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% 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
    11.15% 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% 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 165 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
      "DISSATISFIED"
      0.5 2.0/5 "Expected more"
      It was not a good experience with Dena bank for the car loan. I received a call initially and they were supposed to follow up with me. After which I got no calls from them and I was unable to continue with them. I do not wish to recommend this bank for the lack of response, even the customer service executives too were rude.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "No Response"
      0.5 5.0/5 "Blown Away!"
      I had applied for the car loan with Dena bank. I had chosen this bank with the help of online source. But I had taken the personal loan from them not the car loan. Because I did not receive any calls from Dena bank for the car loan for which I had applied.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      Dena Bank has been good in the process for the car loan. The customer services and response has been good and I got the disbursement on time. The interest rate was around 11.15% and there was a minimal fee of Rs.500. The after loan services are smooth.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with some other bankers and that's why I have not dealt with the Dena bank. Rate of interest and the processing charges were not at all the constraint, also they have not contacted me on immediate basis. I would like to suggest that they could contact the customer on an immediate basis.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 21, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Dena bank service and follow up is really good, they called me and spoke about the loan process. I got the car loan but Dena bank helped me out and this was my very first car loan and I was very much satisfied and this happened long time back during the year 2002. At that time the rate of interest was 13% and it was for a period of three years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      My plans got canceled to buy a vehicle. So I did not go ahead for the car loan at Dena Bank. The customer services are good as they contacted me on time and informed me the details. I thought of talking loan of three lakhs. May be in future will think about it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2017
    • Dena Bank Car Loan
      "Easily approachable for everyone"
      0.5 5.0/5 "Blown Away!"
      Only because of the interest rate, which is a lesser one, I had got the car loan with the Dena bank like it was around 9.15%. The loan amount got disbursed to my account within four days of time. Response was good one with them and the processing charges were around 2500 Rupees, which inclusive to open the savings account and deposit too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2017
    • Dena Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      The Dena bank gave a call and explained me about the product . I have informed them that I have postponed my plan, so that was the reason I didn't get the car loan from Dena bank. The rate of interest 19% with Dena bank. Finally I would say it was a good service offered by Dena bank
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2017
    • Dena Bank Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      My plans got cancelled to buy a vehicle. So I did not go ahead for the car loan at Dena Bank. The customer services are good as they contacted me on time and informed me the details. The interest rate and processing charges was also normal for me.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2017
    • Dena Bank Car Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      Even though I have salary account with ICICI bank for more than 15 years, I preferred Dena bank for the car loan because as I am working in public sector I wanted to take the loan from public sector bank. When I approached Dena bank, I received very good response. They send the manager to my place and they had taken effective steps to process the loan. Interest rate was little high with them but I do not have any issues with high interest rate but then when they checked my credit score, they combined other people report along my my report and they told me that my credit score is not good for the loan. I clearly informed them that I do not have any outstanding payments or credit cards but they had done a mistake while checking the credit score. Then I checked with ICICI bank where they processed my loan within a day, even they worked on Sunday and completed the loan process. Interest rate is very low which is 8.5% but online quote was 9.75% but they reduced the interest rate too.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 10, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had received very good response from Dena bank when I approached them for the car loan. They visited my place and collected the documents to proceed with the process. But due to some constrains, I could not proceed with the process, hence I postponed it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 10, 2017
    • Dena Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      After me submitting my details to Dena bank for the car loan. There was a lot of delay in the whole process from the time the document were collected and even after the documents was collected. So I had to postpone my plans for the next two to three months. I did not discuss much on the interest rate and charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Need to be flexible in timings"
      0.5 2.5/5 "Just OK"
      Dena bank were very particular in their timings and I could not make it to the bank as my work hours were clashing with theirs. So I cancelled my car loan application with the bank. They had a good deal on the interest rate and processing charges as it was very minimal.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      The reason I postponed my plan in buying a vehicle is because I had to dispose the car I already own and get the funds to make a down payment for my new vehicle. Since there was a delay in selling my vehicle, I cancelled my car loan with Dena bank. The rate of interest was slightly high when compared to the other banks in the market.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Interest has to be reduced as per market"
      0.5 4.0/5 "Great!"
      I got better offer from other bank, I found Dena bank interest rate is not upto the mark. Dena bank offered me the interest around 9.0% on car loan but other bank offered me 8.75%. Service of Dena bank is good, my only concern is about the interest rate. They should match with the market rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Excellent "
      0.5 4.0/5 "Great!"
      I had postponed the plan of getting the car loan from the Dena bank. Rate of interest is not at all the constraint for me and their response is also good . I guess, the rate of interest what they have proposed was very lesser one when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      When I approached Dena bank for the car loan and they have given very good response and I got a call immediately from Dena bank . The rate of interest is nominal with Dena bank. I have postponed the car loan, that was the reason I haven't proceed with Dena bank car loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 08, 2017
    • Dena Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      The Dena bank gave a call and explained me about the product . I have informed them that I have postponed my plan, so that was the reason I didn't get the car loan from Dena bank. The rate of interest is nominal with Dena bank. Finally I would say it was a good service offered by Dena bank.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 08, 2017
    • Dena Bank Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      One month back, I had already taken a car using my own source, I arranged the money and finalized the car. Hence I dont have requirements to take car loan from Dena bank. But they have called and disclosed about the loan process and procedure but I didn't proceed till date.
      Was this review helpful? 0
      , delhi
      Reviewed on Jun 08, 2017
    • Dena Bank Car Loan
      "Average Service"
      0.5 1.5/5 "Bad"
      At present there is no requirement for car loan, that was the reason I was asked to close my car loan application, There is no proper response given in concern to the car loan application with Dena bank. It would be great if the customers are given good response. The rate of interest was very high with Dena bank, when compared with others. I can say it was overall a very good service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2017
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