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
    11.50% 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 268 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 20 Sep 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.

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  • Dena Bank Used Car Loan Reviews

    • Dena Bank Car Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      It was an excellent service from DENA bank ,even the representatives and customer were very helpful and responsible during my loan process . Interest rate was also fine compared to the market value ,everything was fine never had any queries in their service but I have some personal reason for cancelling my loan process .
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "EXCELLENT SERVICE"
      0.5 4.5/5 "Excellent!"
      It was a very good service from DENA bank ,I got only one call from them ,but the representatives where very helpful and responsible in providing required details for my loan process. Even I got regular followups from their representatives ,so overall I can say it was an excellent service from DENA bank .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      All well with DENA bank, I had postponed the plan of taking the car loan the processing fee and interest rate charged by DENA Bank was okay. Prepayment options was was not discussed with me also they did not collect the documents therefore the loan process was not taken to the next stage.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      Service of the DENA BANK was really good, also proper feedback was not given for me regularly And i feel their representatives were genuine and responsible while providing information ,So from the service part was an excellent from DENA BANK. But the reason why I canceled my car loan with DENA BANK was, they where not ready to offer DE-permit car so I have cancelled it.
      Was this review helpful? 0
      , thane
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "Good one"
      0.5 4.0/5 "Great!"
      I had postponed the plan of taking the car loan from DENA Bank. The bank manager called me multiple time also he was very much helpful. Yes, they did provide the information about the interest rate and other charges too.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I don't find any issue with the service of DENA BANK when i applied for my car loan ,everything was comfortable for me ,I had some personal reasons so it was the reason for my cancellation ,Totally i was comfortable with their service ,Representatives were also responsible and proper on time when i needed the service
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2017
    • Dena Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was an good service from DENA bank ,interest rate was also good . Representatives of DENA bank was very good they where very helpful for me during my loan process,they followed me regularly during the process . So overall it was an good service from DENA bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 19, 2017
    • Dena Bank Car Loan
      "Quick process"
      0.5 4.0/5 "Great!"
      Overall it was a good experience with Dena Bank and the best is that I got the car loan a day or two earlier than the promised date. The processing charges is very low, but the rate of interest was not the best. It was around 9.3%. It could have been around 9% or 9.1%.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 19, 2017
    • Dena Bank Car Loan
      "Good for banking need to be competitive "
      0.5 4.0/5 "Great!"
      Dena banks Rate of interest is very high they need to reduce it and be much transparent because of this failure they are loosing their valuable customers as private banks they should have minimum rate of interest .The customer service responded well with good guidance.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Dena Bank Car Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      I got amount to buy a car so I was not needed of loan ,representatives of DENA bank was also very helpful and the rate of interest which they said was about 9.75 I was also comfortable with that ,so I can say overall service was excellent from DENA bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Dena Bank Car Loan
      "Good car loan"
      0.5 4.0/5 "Great!"
      I have postponed the plan of taking the car loan from Dena bank. On the other hand, I am very much happy with the service and the response which was provided by them. Interest rate offered by Dena bank was affordable and I did not get a chance to talk about the processing fee. Prepayment and other options were good too.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 18, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have postponed my car application with Dena bank, Initially I had an idea of taking 5 lakh rupees loan, so that was the reason I haven't got the loan from Dena bank. The customer service and the response was good with Dena bank. The rate of interest and processing was not shared.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 16, 2017
    • Dena Bank Car Loan
      "GOOD SERVICE"
      0.5 3.0/5 "Satisfactory"
      I have submitted the required documents but still they asked for unnecessary documents and finally they were not accepting my documents . Even the representatives were also not much helpful during the loan process,I have checked with their interest rate which was fine , when compared to market rate. So overall it was a good service provided by DENA Bank.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 14, 2017
    • Dena Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      My experience was good one with the Dena bank for the car loan , I would like to say that everything were done in the positive way with them , also the loan amount got approved in a easy way from the Dena bank and am really happy with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 14, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Actually I have post pounded the plan of buying a car loan the service given by Dena Bank was very good.i got response from their end within a day that was impressive. The executive approach was also good and I do recommend Dena Bank to others the loan amount I had an idea of taking the loan for 5 Lakhs rupees.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 14, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Dena Bank provide very good customer service.I had applied for a Car Loan from the Bank bazaar.The entire process was smoothly.The executive from dena Bank gave me all the information about the documents that I need to submit. Interest Rate and fee was not discussed the reason I had to postponed my plan because my father passed away so that was the reason
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 13, 2017
    • Dena Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have postponded my car application with Dena bank because I had taken a second hand car, Intially I had an idea of taking a new car, so that was the reason I haven't got the loan from Dena bank. The customer service and the response was good with Dena bank. The rate of interest is not sure with Dena bank, I had idea of taking the loan amount of 4 laksh rupees
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 13, 2017
    • Dena Bank Car Loan
      "Not bad intrest rates are high"
      0.5 4.0/5 "Great!"
      I have applied through dena bank for car loan but after reviewing found out the interest rate, was more so opted for SBI where the rate of interest was 8.7%, which was lower than DENA bank. SBI gave me good response got reminders got input from them regarding documents regularly.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 11, 2017
    • Dena Bank Car Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      I had applied for a car loan with Dena bank and they contacted me for the same 12% of interest for the car loan, I felt it was high. Dena response is up to the mark, they are very professional, I would like to suggest them to to offer less rate of interest and the car I was to get is ETIOS.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 08, 2017
    • Dena Bank Car Loan
      "AVERAGE"
      0.5 3.5/5 "Pretty good"
      I have cancelled my car application with Dena bank because I had taken the car loan by paying full cash, so that was the reason I haven't got the loan from Dena bank. The customer service and the response was good with Dena bank. The rate of interest is nominal with Dena bank because I had taken car paying ful cash, so that was the reason I haven't got the loan from Dena bank. The customer service and the response provided by Dena bank is really good. The rate of interest is nominal with Dena bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2017
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