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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  • Car Loan Reviews

    • Dena Bank Car Loan
      "Very good one"
      0.5 4.0/5 "Great!"
      I had postponed-ed the plan of taking car loan. Also I have plans of taking it after October. otherwise the service and the response provided by DENA Bank was very good .Interest rate and processing fee charged by DENA Bank was fine . I am very much happy with the prepayment and foreclosure
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      , hyderabad
      Reviewed on Sep 22, 2017
    • Dena Bank Car Loan
      "It was a good"
      0.5 4.0/5 "Great!"
      There was no particular reason for going away from DENA Bank car loan services.I got a better proposal from HDFC Bank and therefore I switched over. Dena bank provided complete services. My car model is FORD ECOSPORT 1.5 TI VCT MT
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      , pune
      Reviewed on Sep 22, 2017
    • Dena Bank Car Loan
      "its good"
      0.5 5.0/5 "Blown Away!"
      All went well with DENA Bank when it comes to car loan. I am very much happy with the way they treated me, they called me a couple of times they provided all the information about the rates. I have planned to take the loan after 2months . The car model which i had chosen was HYUNDAI ELITE I20 ERA PETRO and I am very much happy with them.
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      , pune
      Reviewed on Sep 22, 2017
    • Dena Bank Car Loan
      "Service is good"
      0.5 3.0/5 "Satisfactory"
      I got a call from DENA bank they wanted some documents like ID card, they confirmed my credit score as 580 which is slightly low, that is why my loan was not processed. DENA bank customer service was very good and response too was good. Processing fee is very minimal.
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      , bangalore
      Reviewed on Sep 22, 2017
    • Dena Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      For my car loan requirement, DENA bank supported well and they provided a very good service for the loan. I do not have any complaint with the bank at any point of time, everything went good with them. Moreover, customer service is excellent actually I needed a car in my home town but I was staying in a different city so this was the reason
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      , new delhi
      Reviewed on Sep 21, 2017
    • Dena Bank Car Loan
      "Very good car loan"
      0.5 4.0/5 "Great!"
      My car loan application is rejected because I applied for the loan when I was in Bangalore but, I wanted to take the loan in Kolkatta, as my parents are there in Kolkatta I wanted to take loan there but it was not successful. On the other hand, I am very much happy with the response and service provided by DENA Bank for the car loan.
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      , kolkata
      Reviewed on Sep 21, 2017
    • Dena Bank Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My feedback for DENA Bank was, they are pretty good in providing response, however they were unable to finance commercial car loan. They have confirmed the rate of interest and processing fee to me and it was mere telephonic conversation that I had with DENA Bank.
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      , pune
      Reviewed on Sep 21, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I did not take the car loan with Dena Bank as I have postponded from my end The terms and conditions was all suitable. Else the customer services are good. They were quick in providing response and the bank also had a nice deal on the interest rate and charges. I had idea of taking the car loan is 8 lakhs.
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      , new delhi
      Reviewed on Sep 21, 2017
    • Dena Bank Car Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      It was an excellent service from DENA bank ,even the representatives and customer were very helpful and responsible during my loan process . Interest rate was also fine compared to the market value ,everything was fine never had any queries in their service but I have some personal reason for cancelling my loan process .
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      , lucknow
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "EXCELLENT SERVICE"
      0.5 4.5/5 "Excellent!"
      It was a very good service from DENA bank ,I got only one call from them ,but the representatives where very helpful and responsible in providing required details for my loan process. Even I got regular followups from their representatives ,so overall I can say it was an excellent service from DENA bank .
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      , hyderabad
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      All well with DENA bank, I had postponed the plan of taking the car loan the processing fee and interest rate charged by DENA Bank was okay. Prepayment options was was not discussed with me also they did not collect the documents therefore the loan process was not taken to the next stage.
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      , secunderabad
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      Service of the DENA BANK was really good, also proper feedback was not given for me regularly And i feel their representatives were genuine and responsible while providing information ,So from the service part was an excellent from DENA BANK. But the reason why I canceled my car loan with DENA BANK was, they where not ready to offer DE-permit car so I have cancelled it.
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      , thane
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "Good one"
      0.5 4.0/5 "Great!"
      I had postponed the plan of taking the car loan from DENA Bank. The bank manager called me multiple time also he was very much helpful. Yes, they did provide the information about the interest rate and other charges too.
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      , chennai
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I don't find any issue with the service of DENA BANK when i applied for my car loan ,everything was comfortable for me ,I had some personal reasons so it was the reason for my cancellation ,Totally i was comfortable with their service ,Representatives were also responsible and proper on time when i needed the service
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      , chennai
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was an good service from DENA bank ,interest rate was also good . Representatives of DENA bank was very good they where very helpful for me during my loan process,they followed me regularly during the process . So overall it was an good service from DENA bank.
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      , bangalore
      Reviewed on Sep 19, 2017
    • Dena Bank Car Loan
      "Quick process"
      0.5 4.0/5 "Great!"
      Overall it was a good experience with Dena Bank and the best is that I got the car loan a day or two earlier than the promised date. The processing charges is very low, but the rate of interest was not the best. It was around 9.3%. It could have been around 9% or 9.1%.
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      , hyderabad
      Reviewed on Sep 19, 2017
    • Dena Bank Car Loan
      "Good for banking need to be competitive "
      0.5 4.0/5 "Great!"
      Dena banks Rate of interest is very high they need to reduce it and be much transparent because of this failure they are loosing their valuable customers as private banks they should have minimum rate of interest .The customer service responded well with good guidance.
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      , chennai
      Reviewed on Sep 18, 2017
    • Dena Bank Car Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      I got amount to buy a car so I was not needed of loan ,representatives of DENA bank was also very helpful and the rate of interest which they said was about 9.75 I was also comfortable with that ,so I can say overall service was excellent from DENA bank.
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      , chennai
      Reviewed on Sep 18, 2017
    • Dena Bank Car Loan
      "Good car loan"
      0.5 4.0/5 "Great!"
      I have postponed the plan of taking the car loan from Dena bank. On the other hand, I am very much happy with the service and the response which was provided by them. Interest rate offered by Dena bank was affordable and I did not get a chance to talk about the processing fee. Prepayment and other options were good too.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 18, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have postponed my car application with Dena bank, Initially I had an idea of taking 5 lakh rupees loan, so that was the reason I haven't got the loan from Dena bank. The customer service and the response was good with Dena bank. The rate of interest and processing was not shared.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 16, 2017
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    Dena Bank Car Loan Interest Rates is Rated as "Great!" by 288 Users

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    Car Loan BYTES FROM OUR KITCHEN

    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.


    Apply for Car Loan Online

    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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