Dena Bank is one of the earliest banks in India, head quartered in Mumbai. Dena Bank was founded on 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. Dena Bank became a Public Limited Company in December 1939 and later the name was changed to Dena Bank Ltd. It has a network of over 1400 branches with total asset of Rs. 6116.3 crores. Dena Bank offers scheme like Home Loan, Personal Loan, Sr. Citizen Pensioners loan, Dena Bank Gold Loan. Personal Loan in Dena Bank (suvidha scheme) offer minimal documentation and low processing fee
At least 24 years old
Less than 55 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Minimum income required
Rs. 15,000 per month
Maximum allowed personal loan is Rs. 1 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 36 months
|Interest Rate (Fixed)||13.00% to 14.00%|
|Processing Fees||1.00% of loan amount|
|Loan Tenure||36 months|
|Pre closure charges||Nil|
Dena Bank Personal Loan is the apt choice if you are looking to fulfill the personal needs of your loved ones. Be it a sudden medical expense or financing a wedding, Dena Suvidha Personal Loan scheme always be there for all your financial needs. You can avail Dena Bank Personal Loans to meet any genuine personal expenses like education purpose and travel costs.
There are a variety of advantages and benefits that you will get with Dena Bank personal loans. Here are some of the reasons as to why you should choose Dena Bank Personal Loan over other products in the market.
Dena Bank Personal Loans are offered at very competitive interest rates. The interest rates are fixed and is charged based on the MCLR system.
Borrowers can prepay Dena Bank Personal Loan as and when they are left with surplus funds. No prepayment penalty is levied which help the borrower will save his precious money.
The loan amount will directly be credited to the borrower’s Savings Bank account which makes the process very transparent.
Dena Bank Personal Loans come with an array of benefits like low interest rates, impeccable customer support and flexible repayment options. Given below are some of the benefits and features of Dena Bank Personal Loan.
Borrowers can choose any period up to 36 EMIs to repay their Dena Bank Personal Loan.
Borrowers can avail a minimum of Rs. 15,000 and a maximum amount of up to 9 times their Net Monthly Income (NMI).
The borrower will be levied a nominal process fee for Dena Bank Personal Loan.
The Dena Suvidha is an affordable personal loans which helps you take care of any personal needs. It could be to family function, wedding, to take a vacation, for festive celebrations, medical treatments or even to help out following an unforeseen event. Interest rate charged on a daily reducing balance basis. All new personal loans will be provided under the MCLR linked interest rate system while existing loans will continue under the Base rate linked interest rate.
Earlier this year, the Reserve Bank of India introduced the MCLR based interest rate system, which will be applicable on all new retail loans sanctioned by banks. MCLR (Marginal Cost of Funds based Lending Rate) is dependent on a variety of factors like tenure, repo rate, cost of funds, cost of maintaining cash reserve ratio (CRR), etc. MCLR rates are subject to change without prior notice. Following are the current MCLR benchmark rates valid until the date of the next review.
|1 month MCLR||9.40%|
|3 month MCLR||9.45%|
|6 month MCLR||9.55%|
|1 year MCLR||9.60%|
For new personal loans, interest rate will be calculated on the MCLR based system. Following is the MCLR based interest rate applicable on Dena Bank personal loan.
|Loan||MCLR Interest Rate|
|Dena Suvidha (associated with Corporate Salary scheme)||1 year MCLR + 3.40% = 13.00%|
|Other cases||1 year MCLR + 4.90% = 14.50%|
Base Rate is the minimum rate, set by the RBI, at which banks are allowed to charge their customers for loan products. BPLR is the average interest rate which is charged by banks on loan products. Following is the Base Rate (BR) and Benchmark Prime Lending Rate (BPLR) applicable for personal loans provided by Dena Bank.
|Base Rate (w.e.f 05/10/2015)||BPLR (w.e.f 05/10/2015)|
Existing personal loan borrowers can continue to pay interest on the Base Rate linked interest rate system. The Base Rate is subject to change from time to time and may vary based on the tenure, and loan amount. However, existing borrowers do have the option to switch over to the MCLR based interest rate system as well.
Note: The MCLR rates given above are effective as of April 1, 2016. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same. Also, interest rates for personal loans are subject to change without prior notice, following any revision in MCLR or Base Rate.
Read on to find the eligibility criteria for Dena Bank Personal Loan.
Dena Bank offers only one type of personal loan known as ‘Dena Suvidha’.
The main aim of Dena Bank personal loan or Dena Suvidha loan is to help an individual live their life to the fullest by granting finance for personal expenditure may it be for home renovation, a vacation or a wedding.
The individual needs to be between the ages of 24 to 55 years to be eligible for Dena Bank Personal Loan.
Given below is a list of other criteria that one needs to fulfil in order to be eligible for Dena Bank Personal Loan.
The minimum loan amount granted for the personal loan is Rs.15,000.
Given below is a list of the maximum loan amount granted for different repayment periods for Dena Bank Personal Loan.
The borrower does not have to make any prepayment charges for making prepayments to the loan.
A processing fee of 1% is charged on the loan.
The loan is disbursed by crediting the loan amount to the Savings Bank Account of the borrower.
The maximum repayment period offered for the loan is up to 36 EMIs.
The interest for the loan is charged on daily reducing balance.
There is no restriction on the utilisation of the loan amount as long as it is legal.
Yes, one can apply for the loan online either through the bank’s official website and download the form there or through a third party financial website that additionally provides information about the loan.
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