Dena Bank is one of the oldest banks in India, headquartered in Mumbai. Dena Bank was founded onn 26 May 1938, by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd. It is one of the nationalised banks of India. Get on the right track with Dena Auto Loan and drive home your dream machine. To know more, follow some simple steps given below to get best interest rates.
|Interest Rate||General Customers - 9.15% Women Offer - 9.05%|
|Processing Fees||Rs. 575|
|Pre Closure Charges||0% on the principal outstanding (plus GST)|
|Loan Tenure||1 year to 7 years|
The above mentioned interest rates are subject to change as per the revised GST rates.
A car is a valuable and important investment in an individual’s life. Making decisions related to the make and model of a car is very easy, but coming up with the required amount of funds is a key aspect to be considered for any car owner. Individuals might fund their cars from own sources, but some might look for more comprehensive financing options from banks and financing companies. When they are sourcing around for extra funds, institutions might offer a multitude of car loan deals, but choosing the best suited financing deal is a difficult decision. Customers should always choose a car loan deal based on the model of the car they would like to own.
As a leading public sector bank, Dena Bank’s auto financing scheme is one of the top-rated financing products easily available to car owners in India. Catering to every type of individual needs, Dena Bank offers a comprehensive auto financing solution with flexible loan tenures and quick approvals. Customers can enjoy personalised attention from bank officials, who will guide them through the entire loan sanctioning process. The Dena Auto Financing scheme is available for new four-wheelers, regardless of the make and model chosen by the customer.
Dena Bank offers auto loans with affordable interest rates and convenient terms and conditions. The bank also provides personalised services to customers with fast approvals and quick processing of a car loan. Dena Bank auto loans are designed to efficiently cater to the financial needs of private car owners in India.
The bank is following RBI mandated MCLR (Marginal Cost Based Lending Rate) to fix the effective interest rate for car loans. The actual interest payable varies on the basis of the term chosen by the borrower. The table below provides further details.
Note:The MCLR is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.
Filled-in Loan application form
Salaried employees need to submit self-attested copies of the following documents.
Self-employed businessmen have to furnish the self-attested copies of the following documents.
When you purchase a new car, the biggest hurdle that you encounter is to plan the required finances. Customers face roadblocks only where financing is concerned. Picking up a car model or make is quite easy but financing a car needs proper planning, with customers having a fair idea of how they would be repaying the car loan. Helping you in the decision making process are efficient tools named car loan EMI calculators which give you a detailed forecast of your car loan repayment schedule. Customers need to input only a few details like loan amount, loan tenure, processing fees and interest rates to understand how much a Dena Bank car loan would cost them. BankBazaar’s car loan EMI calculators are designed to intelligently calculate this data for you in a matter of seconds and with absolutely no charge at all. Borrowers can comfortably plan their car loan repayments and invest in a car of their choice without any hassles.
To apply for a car loan at Dena Bank, visit the bank website and download an application form. Submit the duly-filled and signed car loan application form along with the necessary document proofs like age, identity, income, and address proofs to the bank. You can submit the form and documents at the nearest bank branch. To locate the nearest bank branch in your locality, visit the bank website and use the 'Branch Locator' tool. You can search by entering the name of the bank branch, city, and state into the tool. Click on the 'Search Branch' button and you will get a list of bank branches with their contact details such as phone numbers and addresses.
How to track Dena Bank car loan application status?
After submitting the car loan application form and the necessary document proofs, the bank will take time to verify the details furnished by you and process the application. Upon approval, the car loan amount will be disbursed to the car dealership. It is easy to get an update on the status of your car loan application. To track the status of a Dena Bank car loan application, visit the bank website. Enter your ticket number (application number), mobile number, and the proposal ID (only in case the car loan was applied for through the branch and not online through the website). Click on the 'Submit' button and you will get the Dena Bank car loan application status.
Yes, customers can also avail two-wheeler loans under the Dena Auto Finance Scheme.
Yes, Dena bank provides a user-friendly internet banking facility, DenaiConnect, which enables customers to check their car loan account statements online.
Yes, Dena Bank offers you the facility to apply for car loans using their online portal.
Yes, customers can apply for a Dena Bank car loan along with a co-applicant, who can be the spouse or family member.
No, Dena Bank does not require any extra form of security, other than the hypothecation of the purchased vehicle.
Yes, Dena Bank offers the facility of checking the status of the car loan application status on its web portal via internet banking.
Yes, the Dena Bank car loan application form can be easily downloaded from the bank’s website, filled in and submitted with other documents while applying for the loan.
Yes, joint applications can be made with the spouse and other family members for a Dena Bank car loan.
Yes, a processing fee of Rs. 500 along with the GST is levied on car loan borrowers. This amount is the same for all loan amounts.
Yes, to get a car loan approved from Dena Bank, it is important that applicants carry a good CIBIL score.
As per the employment category, the following documents have to be furnished -
Customers have two options when they applying for a Dena Bank car loan - a) online or b) at any branch. Both options can be chosen while applying through the bank’s website. The details that have to be entered are ticket number, mobile number and the proposal ID (if the application has been done via the branch).
The maximum loan amount sanctioned and disbursed for Dena Bank car loan borrowers is up to Rs.200 lakh.
Yes, a loan margin of 15% is required for new car loans. If the customer has a corporate arrangement with Dena Bank, then the loan margin is 10% of the on-road price of the car.The margin requirement for used cars up to 3 years old is 20%
Yes, the Dena Vehicle loan scheme can be used to purchase new two-wheelers and four-wheelers.
Salaried individuals, proprietary firms, companies and partnership firms are eligible to avail a Dena Vehicle loan.
Individuals and proprietary firms have to furnish a minimum annual income of Rs 2.5 lakhs and companies and partnership firms have to show a minimum annual income of Rs 3 lakhs, while applying for a Dena auto loan.
Borrowers can choose a loan tenure of up to 84 months for new cars and up to 36 months for second-hand cars that are not older than 3 years.
No, Dena Bank does not offer a moratorium / holiday period for car loan borrowers.
The car loan interest rate offered by Dena Bank is a floating interest rate. For new car loans, the interest rate for general borrowers is 9.05% p.a. For new car loans, the interest rate for women borrowers is 8.95% p.a. For used car loans, the interest rate is 11.40% p.a.
The interest rate for car loans is calculated on a daily reducing balance.
The hypothecation of the new car which is purchased is the only security required for a Dena Bank car loan.
Third party guarantee will be taken by Dena Bank as per the application, on a case-by-case basis.
The new car loan is disbursed directly to the authorised car dealership.
No, Dena Bank does not offer any type of insurance cover for car loan borrowers.
Dena Bank car loan borrowers do not have to pay any charges to foreclose their car loans before the completion of the tenure.
Yes, balance transfers can be done by customers from other bank car loan accounts to a new Dena Bank car loan account.
Dena Bank car loan customers can contact a branch official for more information on top-up loans.
Dena Bank verifies the customer’s application and documents received, checks the eligibility criteria, approves the loan amount, sanctions and the disburses the car loan.
Dena Bank car loan customers can contact a branch official for more information on vehicle refinancing.
Salaried Employees need to furnish self-attested copies of the following documents -
Self-employed professionals need to furnish self-attested copies of the following documents -
The approval time varies according to the type of applicant and the documentation submitted to the bank.
Dena Bank sanctions car loans based on the income, age, CIBIL score, eligibility criteria and the documents submitted.
Dena Bank car loan customers can contact the customer care help desk for any query by emailing to firstname.lastname@example.org.
The Dena Vehicle loan scheme can be taken to finance any type of new car purchased by the borrower.
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