Founded in the pre-independence era, Dena Bank is a public sector banking and financial services company. Originally established under the name of Devakaran Nanjee Banking Company, the bank took its new name in the year 1939, when it was nationalized by the Govt. of India, along with 13 other major banks. The bank currently offers a host of financial products and services like deposits, loans, corporate banking, international banking, etc.
Under loans, Dena Bank offers financing for the purchase of two-wheeler vehicles. This loan is accompanied by some great features and benefits like high loan amount, no prepayment charges, low interest rates and many more.
Also Read: Two Wheeler Insurance.
Two Wheeler Loans by Dena Bank:
With the ever increasing number of vehicles plying on the roads, parking problems have become imminent. Wherever you go, the first thought that comes to mind is whether or not will there be parking space available. While car parking is not always available, at times we are forced to park wherever we may find a spot, which, under unfortunate conditions, might attract a fine. Also, driving a car through the jam packed city roads can be quite challenging, even for the most expert driver. Not only challenging, it can also induce much stress. We are always worried about the safety of the vehicle, often more than our own. One of the more prominent reasons why a car or 4 wheeler is unsuited for the current day traffic conditions, is the exorbitant cost of repair. A small dent or scratch can require you to shell out a good few thousands. Considering all these factors, two wheeler have definitely become a far more popular choice among city dwellers who have shorter distances to travel to work and around the city. To help with the purchase of a two wheeler of your choice, Dena Bank offers two wheeler loans which offer some exciting benefits and features.
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Features & Benefits of Dena Bank Bike Loan:
One of the greatest benefits of applying for a two wheeler loan with Dena Bank is the high loan
amount offered. Customers can avail two wheeler loans up to the amount of Rs 50 lakh in
order to purchase the vehicle of their choice.
When it comes to two wheeler loans, there is a certain amount of the overall cost which must be borne by the customer. This cost is known as the loan margin. For Dena Bank two wheeler loans, the loan margin stands at a low 15% in the case of purchase of new two wheelers.
All Dena Bank two wheeler loans shall be disbursed directly to the authorized dealer from whom the vehicle is being purchased.
Another beneficial feature of the Dena Bank two wheeler loans is the repayment period they allow. Customers can repay their two wheeler loans over a maximum period of 60 months.
Freedom from Prepayment Charges:
With the Dena Bank two wheeler loan, you are instantly rid of any prepayment charges,
as often levied by other financiers. If you wish to prepay your loan before its due tenure,
you do not have to pay anything towards loan prepayment charges.
Nominal Processing Fees:
As opposed to other financing companies which levy amounts towards loan processing fee, Dena Bank charges only a very nominal amount of Rs 250 plus service tax as
processing fee for two wheeler loans.
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Dena Bank Bike Loan Interest Rate:
For customers wishing to purchase a two wheeler, Dena Bank offers one of the lowest rates of interest on its two wheeler loans. Currently, the rate of interest is charged on a floating basis and differs for loans with a repayment period of under 3 years and over 3 years. For new two wheelers with a repayment period of up to 3 years, the interest rate (floating) applicable is 12.45%. For two wheeler loans with a repayment tenure exceeding 3 years, the rate of interest (floating) is 12.70%.
Dena Bank Bike Loan Eligibility:
In order to apply for a two wheeler loan with Dena Bank, the borrower must have a minimum yearly income of not less than Rs 1 lakh.
In case of a Dena Bank two wheeler loan, what is the security required by the bank?
Under the Dena Bank two wheeler loan, the vehicle for which the loan is being taken must be duly hypothecated.
On what basis will interest be charged for the Dena Bank two wheeler loan?
Interest will be charged on a daily reducing balance basis for this loan.