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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  • Dena Bank Car Loan Interest Rates is Rated as "Great!" by 365 Users

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    Dena Bank Car Loan Interest Rates

    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

    Car Loan Reviews

    • Dena Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a car loan with Dena bank but did not proceed with them as i had a few other options were my loan was already getting approved and i went ahead with the my personal bank that i have an account with as the procedures were faster and easier. I did however get good service from them.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 01, 2017
    • Dena Bank Car Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from Saraswat cooperative Bank as the rate of interest offered by them was the best. When I applied for loan in Dena bank, they offered me higher interest around 9% for the new car loan. I am not satisfied with that offer hence I gave up. But the service is good with Dena bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 31, 2017
    • Dena Bank Car Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      There is no problem with Dena bank, I have postponed the plan to purchase the car right now. Because I am going to finalize the property. That is the reason I didn't go head with Dena Bank but their rate of interest and service part is really good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 31, 2017
    • Dena Bank Car Loan
      "Good customer service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the car loan from Dena bank, my loan application was closed because my documents were not ready. The rate of interest of 9.15% is nominal when compared to all other banks. The customer service and their response was good, they followed up on regular intervals.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 31, 2017
    • Dena Bank Car Loan
      "Response part should be improved"
      0.5 1.0/5 "Really Bad"
      Dena bank service was very delay regards on my car loan application, I almost waited one week but there was no response from their end. I am very fed up with their service. Hence finally I took a loan from some other bank and I purchased the car..
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 30, 2017
    • Dena Bank Car Loan
      "Good Bank"
      0.5 4.0/5 "Great!"
      I thought of taking car loan with Dena Bank, but I purchased the car by cash. Dena bank is also good bank, they ready to sanction 80% of loan on vehicle value with better interest rate as per the market. I don't have any concern with them, I am very fine with their service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 30, 2017
    • Dena Bank Car Loan
      "Good experience "
      0.5 4.0/5 "Great!"
      I had a good experience with Dena Bank regarding my Car Loan application. They called me up on regular time and informed me about the plans very clearly. Their Rate of Interest of 8.5% is also a decent one. I had to stay out of this plan as I had some personal reasons. Otherwise there was a good chance I might have gone with this Bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 29, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I applied for a car loan with DENA Bank. My application was accepted immediately from them and processed my car very quick and they provided the dd on time so I was able to take my car quickly than I expected. They offered me the loan with 9.15% as rate of interest and there was no processing fees. I will be taking one more car for my wife in next 2 months I will prefer DENA Bank only for that car loan also.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 28, 2017
    • Dena Bank Car Loan
      "Best service"
      0.5 4.5/5 "Excellent!"
      I thought of taking car loan by closing by old car loan, but unfortunately I couldn't process it. That is the reason I haven't take loan from Dena bank. But they called me to confirm my loan requirement and inform the process they asked to dropped the documents.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 27, 2017
    • Dena Bank Car Loan
      "Good service "
      0.5 4.0/5 "Great!"
      I had applied for a car loan with Dena bank.Customer service has responded to my queries on time,they enquired my details.I informed the bank will check and compare with other banks.I got the best offer from a different source.Hence closed the application with Dena bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 27, 2017
    • Dena Bank Car Loan
      "Not satisfied"
      0.5 3.0/5 "Satisfactory"
      I had applied for a car loan with Dena Bank but did not proceed with the application as i initially put the document process on hold but later when i was ready and contacted them there was no Representative that came to collect my documents nor was there any email sent to me for a follow up on the application.I later proceeded with my loan with a different bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 26, 2017
    • Dena Bank Car Loan
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I have not taken the car loan with the Dena bank because they have not contacted me at all. Customer service was good one for me, also the bankers have not contacted me till now from my inquiry. I would like to suggest that they need to improve the customer service.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 26, 2017
    • Dena Bank Car Loan
      "Not Bad"
      0.5 3.0/5 "Satisfactory"
      I have approached Dena Bank for a car loan. Meanwhile I have tried with UCO Bank. The service was very fast. There is no hidden charges and processing fee. They have offered good interest rate. When I receive a call from DENA BANK, I have informed the executive to cancel my application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 25, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had applied a car loan with Dena bank and i can say that they acknowledged my application and responded to me well and also received proper service. I have not proceeded the application as i was offered a better rate of interest than what offered at Dena Bank. Although they have nominal interest rates i was offered and even better rate that i opted for.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 25, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The service which i received from DENA BANK for my car loan process was good . I received calls from the bank executive and they delivered the information in detailed matter I have postponed the plan for some personal reason that i am facing I had an idea of taking the loan amount of 7 lakhs
      Was this review helpful? 0
      , pune
      Reviewed on Oct 25, 2017
    • Dena Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from Dena bank, my loan application was closed because i postponed the plan to get the car loan. When it comes to customer service, it was good and supportive, they followed on regular intervals. The rate of interest was less when compared to all other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 24, 2017
    • Dena Bank Car Loan
      "Good customer service"
      0.5 4.5/5 "Excellent!"
      I have applied for the car loan from Dena bank, my loan application was closed because i postponed my plan to get the car loan. The customer service was good and it was very helpful, they collected all the documents on time. The rate of interest is nominal comparatively.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 24, 2017
    • Dena Bank Car Loan
      "Fully satisfied"
      0.5 5.0/5 "Blown Away!"
      I have already applied with some other bank to get the car loan , so I have not dealt with the Dena bank and the customer service is good one with the Dena bank and am really happy with them till now rather than that there are no issues with the Dena bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 24, 2017
    • Dena Bank Car Loan
      "Great responsiveness"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan request from Dena bank they had processed the loan request however i had requested fro closure of the rate of interest is nominal as compared to other banks in the market,may be in future i would choose Dena bank as my alternative.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 23, 2017
    • Dena Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have approached Dena Bank for my car loan. Though I am getting good interest rate with Dena Bank, unable to continue with their service. Since I have arranged from Maruti showroom. Maruti has providing quick approval abd hassle free service. The customer service and response was good.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 23, 2017
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