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Dena Bank Personal Loan

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Processing Fee

nil*

Max Tenure

nil*

Best Rate

11.50%

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Dena Bank Personal Loans

Headquartered in Mumbai, Dena Bank is an Indian banking and financial services company. The Bank has a network of 1,773 branches across India. It provides a wide range of banking products and financial services to retail and corporate customers.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Dena Bank Personal Loans

Dena Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Dena Bank.

Apply Dena Bank Personal Loan

Advantages of Dena Bank

  • Low interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum income requirement

Documentation Required for Dena Bank Personal Loans

Important documents to be submitted while applying for personal loans with Dena Bank

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Dena Bank Personal Loans

Catering to the needs of various sections of people, tailor-made Dena Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Key Highlights

Eligibility CriteriaSalaried/Self-EmployedPensioners
AgeBetween 21-60 yearsPensioner of State and Central Government
Loan TenureUp to 36 monthsUp to 36 months
Loan AmountUp to 9 times of your net monthly incomeUp to 3 Lakhs
Interest RateStarting from 12%11.50%

Features of Dena Bank Suvidha Personal Loan

Motive:

The aim of the Dena Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

No Collateral Required:

No Collateral Required: As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Dena Bank personal loan. However, suitable third-party guarantee is acceptable.

Loan Amount:

You can get loan up to nine times of your net monthly income. The minimum loan amount is INR 15,000.

Loan Tenure:

Up to 36 months

Processing Fee:

1% of the loan amount

Convenient Borrowing:

You can apply online or visit nearby Dena Bank branches.

Eligibility Criteria:

You are a permanent employee between 24 to 55 years having worked for at least 2 years in a Govt. or PSU/ reputed organization.

You should have a gross monthly income of at least INR 15,000.

You can have a salary disbursement arrangement with us or provide an undertaking form your employer.

Features of Dena Pensioners’ Loan Scheme

Objective:

The aim of the Dena Bank personal loan is to provide financial assistance for pensioners to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

No Collateral Required:

As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Dena Bank personal loan. However, suitable third-party guarantee is acceptable.

Loan Amount:

For up to 73 years old – INR 3 Lacs or 12 months of pension amount For up to 80 years old – INR 1.5 Lacs or 6 months of pension amount

Loan Tenure:

Up to 36 months

Prepayment Charges:

No prepayment Charges are levied.

Processing Fee:

Nil

Convenient Borrowing:

You can apply online or visit nearby Dena Bank branches.

Eligibility Criteria:

You should be a pensioner of the State Govt., Central Govt. or PSU.

You should be an ex-staff member with a pension account.

Your take home pension is not less than 60% of your monthly pension after deduction of the loan instalment.

Interest Rate on Dena Bank Personal Loans

Dena SuvidhaTie Up with Corporate Salary Scheme(Fixed)13%
All other classes12%
Dena Senior Citizen Pensioner's Scheme11.50%

EMI Payment Methods

Your Dena Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Dena Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Dena Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Dena Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Dena Bank account at your nearest Dena Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

The processing fee for Dena Bank personal loan is 1% of the loan amount. Processing fees have to be paid upfront. No processing charges for pensioner scheme.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does Dena Bank Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

Dena Bank offers personal loans at the cheapest rates of interest, with no security or collateral

Dena Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.With an Dena Bank personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the Dena Bank personal loan?

You can either apply online or visit the nearest Dena Bank loan centre for a personal loan.

10. Will there be any charges for prepayment towards my Dena Bank personal loan?

There are no prepayment charges on Dena Bank personal loan.

Dena Bank Personal Loans Summary

Dena Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Dena Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Dena Bank personal loans do not impose much burden on the customers.

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