interest rate of 10.20% from Dena Bank (Calculations based on EMIs paid in advance), the EMI per month from Oct 2016:

    EMI Principal Interest Amount Total Payment Balance Due
    Oct 2016 Rs. 15,095 Rs. 3,400 Rs. 18,495 Rs. 3,84,905
    Nov 2016 Rs. 15,223 Rs. 3,272 Rs. 18,495 Rs. 3,69,682
    Dec 2016 Rs. 15,353 Rs. 3,142 Rs. 18,495 Rs. 3,54,329

    EMI and repayment per year for 2 years (starting from October 2015 - September 2017):

    Year Principal Interest Amount Total Payment Balance Due
    2015 Rs. 45,671 Rs. 9,814 Rs. 55,485 Rs. 3,54,329
    2016 Rs. 1,94,734 Rs. 27,205 Rs. 2,21,939 Rs. 1,59,595
    2017 Rs. 1,59,595 Rs. 6,859 Rs. 1,66,454 Rs. 0

    Total interest amount to be paid for a Dena Bank Car Loan amount of Rs. 4,00,000 for 2 years at 10.20% interest would be Rs.43,878. Therefore, the total payment made by the end of the tenure if EMI is paid in arrears is Rs.4,43,878. The interest rate decreases until the loan is repaid and the principal loan amount repayment increases with the tenure.

    Factors affecting Dena Bank Car Loan Interest Rates

    There are several factors that can affect the loan amount offered to a borrower by Dena Bank, and also the amount of interest that is to be paid per month. These in turn determines the EMI to be paid out by the borrower. Some of these factors have been described below.

    • Loan Tenure - If the tenure you have chosen for your car loan is longer, it indicates higher risk of default payments to the bank. To negate this risk the bank might increase the interest rate applicable on the loan. By going for a lower loan tenure, the bank will be assured of quicker repayment so you can expect a lower interest rate.
    • Guarantee - Along with the applicant, the spouse / or may other individual who is fulfilling the eligibility criteria under the Scheme is to stand as Co-obligant. If together they have a substantial income that backs their creditworthiness, the applicant can get the car loan approved. In this case, the borrower can bargain for a lower car loan interest rate.
    • CIBIL Scores - An individual’s credit history is reflected in his/her credit score. CIBIL score is one of the most popular credit rating measures undertaken by banks. This score is generated based on the Credit Information Report. If a borrower’s CIBIL score is high, he/she is considered more creditworthy and legitimate and thereby, the chances of getting the car loan approved is very high. This will also influence the bank to lower the rate of interest that is applicable on the loan quantum of your choice.
    • Income- Applicants with higher income are more creditworthy since they have a higher repayment capacity. If this is the case then you can negotiate with the Bank for a lower rate of interest.
    • Down payment - The percentage of loan margin or down payment that is paid by the borrower out of his own savings also has an ancillary influence on the borrower's car loan interest rate. This is inversely proportional since the higher the down payment the lower is your interest rate on the car loan.

    How CIBIL Score Affects Dena Bank Car Loan Interest Rates

    The CIBIL TransUnion Score is a 3 digit number which ranges from 300 up to 900 and this score reflects an individual's credit history. This is used by banks to evaluate whether the applicant is eligible for a loan, what his/her repayment capacity is, etc. A good CIBIL Score ensures that the applicant will get a positive response from the Bank for his/her auto loan application and also empowers the applicant to be in a position of power while negotiating for a lower rate of interest. Most lenders conduct this initial check while processing the borrower’s creditworthiness for the loan. High CIBIL score indicate greater probability of procuring car loans at an attractive interest rate. Those with higher CIBIL scores are also seen as a lower risk category and hence can avail loans more easily as compared to those with low CIBIL scores.

    Key Points to Note About Dena Bank Car Loan Interest Rates

    • No prepayment charges
    • Repayment can be made in Upto 60 EMIs (For new vehicles)
    • Bank charges interest on daily reducing balance
    • Bank disburses the loan amount directly to the authorized distributor from whom the vehicle has been purchased.
    • 15% Loan Margin
    • Income Eligibility For a new Four Wheeler :
    • Minimum annual income of Rs. 2.50 Lakhs for Individual / Proprietary Firm
    • Minimum annual income of Rs. 3 Lacs for Partnership Firm / Company
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  • Car Loan Reviews

