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
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.15% Floating
    575 One time fee
    1L Min
    1-3 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    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
    Rs.2,500 Amazon voucher free 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 165 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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 25 Jun 2017

    Dena Bank Used Car Loan Details
    Interest Rate (Monthly reducing balance) 11.15%
    Processing Fees Rs. 575
    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

    • Dena Bank Car Loan
      "DISSATISFIED"
      0.5 2.0/5 "Expected more"
      It was not a good experience with Dena bank for the car loan. I received a call initially and they were supposed to follow up with me. After which I got no calls from them and I was unable to continue with them. I do not wish to recommend this bank for the lack of response, even the customer service executives too were rude.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "No Response"
      0.5 5.0/5 "Blown Away!"
      I had applied for the car loan with Dena bank. I had chosen this bank with the help of online source. But I had taken the personal loan from them not the car loan. Because I did not receive any calls from Dena bank for the car loan for which I had applied.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      Dena Bank has been good in the process for the car loan. The customer services and response has been good and I got the disbursement on time. The interest rate was around 11.15% and there was a minimal fee of Rs.500. The after loan services are smooth.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with some other bankers and that's why I have not dealt with the Dena bank. Rate of interest and the processing charges were not at all the constraint, also they have not contacted me on immediate basis. I would like to suggest that they could contact the customer on an immediate basis.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 21, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Dena bank service and follow up is really good, they called me and spoke about the loan process. I got the car loan but Dena bank helped me out and this was my very first car loan and I was very much satisfied and this happened long time back during the year 2002. At that time the rate of interest was 13% and it was for a period of three years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      My plans got canceled to buy a vehicle. So I did not go ahead for the car loan at Dena Bank. The customer services are good as they contacted me on time and informed me the details. I thought of talking loan of three lakhs. May be in future will think about it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2017
    • Dena Bank Car Loan
      "Easily approachable for everyone"
      0.5 5.0/5 "Blown Away!"
      Only because of the interest rate, which is a lesser one, I had got the car loan with the Dena bank like it was around 9.15%. The loan amount got disbursed to my account within four days of time. Response was good one with them and the processing charges were around 2500 Rupees, which inclusive to open the savings account and deposit too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2017
    • Dena Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      The Dena bank gave a call and explained me about the product . I have informed them that I have postponed my plan, so that was the reason I didn't get the car loan from Dena bank. The rate of interest 19% with Dena bank. Finally I would say it was a good service offered by Dena bank
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2017
    • Dena Bank Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      My plans got cancelled to buy a vehicle. So I did not go ahead for the car loan at Dena Bank. The customer services are good as they contacted me on time and informed me the details. The interest rate and processing charges was also normal for me.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2017
    • Dena Bank Car Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      Even though I have salary account with ICICI bank for more than 15 years, I preferred Dena bank for the car loan because as I am working in public sector I wanted to take the loan from public sector bank. When I approached Dena bank, I received very good response. They send the manager to my place and they had taken effective steps to process the loan. Interest rate was little high with them but I do not have any issues with high interest rate but then when they checked my credit score, they combined other people report along my my report and they told me that my credit score is not good for the loan. I clearly informed them that I do not have any outstanding payments or credit cards but they had done a mistake while checking the credit score. Then I checked with ICICI bank where they processed my loan within a day, even they worked on Sunday and completed the loan process. Interest rate is very low which is 8.5% but online quote was 9.75% but they reduced the interest rate too.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 10, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had received very good response from Dena bank when I approached them for the car loan. They visited my place and collected the documents to proceed with the process. But due to some constrains, I could not proceed with the process, hence I postponed it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 10, 2017
    • Dena Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      After me submitting my details to Dena bank for the car loan. There was a lot of delay in the whole process from the time the document were collected and even after the documents was collected. So I had to postpone my plans for the next two to three months. I did not discuss much on the interest rate and charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Need to be flexible in timings"
      0.5 2.5/5 "Just OK"
      Dena bank were very particular in their timings and I could not make it to the bank as my work hours were clashing with theirs. So I cancelled my car loan application with the bank. They had a good deal on the interest rate and processing charges as it was very minimal.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      The reason I postponed my plan in buying a vehicle is because I had to dispose the car I already own and get the funds to make a down payment for my new vehicle. Since there was a delay in selling my vehicle, I cancelled my car loan with Dena bank. The rate of interest was slightly high when compared to the other banks in the market.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Interest has to be reduced as per market"
      0.5 4.0/5 "Great!"
      I got better offer from other bank, I found Dena bank interest rate is not upto the mark. Dena bank offered me the interest around 9.0% on car loan but other bank offered me 8.75%. Service of Dena bank is good, my only concern is about the interest rate. They should match with the market rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Excellent "
      0.5 4.0/5 "Great!"
      I had postponed the plan of getting the car loan from the Dena bank. Rate of interest is not at all the constraint for me and their response is also good . I guess, the rate of interest what they have proposed was very lesser one when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 09, 2017
    • Dena Bank Car Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      When I approached Dena bank for the car loan and they have given very good response and I got a call immediately from Dena bank . The rate of interest is nominal with Dena bank. I have postponed the car loan, that was the reason I haven't proceed with Dena bank car loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 08, 2017
    • Dena Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      The Dena bank gave a call and explained me about the product . I have informed them that I have postponed my plan, so that was the reason I didn't get the car loan from Dena bank. The rate of interest is nominal with Dena bank. Finally I would say it was a good service offered by Dena bank.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 08, 2017
    • Dena Bank Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      One month back, I had already taken a car using my own source, I arranged the money and finalized the car. Hence I dont have requirements to take car loan from Dena bank. But they have called and disclosed about the loan process and procedure but I didn't proceed till date.
      Was this review helpful? 0
      , delhi
      Reviewed on Jun 08, 2017
    • Dena Bank Car Loan
      "Average Service"
      0.5 1.5/5 "Bad"
      At present there is no requirement for car loan, that was the reason I was asked to close my car loan application, There is no proper response given in concern to the car loan application with Dena bank. It would be great if the customers are given good response. The rate of interest was very high with Dena bank, when compared with others. I can say it was overall a very good service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2017
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