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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    We found 3 Dena Bank Used Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Good to Know
    Eligibility Criteria
    11.50% Floating
    575 One time fee
    1L Min
    1-3 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.05% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Dena Bank Used Car Loan is Rated as "Great!" by 365 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Dena Bank Used Car Loan

    One of the oldest banks in India, Dena Bank was established in the year 1938. Now a public sector bank under the Banking Companies, Dena Bank offers financial services that include personal loans, business loans and deposits. When it comes to car loans, Dena Bank has a very comprehensive portfolio with a plethora of customer-centric benefits.

    Dena Bank provides loans for new cars as well as used car loans. With Dena Bank used car loan scheme, you will be able to put your dreams of owning a car on the right track without burning up your savings.


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

    01
    02
    03
    04
    Dena Bank Used Car Loan Minimum Age

    At least 18 years old

    Dena Bank Used Car Loan Maximum Age

    Less than 70 years old

    Dena Bank Used Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Dena Bank Used Car Loan Minimum Income

    Earn more than the minimum
    income required


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

    01
    02
    03
    Dena Bank Used Car Loan Minimum Salary

    Minimum income required
    Rs.8,00,000 per annum

    Dena Bank Used Car Loan Maximum Loan to Value

    Loan capped @
    85% of the Ex-Showroom price of Car value

    Dena Bank Used Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Dena Bank Used Car Loan amount by these steps

    01
    02
    Dena Bank Used Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Dena Bank Used Car Loan Maximum Tenure

    Choose longer tenure loan up to 3 years


    Documentation needed to apply for an Dena Bank Used Car Loan

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 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 Bank Used Car Loan Interest RatesUpdated on 18 Nov 2017

    Dena Bank Used Car Loan Details
    Interest Rate (Monthly reducing balance) 11.50%
    Processing Fees Rs. 575
    Loan Tenure 1 year to 3 years
    Pre-closure Charges Preclosure permitted after 6 months.0% of principal outstanding (plus applicable tax)
    Guarantor Requirement No guarantor required

    Features and Benefits of Dena Bank Used Car Loans

    The following benefits and features that accompany Dena Bank used car loans makes it the most sought-after product in the financial market.

    • Loan Quantum
    • Dena Bank offers a high loan quantum which will comfortably let you buy a car.

    • Attractive Interest Rates
    • Dena Bank offers interest rates as low as 13% per annum for used car loans.

    • Direct Disbursement
    • The loan amount will be directly disbursed to the authorized dealer which will simplify the process even further.

    • Easy Repayment
    • Up to 60 EMIs and a maximum repayment period of 36 months can be availed for repaying the used car loans.

    • Hassle-Free Process
    • Less documentation, easy application process and convenient repayment terms will ensure a hassle-free loan experience.

    Dena Bank Used Car Loan Eligibility Criteria

    One must satisfy the following criteria to be eligible for Dena Bank Used Car Loans.

    • The applicant must be a resident of India.
    • He must have a gross annual income of more than Rs.1,50,000.

    Dena Bank Used Car Loans Documentation

    You will need to submit the following documents while applying for Dena Bank Used Car Loans.

    • Address Proof: Documents like ration card, passport, driving license, telephone bill, electricity bill and employer certificate can be submitted as address proof.
    • Identity Proof: Any valid proof with a photo, authorized by a signatory can be submitted.
    • Income Proof: Latest salary slips, Form 16, Form 60, latest Income Tax Returns can be submitted as income proof.

    Do make an enquiry with Dena Bank about the complete set of documents that are required before proceeding with the application process.

    Dena Bank Used Car Loan Interest Rates

    Dena Bank’s vehicle loan can be used to purchase a second-hand car, with the interest rate determined through MCLR for new borrowers. Existing borrowers can choose to migrate to this system or continue with the old system (Base Rate).

    Dena Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    MCLR based benchmark rates were introduced following a notification from the RBI. These rates take factors like repo rate, tenure, CRR, etc. into consideration, thereby ensuring that a just system of interest is adhered to. The table below highlights the current benchmark rates.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.30%
    1 month 9.40%
    3 months 9.45%
    6 months 9.55%
    1 year 9.60%

    Used car loan interest rates

    MCLR based interest for a used car loan is computed using a simple formula, as highlighted in the table.

    Loan type Interest rate
    Used car loan MCLR (1 year) + 2.50% = 12.10% per annum

    Dena Bank Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.70%, effective 05/10/2015
    Prime Lending Rate 15.20%, effective 05/10/2015

    Dena Bank interest rate for used cars (Based on Base Rate)

    Existing customers who do not wish to migrate to the MCLR based platform will continue paying interest according to the base rate. This interest is determined by the bank, with it changing from case to case, depending on the loan amount and tenure.

    Note: Interest rates mentioned here are valid as of 6/6/2016. These rates are subject to change without prior notice and borrowers should check the same with the bank.

    EMI Calculation for Dena Bank Used Car Loans

    It is very important to ensure that you are comfortable with the EMI before proceeding with the loan. For the same purpose, you need to find the right tenure for the prescribed interest rate. When it comes to an EMI Calculator, you just have to enter the loan amount and interest rate along with the tenure. The calculator will instantly display the amortization details for the given details. This information will help you decide if the EMI for used car loan is affordable.

