Dena Bank

Dena Bank Personal Loan

Years

Apply Dena Bank Personal Loan

About Dena Bank Personal Loan

When it comes to financial requirements, one of the hardest ones to deal with is short-term expense. For any personal requirement including social obligations such as festival celebration, marriage, education, travel and even debt repayment, you have the option of personal loans offered by Dena Bank.

Operational since 1939, Dena Bank is one of the premier banking institutes in the country today. You can enjoy great floating and fixed interest rates on personal loans in order to ensure easy repayment. Dena Bank offers a quick turnaround time for all applications and disburses the loan into your savings account directly for hassle free access to funds when required.

*Important Notice: Dena Bank and Vijaya Bank have merged with the Bank of India w.e.f 01.04.2019. Banking operations and accounts of these two banks will be transferred to the Bank of Baroda post merger. This merger will lead to some changes for the Dena Bank and Vijaya Bank customers.

Dena Bank Personal Loan Interest Rate Aug 2019

Interest rate

13.00% to 14.00%

Loan tenure

3 Years

Loan turn around period

1-7 Days

Processing Charges

1 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

3369 Per Lakh

Features and Benefits of Dena Bank Personal Loans

Personal loan schemes offered by Dena Bank provide you with several benefits such as:

  • Quick financing for any short term requirement such as family functions, marriage, medical expenses, education, travel or any other unforeseen expenditure.

  • Loan amount is calculated as per your Net Monthly Income to ensure that you have convenient repayment options.

  • You have both fixed and floating interest rates depending upon the type of loan.

  • No margin is required for the loans availed at Dena Bank.

  • There are zero prepayment fees.

  • Loans are available to salaried, self-employed, and retired individuals.

  • Documentation is extremely basic, making it easier for you to apply for your loan.

  • Flexible repayment options with tenure of up to 36 months are available.

  • The assessment of eligibility is extremely transparent and simple for customers.

  • Personal loans do not require any collateral.

  • The loan is disbursed into your savings account directly.

Dena Bank Personal Loan Rate of Interest under all schemes

You have the option of fixed and floating interest rates depending upon the type of loan that you apply for. The interest rates for different Dena Bank products are as follows:

Type of loan Conditions Rate of Interest

 

Dena Suvidha

 

 

Tie ups with any corporate salary scheme

 

 

13% (fixed)

Other cases

14% Fixed

Dena Senior Citizen Pensioner's Scheme

 

MCLR+ 3.25% = 11.85%

 

Dena Gold Loan

Up to 3 lakh

12% Fixed

Above 3 lakh and up to 10 Lakh

MCLR+ 3.30%= 11.90%

 

Types of Personal Loans offered by Dena Bank

With Dena Bank you have various options to avail a personal loan. This includes:

Dena Suvidha

Purpose of loan

 

 

For any short-term requirement such as wedding expenses, festival celebrations, medical expenses, education, or other unforeseen expenses, you can choose a loan with Dena Bank.

 

Quantum of loan

 

The minimum loan amount available is 15000.

 

The maximum loan amount varies as mentioned below:

  • 9 times the Net monthly Income (Repayable in 36 months)

  • 6 times the Net monthly Income (Repayable in 24 months)

  • 9 times the Net monthly Income or 1 Lakh, whichever amount is lower (Repayable in 12 months)

 

Mode of disbursement

 

 

Loan is credited to your savings bank account

 

Margin

Required

 

 

NIL

Repayment tenure

Maximum repayment tenure of 36 months is available

Dena Senior Citizen Pensioners' Loan Scheme

Quantum of loan

 

Type of borrower

 

 

Age

 

Loan Limit

The borrower is a pensioner as well as a nominee eligible for family pension is alive

 

 

Age of the pensioner who has applied for the loan must is not more than 73 years at the time of maturity.

 

 

12 months pension or 2 Lakhs whichever amount is lower.

 

Age of the pensioner who has applied for the loan must is not more than 80 years at the time of maturity.

6 months pension or 1.5 Lakhs whichever amount is lower.

 

The borrower is a pensioner as well as a nominee eligible for family pension is NOT alive

 

Age of the pensioner who has applied for the loan must is more than 73 and not more than 80 years at the time of maturity.

 

 

6 months pension or 1.5 Lakhs whichever amount is lower.

 

 

 

Family Pensioner Only

 

Age of the pensioner who has applied for the loan must is not more than 73 years at the time of maturity.

 

 

6 months pension or 1.5 Lakhs whichever amount is lower.

 

 

Other details

 

Margin

Required

 

 

NIL

Repayment tenure

Maximum repayment tenure of 36 months is available

 

Guarantee

 

 

Spouse or nominee appointed for the pension account or any member of the family or third party acceptable to the bank

Dena Gold Loan Scheme

Quantum of loan

 

The loan amount is linked to the value of the gold coin, gold jewellery, or other forms of gold that is pledged.

