Dena Bank was merged with the Bank of Baroda (BoB) by the Indian Government. Hence the interest rate offered will be the once decided by BoB. 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. The interest rate offered by the bank is 11% onwards.
Dena Bank Bike Loan Interest Rate
The interest rate offered by lender is BRLLR + Strategic Premium + 4.00% which comes up to 11% p.a.
Dena Bank Bike Loan Eligibility
- Salaried employees
- Businessmen, farmers, and other professionals
- Staff or ex-Staff
- Minimum and maximum age of eligibility is 18 years (for co-applicant), 21 years for the borrower, and 70 years respectively
Features & Benefits of Dena Bank Bike Loan
- 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 at 10% for amount up to Rs.3 lakh and 15% in the case of amount more than Rs.3 lakh. 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.
- 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:
- Dena Bank charges a processing fee of 2% of the loan amount subject to a minimum of Rs.1,000.
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.