    • Dena Bank Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have dropped the car loan plan because it is tough to get the loan with Dena bank as well I had personal reason too so that was the reason I haven't proceed with Dena bank loan. The customer service and the response with Dena bank is average. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Dena Bank Car Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      Dena bank didn't give any kind of response in concern to my car loan application, so that was the reason I haven't proceed with Dena bank. Then I have proceeded with other bank and got the car loan with the best interest rate. The customer service and the response need to be improved with Dena bank. The rate of interest is nominal with Dena .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 25, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I didn't got the car loan with Dena bank, because they never gave any kind of response in concern to my car loan application. The bank branch is also located very long from my place, so that was the reason i haven't got the car loan with Dena bank. The customer service and the response need to be improved with Dena bank. The rate of interest is nominal with Dena bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't got the response from Dena bank when I was in need of car loan , so that was the reason I haven't got the loan with Dena bank. The customer service and the response was good with Dena bank. The rate of interest is low with Dena bank and there was zero processing fee offer with Dena bank car loan. The timelines needs to be specified with Dena bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Dena Bank Car Loan
      "Higher on ROI"
      0.5 4.0/5 "Great!"
      Since I got a better offer from another bank. I did not go ahead with Dena Bank for the car loan. Dena Bank was offering me a interest rate of around 9.15% and the processing charges was also higher. But the customer services was good and the response was on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
    • Dena Bank Car Loan
      "Deals are good on the ROI"
      0.5 4.0/5 "Great!"
      Since I got a preapproved loan from another bank. I did not go ahead with Dena Bank for the car loan. The customer support was good and they were responsive too. The rate of interest and charges was a good deal. It was around 9.1% and the processing charges was normal.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2017
    • Dena Bank Car Loan
      "On time service"
      0.5 5.0/5 "Blown Away!"
      Dena bank executive told that the required loan amount cannot be approved then I have decided not to go with Dena bank car loan, so that was the reason I have asked to close the car loan application with Dena bank executive. The rate of interest is nominal when compared with other banks. I am satisfied with Dena bank service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 11, 2017
    • Dena Bank Car Loan
      "Need Improvement"
      0.5 4.0/5 "Great!"
      Dena bank was really slow in the process. The authentication work need be done by the customer with Dena bank but with other banks they will take care of everything. The customer service and the response part need to be improved with Dena bank, they need to be quick and fast in future. The rate of interest is nominal with Dena bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2017
    • Dena Bank Car Loan
      "Average Service"
      0.5 1.0/5 "Really Bad"
      My work place is different from my residence, so that would have been the reason to close my car loan application by Dena bank. The customer service and the response was fine with Dena bank. The rate of interest of is low, when compared with others. The service provided by Dena bank was average service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2017
    • Dena Bank Car Loan
      "Average Service"
      0.5 2.5/5 "Just OK"
      Dena bank contacted me for the car loan request and they even told that they will arrange a executive to come and collect the documents but no one turned up the loan amount I applied for 8.5 lakhs and the Rate of interest was 9.15%
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 09, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have asked to cancel my car application with Dena bank due to the personal issues, so that was the reason I haven't got the loan with Dena bank. The customer service and the response was good with Dena bank. The rate of interest is nominal with Dena bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
    • Dena Bank Car Loan
      "They are transparent in their deal"
      0.5 4.0/5 "Great!"
      The car which was finalized it is three years old but Dena Bank provides car loan upto two years old vehicle. That the reason my car loan application got closed. Response part is good, Dena Bank called and discussed about the loan process. Interest rate is also good as per market.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 07, 2017
    • Dena Bank Car Loan
      "Loan process should be flexible"
      0.5 5.0/5 "Blown Away!"
      I am doing a business its a proprietor firm, I don't have separate office, I am running my business from my home but I have all the documents with IT return and bank statement. But as per Dena Bank norms, it is not meeting their criteria hence my application got closed.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 07, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I was in need of personal loan so I thought I will first go with personal loan, so that was the reason I haven't got the car loan with Dena bank. The customer service and the response was good with Dena bank. The rate of interest was nominal with Dena bank. The service which was provided by the Dena bank was good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 06, 2017
    • Dena Bank Car Loan
      "Prompt Response"
      0.5 4.0/5 "Great!"
      I approached Dena bank for the car loan but I got better interest rate and tenure from State bank of India so I switched over to SBI. But I got better response and service from Dena bank when I applied for the loan. I had no issues with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 06, 2017
    • Dena Bank Car Loan
      "Need Improvement"
      0.5 4.0/5 "Great!"
      I haven't got the car loan with Dena bank, because they are taking too much of time to process. The process need to be quick and fast with Dena bank. The customer support and the response was good but they need to be active towards the process. The rate of interest was high, when compared with the others.
      Was this review helpful? 0
      , thane
      Reviewed on Jul 06, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Initially I have applied car loan for used cars but later on I have changed the plan and got the new car with the other bank loan , so that was the reason I have dropped the car loan plan with Dena bank. The Customer service and the response was good with Dena bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2017
    • Dena Bank Car Loan
      "Better Response"
      0.5 4.0/5 "Great!"
      I had no issues with Dena bank when I applied for the car loan. They contacted me on my application and provided a good response for the loan application. But I informed them that I kept the plan on hold and I postponed my car loan plan for time being.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 06, 2017
    • Dena Bank Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have cancelled my car loan application with Dena bank , because of the lack of down payment, so that was the reason I couldn't proceed the car loan with Dena bank. The customer service and the response was good with Dena bank. The service which provided by the Dena bank was good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 06, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The Dena bank executive told that they cannot offer the loan for the commercial vehicles, But I was looking for the commercial vehicle loan. Because of this reason they haven't processed my car loan application. The customer service and the response was good with Dena bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 06, 2017
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