 

The maximum loan amount is 10 Lakhs and minimum loan amount is 10000.

 

Margin

Required

 

30% of the gold value must be maintained as margin.

Repayment tenure

Maximum repayment tenure of 12 months is available with repayment made in the form of monthly, quarterly, half-year, annual or lump sum basis

Dena Bank Personal Loan Eligibility

Eligibility conditions vary according to the type of loan that the individual is applying for.

For salaried individuals:

  • The applicant should be a permanent employee with at least 2 years' experience in any government organization or other reputed organization.

  • The applicant should be between 24 years and 55 years of age.

  • The gross monthly salary should be a minimum of 15000.

  • He or she should have a salary disbursement arrangement with Dena Bank or must have the necessary undertaking from current employer.

For pensioners and senior citizens

  • The individual should be a pensioner of the state government, central government or any PSU.

  • The individual is an ex- staff member with a pension account at Dena Bank.

  • The take home pension should not be less than 60% of the monthly pension after all deductions, including proposed EMI.

For Gold Loan

  • The loan is available to only those who are over 18 years of age.

  • Available to new and existing customers of Dena Bank.

Documents required for Dena Bank Personal Loan

In order to complete your loan application process, you are required to submit the following documents along with a duly filled loan application form and personal information form.

For salaried individuals (Documents are self-attested)

  • 2 passport sized photos of applicant, guarantors and co-applicants if any.

  • Age proof (valid passport/ PAN Card/ Driving License/ School Leaving Certificate)

  • Proof of residence (Telephone bill/ electricity bill/ valid passport/ PAN card/ Driving license)

  • Bank Statements for 6 months where salary is credited.

  • Latest 3 months' salary slip showing all the deductions.

  • Latest form 16 from current employer

  • Appointment letter or increment letter for all your employees with annual benefits.

  • Brief company profile

For self-employed individuals (all documents are self-attested)

  • Two passport sized photos of applicant, guarantors and co-applicants if any.

  • Age proof (valid passport/ PAN Card/ Driving License/ School Leaving Certificate)

  • Proof of residence (Telephone bill/ electricity bill/ valid passport/ PAN card/ Driving license)

  • Income tax returns for the last 3 years along with computation sheet.

  • Audited financial statement such as balance sheet or profit and loss statement for the last 3 years.

  • Brief company profile on the letterhead.

  • Office address proof of the applicant.

  • Bank statement for 1 year including Current a/c and Savings a/c.

Applicant may have to provide additional information as required.

Also Read: Impact of Aadhar Card on Personal Loan

Why choose Dena Bank Personal Loans?

Dena Bank aims at providing efficient services and emerging as one of the most preferred banks in India. This institution is all about supporting financial growth of the community with simple loan options. The benefits of choosing Dena Bank for a personal loan are as follows. 

  • This bank was formed along with 13 other banks in the year 1939 and is now a Public Sector Bank.

  • There were among the 6 Public Sector Banks to be selected by the World Bank to sanction a loan amount of 72.3 crore to develop tier II cities.

  • They were the first to launch telebanking facility.

  • Dena Bank is among the first few banks to receive a World Bank Loan for technology training and upgradation.

To ens ure efficient customer service, all branches have a customer rating system available.

Why apply for Dena Bank Personal Loan on MyMoneyMantra?

MyMoneyMantra is your one stop destination for any financial solution that you may need. You get instant access to over 70 financial institutions with details of all the loan schemes available. Thereafter, you are able to compare the interest rates and other details of various products before applying for your loan.

There are several additional benefits of choosing MyMoneyMantra such as:

  • Consistent support from associates at MyMoneyMantra for your loan application.

  • Simple eligibility calculator to check your eligibility for any product that you choose.

  • Accurate EMI calculator to check your EMI and plan your monthly budget.

  • Ample information for you to compare various products before narrowing down your options.

  • Instant E-approval upon application of your loan.

  • Simple process for loan document verification to ensure that you have everything that you need for loan approval.

  • Guarantee of confidentiality of all the details provided by you at the time of registration and application.

  • Check your latest CIBIL score with the CIBIL score calculator available online.

Other Dena Bank products

Dena Bank offers an array of products for different requirements of its customers. The products offered are as follows:

Products Offered by Dena Bank

Dena Doctor +

Dena Loan Against Property Scheme

Dena Niwas Housing Finance Scheme

 

Dena Professionals Loan Scheme for CA, CS and CFA

Dena Rent Scheme (Finance against rent receivables)

Dena Trade Finance Scheme

Dena Vehicle Loan Scheme

Dena VidyaLaxmi Educational Loan Scheme

IBA Model Skill Loan Scheme/ KaushalWrinYojna

Payout Scheme for Car Loan Dealers and Home Loan Counselors

How to calculate EMI on Dena Bank Personal Loan

It is important to understand your EMI amount with any loan application in order to calculate your budget accordingly. If you want to calculate your exact EMI for your Dena Bank Personal Loan, all you have to do is enter the loan amount and the tenure of repayment. The EMI is calculated based on the interest rate offered by the bank on the specific product.

