Dena Bank offers personal loans to fulfil your personal as well as your family’s financial needs. It is called as the Dena Suvidha. The loan can be used to travel, take a vacation, to celebrate a festival, for meeting medical treatment expenses and for educational purposes. The minimum loan amount that is disbursed by the bank is Rs.15,000. Dena Bank offers loan up to Rs.1 lakh or 9 times the net monthly income, whichever is less. The repayment period is 36 months and you are charged 1 per cent of the loan amount as processing fee.
The basic eligibility for an individual to avail a Dena Bank personal loan are as follows:
Banks offer personal loans to those who are capable of repaying it and who do not default on making the payments. Some other factors that affect an applicant’s eligibility are:
When you apply for a personal loan at Dena Bank, the bank’s first steps is to check your CIBIL score. If the CIBIL score is above the ideal range, then the bank will look into the applicant’s credit report to check his past loan and credit history. Dena Bank will check how the applicant has paid his credit in past and if he has defaulted in paying any credit or EMIs.
The bank also looks for the information of settlement of loans if the applicant has settled any loan in the past due to any unforeseen and unavoidable situations, though it may look like a good deal for you at the moment to settle the loan, the bank looks at it in a negative way as then they cannot be sure that you will repay the loan. The bank also look into the various type of credit you have taken over the years. If you have taken unsecured credit and no secured credit, the bank may be cautious towards you as then they will not know if you have any collateral and have built any asset to ensure that the loan is repaid.
You can do the following to increase Dena Bank personal loan eligibility:
A. The individual must have a gross monthly income of at least Rs.15,000.
A. Applicant must have worked for at least 2 years in a government or PSU or at any reputed organization.
A.Yes, income clubbing is allowed to enhance eligibility. The income can be clubbed with other earning member and he/she must be a co-applicant.
A.Dena Bank offers personal loan for a tenure of 36 months.
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