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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.85% Floating
    0 One time fee
    Response Time Within 30 minutes
    9.95% Floating
    0 One time fee
    Response Time Within 30 minutes
    11.95% Floating
    0 One time fee
    Response Time Within 30 minutes

    Dena Bank Car Loan is Rated as "Great!" by 34 Users

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    Promised Interest Rate

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    Car Loan BYTES FROM OUR KITCHEN

    Dena Bank is one of the earliest 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 home machine. To know more, follow some simple steps given below to get best interest rates.


    You’re probably eligible for an Dena Bank Car Loan if you are

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    02
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    Dena Bank Car Loan Minimum Age

    At least 18 years old

    Dena Bank Car Loan Maximum Age

    Less than 60 years old

    Dena Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Dena Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Dena Bank Car Loan amount eligibility is based on these factors

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    Dena Bank Car Loan Minimum Salary

    Minimum income required
    Rs.6,00,000 per annum

    Dena Bank Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Dena Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Dena Bank Car Loan amount by these steps

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    02
    Dena Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Dena Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Dena Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Photo ID and age proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Dena BankCar Loan Interest RatesUpdated on 11 Dec 2016

    Dena Bank Car Loan Details
    Interest Rate General Customers - 9.95%
    Women Offer - 9.85%
    Processing Fees Nil
    Pre Closure Charges 0% on the principal outstanding (plus Service Tax)
    Loan Tenure 1 year to 7 years

    Overview About Dena Bank Car Loan

    Dena Bank Car Loan Diwali Offers

    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.

    Why choose a Dena Bank Car Loan?

    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.

    Features of a Dena Bank Car Loan

    • Loan Amount - Dena Bank sanctions car loans up to a maximum loan amount of Rs. 8 lakhs.
    • Loan Margin - The required loan margin for a Dena Bank auto loan is 20%.
    • Prepayment charges - Customers do not have to pay any prepayment penalty for early closure of Dena Bank car loans.
    • Security - The hypothecation of the purchased vehicle is required as security for the new vehicle.
    • Disbursement of the loan - Dena Bank disburses the sanctioned loan amount directly to the car dealership.
    • Processing Fees - Dena Bank charges a processing fees of Rs 500/-, regardless of the loan amount availed.
    • Repayment - Borrowers can choose loan tenures for up to 60 months for repaying their auto loans.

    Dena Bank Car Loan Interest Rates

    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.

    Dena Bank Marginal Cost Based Lending Rate (MCLR) for New Borrowers
    Benchmark MCLR rate 9.60%
    Floating rate of interest (new cars) 10.10% (MCLR + 0.50%)
    Floating rate of interest (used cars) 12.10% (MCLR + 2.50%)
    Floating rate of interest (women) 10.00% (MCLR + 0.40%)

    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.

    Eligibility criteria for a Dena Bank Auto Loan

    • Individuals with a gross income of Rs 1.50 lakhs per annum or above can apply for a Dena Bank car loan.
    • Companies and partnership firms showing profits for the last two years are eligible to apply for an auto loan with Dena Bank. The previous year’s net profit reflected in the Audited Balance Sheet should be higher that Rs 3 lakhs.

    Documents Required

    1. Filled-in Loan application form

    Salaried employees need to submit self-attested copies of the following documents.

    1. 2 Passport size photographs of the Applicant, Guarantors and Co-applicant
    2. Age Proof - Passport / PAN Card / School Leaving Certificate / Driving License
    3. Proof of residence - Telephone bill / Passport / Driving License / Electricity bill / PAN card
    4. Bank account statement for the last 6 months with salary credits
    5. Payslips for the last three months
    6. Form 16
    7. Appointment or the increment letter from the employer
    8. Brief profile of the company where the applicant is employed.

    Self-employed businessmen have to furnish the self-attested copies of the following documents.

    1. 2 Passport size photographs of the Applicant, Guarantors and Co-applicant
    2. Age Proof - Passport / PAN Card / School Leaving Certificate / Driving License
    3. Proof of residence - Telephone bill / Passport / Driving License / Electricity bill / PAN card
    4. Income Tax returns with computation the sheet for the last 3 years.
    5. Audited financial statement / P&L statements / Balance Sheet for the last three years
    6. Brief profile of the company on the relevant letterhead.
    7. Office address proof should be provided in the name of applicant.
    8. Qualification certificate of the applicant.
    9. Current or Savings bank account statements for one year.

    Dena Bank Car Loan EMI calculators

    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.

    Dena Bank Car Loan FAQs

    1. Does the Dena Auto Finance Scheme cover financing for two-wheelers as well?

      Yes, customers can also avail two-wheeler loans under the Dena Auto Finance Scheme.

    2. Can I check by Dena Bank car loan statement online?

      Yes, Dena bank provides a user-friendly internet banking facility, DenaiConnect, which enables customers to check their car loan account statements online.

    3. Can I apply for a Dena Bank car loan online?

      Yes, Dena Bank offers you the facility to apply for car loans using their online portal.

    4. Can I apply for a Dena Bank car loan along with a co-applicant?

      Yes, customers can apply for a Dena Bank car loan along with a co-applicant, who can be the spouse or family member.

    5. Do borrowers have to provide any form of additional security collateral while availing a Dena Bank car loan?

      No, Dena Bank does not require any extra form of security, other than the hypothecation of the purchased vehicle.

    6. Does Dena Bank offer the facility of checking the car loan application status online to borrowers?

      Yes, Dena Bank offers the facility of checking the status of the car loan application status on its web portal via internet banking.

    7. Is the Dena Bank car loan application form available on the bank’s website?

      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.

    8. Can joint applications be made for a Dena Bank auto loan?

      Yes, joint applications can be made with the spouse and other family members for a Dena Bank car loan.

