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Personal Loan

Dena Bank, one of the leading public sector banks in India offers various products like deposits, loans, international banking, corporate banking, priority banking as well as products to cater the needs and requirements for small and medium enterprises. Here, we will discuss about Dena Bank’s Personal Loan which is named as Dena Suvidha Scheme.


Let us first understand why one might need to avail Personal Loan?


The name itself reflects that it’s a loan which is taken for personal use or purpose which can be higher education for children, for marriage, for travelling abroad, for medical emergencies and many more. The ultimate aim is not to disturb the liquid cash position to a great extent but to meet these expenses with a considerable amount of loan which can be repaid every month through an equated installment basis.


Features & Benefits of Dena Bank Suvidha Personal Loan


Dena Bank Suvidha Personal Loan has some exclusive features which are:
 

  • Attractive interest rates with highest rate of loan approval: Dena Bank provides highly competitive interest rates on Personal loan.
  • Trouble-free, effortless and easy documentation: With a very minimal and problem free documentation, Suvidha Personal loan of Dena Bank turns out to be very client responsive.
  • Individuals can benefit from the convenience of door step service with respect to personal loan.
  •  Balance Transfer option at a lesser rate: The loan can be transferred to Dena bank at a much lower rate.
  • Facility of Securities /Collaterals and Guarantors are available: One can avail the benefit of providing Securities /Collaterals and Guarantors as well as co applicants to strengthen his or her file.
  • Loan period is as long as 3 years: One has the option to choose the tenor from 1 to 3 years to pay back the loan.
  • Facility to foreclose the loan: The loan can be terminated before the maturity date with absolutely no prepayment charge.
  • A minimum processing fee of 1% of loan amount is charged.

Dena Bank’s Personal Loan can be categorized as below

  1. Dena Suvidha- A personal loan for salaried individuals.
  2. Dena Consumer Durable Loan-One can buy consumer durables with this kind of loan.
  3. Dena Rent Finance- Property owners can avail personal loans which they have let out to banks, PSUs, renowned companies or any FIs.
  4. Dena Trade Finance- Loans given to dealers, stockist and traders.
  5. Dena Doctor- Personal Loans to Medical Practitioners.

Particulars of the Loan

  • Minimum Loan Tenor is 1 year- One can  take the loan for a minimum of 1 year.
  • Maximum Loan tenor is 3 years- The maximum loan tenor or the repayment tenor is 3 years.
  • Minimum Amount: The minimum amount which needs to be taken is Rs 15000.
  • Maximum Amount: The grid of the maximum amount is as follows:
  • 3 times of Net Monthly Income for1 year repayment or Rs 1 lakh whichever is less.
  • 6 times of Net Monthly Income for2 years repayment
  • 9 times of Net Monthly Income for3 years repayment

Eligibility


Permanent and Salaried employees between 24 to 55 years with minimum experience for 2 years in any reputed organization or  government or public sector unit.


The Gross Monthly Income should be atleast Rs 15000/-.
 

Rate of Interest


The rate of interest for Corporate salaried Schemes is fixed at 13% and for all other cases its 14%. The interest is charged on daily reducing balance basis. However, the interest rates can vary from customer to customer and according to the categories of the customers which again is only based on bank’s discretion.The interest rate ranges between 12-15% for salaried and self employed professionals.
 

Repayment


One has the option to make repayment through EMI  via ECS  (Electronic Clearing System) or SI ( Standing Instruction) to make automated debits from their Dena bank account.


Is Account Opening compulsory?
 

It’s not compulsory to open savings account with Dena bank, nevertheless it’s desirable to do so as the bank offers quite a lot of additional services to an individual if he/she is the account holder of the bank. And not to mention, it’s much easier to follow the monthly expenses and thus can be kept in record without any difficulty.


Is Part Prepayment allowed?


Part Prepayments are not allowed for personal loans. Either the loan has to be fully paid or serviced as per the contract.

Documentation Required

  • Salaried individuals need to furnish the following documents:
     

  • Current form 16 from the employer.
  • Last 3 months salary slip.
  • Last 6 month banks statements where the salary is getting credited.
  • Age proof- which means a valid PAN card or Passport or Driving License or School Leaving Certificate.
  • Proof of address which may be valid electricity bill or telephone bill or passport or driving license or Aadhar Card.
  • Appointment Letter or Increment Letter which reflects the annual benefits.
  • A short description on the company.
  • Two passport sized photographs of applicants as well as all the co applicants and the guarantors.
  • Self Employed individuals needs to furnish the following documents:
     

  • Profit and Loss , balance Sheet and audited financial statements for last 3 years.
  • Income Tax returns for last 3 years including computation.
  • Last 1 year banks statements for both current and savings accounts.
  • Age proof- which means a valid PAN card or Passport or Driving License or School Leaving Certificate.
  • Qualification Certificate of the applicant.
  • A short description of the company on the company’s letterhead.
  • Two passport sized photographs of applicants as well as  all the co applicants and the guarantors.

EMI Calculator

  • The official website for Dena Bank www.denabank.com has the option of EMI calculator. The calculator is very user friendly and anyone can get to know the equated monthly installments,  along with total interest payable. Few examples are :
     

  • Loan amount : Rs 100000 taken for 1 year at 14% , the emi will be Rs 8979/- , the total interest payable will be  Rs 7745/-
  • Loan amount : Rs 200000 taken for 2 years at 14% , the emi will be Rs 9603/- , the total interest payable will be  Rs 30462/-
  • Loan amount : Rs 300000 taken for 3 years at 13% , the emi will be Rs 10109/- , the total interest payable will be  Rs 63895/-
  • Loan amount : Rs 300000 taken for 3 years at 14% , the emi will be Rs 10254/- , the total interest payable will be  Rs 69119/-

Why one should choose Dena Bank Personal Loan


Dena Bank, a very old and a very trusted bank, is known for its traditional products which suits all sections of society and consequently caters to their needs. With quite a good set-up of branches and professionals, Dena Bank is considered to be one of the most user friendly banks to avail a Personal Loan from.