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
    Fees & Charges
    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 326 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    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 Oct 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
      "Bad"
      0.5 1.0/5 "Really Bad"
      I have applied for my car loan with DENA bank. The customer service and responses was not up to the mark because there was no response at all form the bank end so I have cancelled the application. The rate of interest was 12% which was high and my Credit score was also low . My over all experience was bad here.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The Dena bank service was good in regards to my car loan application . I have postponed the car loan plan at present so that was the reason I haven;t got the loan from Dena bank. The rate interest is nominal with Dena bank when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      I applied for car loan but in between the Dena bank time frame was too long. I am in an emergency hence I have managed the money through other source that is reason I haven't contact Dena bank for the car loan. It would be great if they give fast response to the customer.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have approached DENA bank for car loan. The rate of interest was between 9-10% which was high comparing to other banks. The customer service and responses was up to the mark so I would like to recommend to others. My overall experience good.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Best banking "
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan form DENA bank for an mount of 3.39 lakhs at the nominal rate of interest.They had responded to my quires on time,no delay in processing the loan.good service from the bank for sure i would recommend the bank to my near ones in future..
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      I did not go ahead with Dena bank for the car loan is because the bank was very far for me and though they informed me that the process could be done later with another branch but the initial process should be done from them and the way they conveyed the information was very polite too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Dena Bank Car Loan
      "GOOD SERVICE"
      0.5 3.5/5 "Pretty good"
      I have taken my car loan with DENA bank 3 months back. The loan amount was 6.5 lakhs and the rate of interest was 9.5% which is high comparing to other banks . I am paying through cheques since there is no auto debit system so I am not satisfied with it. The customer service and responses was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Dena Bank Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      Once I applied for my car loan with DENA bank the staffs of DENA bank was very supportive and interest rate was fine and the customer service was good as well but I had some personal reasons for unable to process my loan further but the service of DENA bank is excellent .
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Dena Bank Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      I applied for a car loan from DEENA bank it was a very good experience I had with DEENA bank staffs once I applied for my loan I got immediate response from them even the rate of interest they offered was low compare to market value but I had some personal issues so unable to process further the process have been delayed from my end it was the main reason for the cancellation of loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Dena Bank Car Loan
      "Awesom experience"
      0.5 5.0/5 "Blown Away!"
      I had an awesome experience with DENA bank, all the information they provided were to the point. Each and every information was shared to me on the most professional manner. Only due to some personal reason I couldn't go ahead with the car loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 11, 2017
    • Dena Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I did not find time to get the car loan from Dena bank, as I work in a different area and my home town is in different place, so that was the reason I haven't got the loan from Dena bank. The customer service is good with Dena bank. It would be great if they can arrange someone to collect the documents from my work place itself. The rate of interest is low with Dena bank, when compared with others.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 11, 2017
    • Dena Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      The customer service is good with DENA BANK . At present I have dropped the plan of the getting the car , so that was the reason I haven't got the loan from Dena bank. The rate of interest is high with Dena bank when compared with others. i would say I got an average service from Dena bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 10, 2017
    • Dena Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Rate of interest was very higher end one with the Dena bank for the car loan, which I have applied. I would like to say that the response was very good one with them and I really don't have any issues with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 09, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The customer support was good with Dena bank , they gave good response in regards to my car loan application, but due to some personal loan issues I can't go with Dena bank car loan. The follow up was also good with Dena bank. The rate of interest is nominal with Dena when compared with other banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 09, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I bought the car with net payment, so that was the reason I haven't go for the car loan from Dena bank. I have just informed the customer service with Dena bank saying that I have got the car with the full payment. The rate of interest is low with Dena bank when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 09, 2017
    • Dena Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I had no issues with Dena bank while processing my car loan with them. They were too good and processed my application without any delay. The documentation was pretty normal, The rate of interest was around 9.1%, and the processing fee is around 1400 including stamp duty, and Emi is 900 rupees and it is for 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 06, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Dena Bank was good in everything. They had processed on time it was very fast in documentations process. Even they had provided the requested amount for my car loan. Even they had processed within a time. Entirely I am happy with the service ..Total loan amount I have opted for 5 laks and EMI is 10379 and It is for 5 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 06, 2017
    • Dena Bank Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      Service is good from DENA bank ,representatives and customer service will be very helpful and responsible . Interest rate was fine compare to the market value ,so overall service was very good from DENA bank regarding my car loan process .
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 03, 2017
    • Dena Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service was good with Dena bank in their car loan process. Within a day time they have disbursed my loan amount. The customer support gave good approach in regards to my car loan disbursement. The rate of interest is nominal when compared with other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 03, 2017
    • Dena Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am happy with the Dena bank car loan services. They have disbursed my loan amount within 24hours of time. The customer service was very prompt with DENA BANK, they gave immediate response to my queries. The rate of interest is nominal with Dena bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 03, 2017
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