    9. Does Dena Bank levy any processing fees on car loan borrowers?

      Yes, a processing fee of Rs. 500 along with the service tax is levied on car loan borrowers. This amount is the same for all loan amounts.

    10. Should the applicant have a good CIBIL score to qualify for a Dena Bank car loan?

      Yes, to get a car loan approved from Dena Bank, it is important that applicants carry a good CIBIL score.

    11. What are the mandatory income documents that have to be given by auto loan borrowers to Dena Bank?

      As per the employment category, the following documents have to be furnished -

      • Salaried Employees - Last three months’ pay slips /Form 16 / Appointment letter and Increment letter / Company Profile / Salary account statement for the last six months.
      • Self-employed - Company Profile /IT Returns for the last three years/ P&L statements/ Audited balance sheet / Bank current and savings account statements for the last one year.
    12. How can applications be made for Dena Bank car loans?

      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).

    13. What is the maximum loan limit approved by Dena Bank for car loans?

      The maximum loan amount sanctioned and disbursed for Dena Bank car loan borrowers is up to Rs. 200 lakhs.

    14. Is there any loan margin requirement for Dena Bank auto loans?

      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.

    15. Can the Dena Vehicle loan scheme be used to finance new two-wheelers?

      Yes, the Dena Vehicle loan scheme can be used to purchase new two-wheelers and four-wheelers.

    16. What types of applicants can qualify for a Dena Vehicle loan?

      Salaried individuals, proprietary firms, companies and partnership firms are eligible to avail a Dena Vehicle loan.

    17. What is the income eligibility requirement that has to be met by applicants while procuring a Dena Bank car 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.

    18. What the repayment tenure options available to Dena Bank car loan customers?

      Customers can repay back the Dena Bank auto loan in tenures chosen up to a maximum of 60 months in form of EMIs.

    19. Does Dena Bank offer a moratorium period for auto loans that are approved?

      No, Dena Bank does not offer a moratorium / holiday period for car loan borrowers.

    20. What is the rate of interest levied by Dena Bank for auto loans?

      The car loan interest rate offered by Dena Bank is a floating interest rate. The interest rate offered is 10.20% for loan amounts with tenures up to 5 years. Dena Bank gives a special concessional interest rate of 10.10% for women borrowers.

    21. How is the car loan interest rate calculated by Dena Bank?

      The interest rate for car loans is calculated on a daily reducing balance.

    22. Is security collateral required for Dena Bank car loans?

      The hypothecation of the new car which is purchased is the only security required for a Dena Bank car loan.

    23. Do Dena Bank borrowers have to submit any third party guarantee while getting car loans?

      Third party guarantee will be taken by Dena Bank as per the application, on a case-by-case basis.

    24. To whom is the car loan disbursed by Dena Bank?

      The new car loan is disbursed directly to the authorised car dealership.

    25. Does Dena Bank offer insurance cover to car loan customers?

      No, Dena Bank does not offer any type of insurance cover for car loan borrowers.

    26. What are the pre-closure charges levied by Dena Bank on 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.

    27. Can balance transfers be done from other bank car loan accounts to a new Dena Bank car loan account?

      Yes, balance transfers can be done by customers from other bank car loan accounts to a new Dena Bank car loan account.

    28. I would like to avail a top-up loan from Dena Bank, what should be my next course of action?

      Dena Bank car loan customers can contact a branch official for more information on top-up loans.

    29. What is the loan process followed by Dena Bank when a car loan application is received?

      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.

    30. I would like to avail refinancing for my vehicle from Dena Bank, what should be my next course of action?

      Dena Bank car loan customers can contact a branch official for more information on vehicle refinancing.

    31. What are the other documents required to be given by applicants for a Dena Bank car loan?

      Salaried Employees need to furnish self-attested copies of the following documents -

      • Passport size photographs of the applicant/ co-borrower/ guarantor
      • Age Proof - PAN Card / Passport / Driving License / School Leaving Certificate
      • Residence Proof - Electricity Bill / Telephone Bill / PAN Card / Driving License / Passport

      Self-employed professionals need to furnish self-attested copies of the following documents -

      • Passport size photographs of the applicant/ co-borrower/ guarantor
      • Age Proof - PAN Card / Passport / Driving License / School Leaving Certificate
      • Residence Proof - Electricity Bill / Telephone Bill / PAN Card / Driving License / Passport
      • Applicant’s Qualification Certificate
      • Office Address Proof
    32. What is the time period taken by Dena Bank to approve a new car loan?

      The approval time varies according to the type of applicant and the documentation submitted to the bank.

    33. Based on what criteria does Dena Bank sanction car loans for customers?

      Dena Bank sanctions car loans based on the income, age, CIBIL score, eligibility criteria and the documents submitted.

    34. Using which number can Dena Bank car loan borrowers contact the customer care support?

      Dena Bank car loan customers can contact the customer care help desk at 022 - 26545361 or use the toll free number - 1800225740 for any queries.

    35. What are the types of cars and vehicles financed by the Dena Vehicle loan scheme?

      The Dena Vehicle loan scheme can be taken to finance any type of new car purchased by the borrower.

    DENA Bank Car Loan Diwali Offers – October 2016

    Diwali deals make this festive season an excellent time to pick up a car for yourself or your loved one. Dena Bank offers finance for up to 85% of the cost of the car up to a maximum of Rs.8 lakhs. Customers can repay the loan in EMIs up to 60 months. With competitive interest rates, low processing charges, zero prepayment fees, balance transfer options and top-up loans, this loan is an irresistible offer that enables you to drive home in your own car this Diwali. Applying for a Dena Bank car loan during this festive season on BankBazaar will fetch you an Amazon gift card and Goibibo goCash when your loan is disbursed.

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