How does CIBIL Score affect Dena Bank Personal Loan

In order to track your credit and repayment history, banks require your CIBIL Score. The higher the CIBIL score, the better your eligibility for any product that you apply for. For most institutions, a CIBIL score of at least 700 is mandatory in order to qualify for a loan. You can check your CIBIL Score with the CIBIL calculator tool available on MyMoneyMantra.

Dena Bank Personal Loan Processing Fee and Other Charges

The processing fees depend upon the type of personal loan that you are applying for. The details are as follows:

Processing Fee for Personal Loan

1% of loan amount + GST

 

Processing Fee For Personal Loan for Pensioners and Senior Citizens

NIL

Gold Loan Processing Fee up to 50000

 

NIL

Gold Loan Processing Fee up to 50000

 

0.75% of the sanctioned loan limit

FREQUENTLY ASKED QUESTIONS

What financial requirements can be fulfilled through Dena Bank Personal Loans?

Dena Bank offers personal loans to fulfill any immediate requirement of the borrower or his/ her family. This includes financing a marriage or other function, travel, education, travel or even any unforeseen event. 

What is the minimum monthly income required for Dena Bank Personal Loan?

For salaried individuals and professionals, a minimum gross monthly income is mandatory. In case of retired applicants, the take home pension should be at least 60% of gross monthly pension after all deductions including proposed EMI.

How is maximum loan amount calculated for Dena Bank Personal Loans?

Maximum loan amount available is calculated based on the Net Monthly Income and your repayment period. You can get 9, 6 or 3 times your Net Monthly Income, payable in 36 months, 24 months or 12 months respectively.

What is net monthly income?

Net monthly income is the take home income after deductions such as PF, IT, and EMIs are made from the gross monthly income.

What is the maximum repayment tenure for a personal loan with Dena Bank?

You get repayment tenure of up to 36 months with personal loans offered by Dena Bank.

If my salary account is not with Dena Bank, can I get a personal loan?

Yes. You can get a personal loan even if your salary account is not with Dena Bank. You need an undertaking from your employer for deduction of your EMI from your salary and remitting it to Dena Bank as per the format of the Bank.

What is the minimum age of applicant for Dena Bank personal loan?

Applicants should be at least 24 years old in order to apply for a personal loan with Dena Bank.

Until what age can pensioners apply for a Dena Bank personal loan?

The age of the pensioner should not be more than 80 years in order to apply for a pensioner loan with Dena Bank.

Are there any prepayment charges for Dena Bank Personal Loans?

There are no prepayment charges for Dena Bank Personal Loans.

What margin is required for a personal loan with Dena Bank?

No margin is required to apply for a personal loan with Dena Bank. For gold loans, a margin of 30% of the value of the pledged gold is required.

Dena Bank Customer Care

For queries, complaints, or any other information, you can get in touch with the customer care cell of Dena Bank through several channels. Here are the customer care details for Dena Bank

Toll Free Number

18002336427

Chargeable customer care number

 

022-62242424

Email IDs

For E-statement related queries: statement@denabank.co.in

 

For internet banking related queries: denaiconnect@denabank.co.in

 

For mobile banking related issues: denamconnect@denabank.co.in

 

For card related issues

atmswitch@denabank.co.in

 

For other issues: support@denabank.co.in

-

Complaints through SMS

 

SMS "DENAHELP" to 56677 (Charges apply)

 


Corporate Office:

Dena Corporate Center,

C-10, G Block,

Bandra-Kurla Complex

Bandra (E),

Mumbai- 400051

Branch Manager is available on 15th of each month between 2:30 p.m and 4:30 p.m, on the next day if 15th is a half-day, or holiday.

How to apply for Dena Bank Personal Loan on MyMoneyMantra?

Applying for a loan through MyMoneyMantra is extremely easy and hassle free. You have continued support and assistance from the associates at MyMoneyMantra to ensure that your loan application turn around period is short and that you can get your loan well in time.

In order to apply for a personal loan with Dena Bank through MyMoneyMantra, you have to follow a few easy steps:

  • Register on mymoneymantra.com by providing the necessary personal details.

  • Enter the OTP sent to your number in order to complete this process.

  • Then enter the loan amount required and details of your employment and monthly income to get a customized quotation.

  • Once you have chosen the plan, ensure that your documents are ready for verification by associates from MyMoneyMantra.

  • Following this, your application is processed as per the guidelines of the bank.

  • You will have to complete a personal interview with Dena Bank Officials.

  • MyMoneyMantra manages follow up.

Once your loan is approved, the amount is disbursed as per the sanction letter.

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