    Dena Bank Used Car Loan Reviews

    • Dena Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a car loan with Dena bank but did not proceed with them as i had a few other options were my loan was already getting approved and i went ahead with the my personal bank that i have an account with as the procedures were faster and easier. I did however get good service from them.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 01, 2017
    • Dena Bank Car Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from Saraswat cooperative Bank as the rate of interest offered by them was the best. When I applied for loan in Dena bank, they offered me higher interest around 9% for the new car loan. I am not satisfied with that offer hence I gave up. But the service is good with Dena bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 31, 2017
    • Dena Bank Car Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      There is no problem with Dena bank, I have postponed the plan to purchase the car right now. Because I am going to finalize the property. That is the reason I didn't go head with Dena Bank but their rate of interest and service part is really good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 31, 2017
    • Dena Bank Car Loan
      "Good customer service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the car loan from Dena bank, my loan application was closed because my documents were not ready. The rate of interest of 9.15% is nominal when compared to all other banks. The customer service and their response was good, they followed up on regular intervals.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 31, 2017
    • Dena Bank Car Loan
      "Response part should be improved"
      0.5 1.0/5 "Really Bad"
      Dena bank service was very delay regards on my car loan application, I almost waited one week but there was no response from their end. I am very fed up with their service. Hence finally I took a loan from some other bank and I purchased the car..
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 30, 2017
    • Dena Bank Car Loan
      "Good Bank"
      0.5 4.0/5 "Great!"
      I thought of taking car loan with Dena Bank, but I purchased the car by cash. Dena bank is also good bank, they ready to sanction 80% of loan on vehicle value with better interest rate as per the market. I don't have any concern with them, I am very fine with their service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 30, 2017
    • Dena Bank Car Loan
      "Good experience "
      0.5 4.0/5 "Great!"
      I had a good experience with Dena Bank regarding my Car Loan application. They called me up on regular time and informed me about the plans very clearly. Their Rate of Interest of 8.5% is also a decent one. I had to stay out of this plan as I had some personal reasons. Otherwise there was a good chance I might have gone with this Bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 29, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I applied for a car loan with DENA Bank. My application was accepted immediately from them and processed my car very quick and they provided the dd on time so I was able to take my car quickly than I expected. They offered me the loan with 9.15% as rate of interest and there was no processing fees. I will be taking one more car for my wife in next 2 months I will prefer DENA Bank only for that car loan also.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 28, 2017
    • Dena Bank Car Loan
      "Best service"
      0.5 4.5/5 "Excellent!"
      I thought of taking car loan by closing by old car loan, but unfortunately I couldn't process it. That is the reason I haven't take loan from Dena bank. But they called me to confirm my loan requirement and inform the process they asked to dropped the documents.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 27, 2017
    • Dena Bank Car Loan
      "Good service "
      0.5 4.0/5 "Great!"
      I had applied for a car loan with Dena bank.Customer service has responded to my queries on time,they enquired my details.I informed the bank will check and compare with other banks.I got the best offer from a different source.Hence closed the application with Dena bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 27, 2017
    • Dena Bank Car Loan
      "Not satisfied"
      0.5 3.0/5 "Satisfactory"
      I had applied for a car loan with Dena Bank but did not proceed with the application as i initially put the document process on hold but later when i was ready and contacted them there was no Representative that came to collect my documents nor was there any email sent to me for a follow up on the application.I later proceeded with my loan with a different bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 26, 2017
    • Dena Bank Car Loan
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I have not taken the car loan with the Dena bank because they have not contacted me at all. Customer service was good one for me, also the bankers have not contacted me till now from my inquiry. I would like to suggest that they need to improve the customer service.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 26, 2017
    • Dena Bank Car Loan
      "Not Bad"
      0.5 3.0/5 "Satisfactory"
      I have approached Dena Bank for a car loan. Meanwhile I have tried with UCO Bank. The service was very fast. There is no hidden charges and processing fee. They have offered good interest rate. When I receive a call from DENA BANK, I have informed the executive to cancel my application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 25, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had applied a car loan with Dena bank and i can say that they acknowledged my application and responded to me well and also received proper service. I have not proceeded the application as i was offered a better rate of interest than what offered at Dena Bank. Although they have nominal interest rates i was offered and even better rate that i opted for.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 25, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The service which i received from DENA BANK for my car loan process was good . I received calls from the bank executive and they delivered the information in detailed matter I have postponed the plan for some personal reason that i am facing I had an idea of taking the loan amount of 7 lakhs
      Was this review helpful? 0
      , pune
      Reviewed on Oct 25, 2017
    • Dena Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from Dena bank, my loan application was closed because i postponed the plan to get the car loan. When it comes to customer service, it was good and supportive, they followed on regular intervals. The rate of interest was less when compared to all other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 24, 2017
    • Dena Bank Car Loan
      "Good customer service"
      0.5 4.5/5 "Excellent!"
      I have applied for the car loan from Dena bank, my loan application was closed because i postponed my plan to get the car loan. The customer service was good and it was very helpful, they collected all the documents on time. The rate of interest is nominal comparatively.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 24, 2017
    • Dena Bank Car Loan
      "Fully satisfied"
      0.5 5.0/5 "Blown Away!"
      I have already applied with some other bank to get the car loan , so I have not dealt with the Dena bank and the customer service is good one with the Dena bank and am really happy with them till now rather than that there are no issues with the Dena bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 24, 2017
    • Dena Bank Car Loan
      "Great responsiveness"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan request from Dena bank they had processed the loan request however i had requested fro closure of the rate of interest is nominal as compared to other banks in the market,may be in future i would choose Dena bank as my alternative.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 23, 2017
    • Dena Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have approached Dena Bank for my car loan. Though I am getting good interest rate with Dena Bank, unable to continue with their service. Since I have arranged from Maruti showroom. Maruti has providing quick approval abd hassle free service. The customer service and response was good.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 23, 2017
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