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 334 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
      "Average service"
      0.5 2.0/5 "Expected more"
      The Dena bank has rejected the loan application because of the job stability . The service was good with Dena bank. I have sent the documents via E-mail . The rate of interest which the Dena bank has offered was nominal when compared with others
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      The response was not up to the mark with Dena bank in regards to my car loan application. They asked me to sent the documents via mail I have sent the mail, I have submitted the documents on time, but still I never got any response in regards to my car loan disbursement. The customer support need to be improved with Dena bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got better option with other bank when compared with Dena so that was the I haven't processed with Dena bank car loan application. The Dena bank gave a prompt response in regards to my car loan application. The rate of interest is high with Dena bank when compared with others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      When I get a lower interest with Nationalized bank like State Bank of India, so that was the reason I haven't got the loan from Dena bank. The customer support was good with Dena bank as per my car loan application. They gave better response in regards to my car loan .
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Good response"
      0.5 4.0/5 "Great!"
      I have approached Dena Bank for my car loan through online channel. I had a good response from the bank side. Later they informed me the credit score was low so they cannot process the loan further The rate of interest was nominal and satisfied.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Average service "
      0.5 1.0/5 "Really Bad"
      I had applied for acar loan with dena bank for an amount of eight lakhs at the high interest rate.They took long time to process my application,customer service is not up to the mark they should be more quick to complete the process because of that I closed my application
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Good customer service "
      0.5 4.0/5 "Great!"
      I have applied for the car loan from Dena bank, my loan application was closed because i decided not to take a loan as the GST is very high. When it comes to customer service, it was good and they were in touch all the time. The rate is interest is quite high when compared to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Below average"
      0.5 2.0/5 "Expected more"
      I have not taken the car loan with the Dena bank bank because of the better offer , which I have got from other bankers. Customer service need to be get improvised with the Dena bank In future, I would like to go ahead with them.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Bad"
      0.5 1.0/5 "Really Bad"
      I have applied for my car loan with DENA bank. The customer service and responses was not up to the mark because there was no response at all form the bank end so I have cancelled the application. The rate of interest was 12% which was high and my Credit score was also low . My over all experience was bad here.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The Dena bank service was good in regards to my car loan application . I have postponed the car loan plan at present so that was the reason I haven;t got the loan from Dena bank. The rate interest is nominal with Dena bank when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      I applied for car loan but in between the Dena bank time frame was too long. I am in an emergency hence I have managed the money through other source that is reason I haven't contact Dena bank for the car loan. It would be great if they give fast response to the customer.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have approached DENA bank for car loan. The rate of interest was between 9-10% which was high comparing to other banks. The customer service and responses was up to the mark so I would like to recommend to others. My overall experience good.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Best banking "
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan form DENA bank for an mount of 3.39 lakhs at the nominal rate of interest.They had responded to my quires on time,no delay in processing the loan.good service from the bank for sure i would recommend the bank to my near ones in future..
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      I did not go ahead with Dena bank for the car loan is because the bank was very far for me and though they informed me that the process could be done later with another branch but the initial process should be done from them and the way they conveyed the information was very polite too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "GOOD SERVICE"
      0.5 3.5/5 "Pretty good"
      I have taken my car loan with DENA bank 3 months back. The loan amount was 6.5 lakhs and the rate of interest was 9.5% which is high comparing to other banks . I am paying through cheques since there is no auto debit system so I am not satisfied with it. The customer service and responses was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Dena Bank Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      Once I applied for my car loan with DENA bank the staffs of DENA bank was very supportive and interest rate was fine and the customer service was good as well but I had some personal reasons for unable to process my loan further but the service of DENA bank is excellent .
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Dena Bank Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      I applied for a car loan from DEENA bank it was a very good experience I had with DEENA bank staffs once I applied for my loan I got immediate response from them even the rate of interest they offered was low compare to market value but I had some personal issues so unable to process further the process have been delayed from my end it was the main reason for the cancellation of loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Dena Bank Car Loan
      "Awesom experience"
      0.5 5.0/5 "Blown Away!"
      I had an awesome experience with DENA bank, all the information they provided were to the point. Each and every information was shared to me on the most professional manner. Only due to some personal reason I couldn't go ahead with the car loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 11, 2017
    • Dena Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I did not find time to get the car loan from Dena bank, as I work in a different area and my home town is in different place, so that was the reason I haven't got the loan from Dena bank. The customer service is good with Dena bank. It would be great if they can arrange someone to collect the documents from my work place itself. The rate of interest is low with Dena bank, when compared with others.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 11, 2017
    • Dena Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      The customer service is good with DENA BANK . At present I have dropped the plan of the getting the car , so that was the reason I haven't got the loan from Dena bank. The rate of interest is high with Dena bank when compared with others. i would say I got an average service from Dena bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 10, 2017
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