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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    Dena Bank Used Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.85% Floating
    0 One time fee
    Response Time Within 30 minutes
    9.95% Floating
    0 One time fee
    Response Time Within 30 minutes
    11.95% Floating
    0 One time fee
    Response Time Within 30 minutes

    Dena Bank Used Car Loan is Rated as "Great!" by 34 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    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

    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

    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

    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 11 Dec 2016

    Dena Bank Used Car Loan Details
    Interest Rate (Monthly reducing balance) 12%
    Processing Fees Nil
    Loan Tenure 1 year to 3 years
    Pre-closure Charges Preclosure permitted after 6 months.0% of principal outstanding (plus ST)
    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.


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    Dena Bank Used Car Loan Reviews

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