Dena Bank is amalgamated with Bank of Baroda which improves its lending rate and provides you the desired loan at an effective rate of interest. To get a personal loan from Dena Bank, you need to meet its eligibility criteria. You can borrow 9X your monthly income from Dena Bank at an attractive interest rate of 10.10%-15.10% per annum. Dena Bank provides you a loan depending on your age, income and creditworthiness. Read the article and know how to borrow Dena Bank personal loan.
Income:- To get a Dena Bank personal loan, you need to have a regular income. And the salaried individuals should have a minimum net monthly income of INR 15,000 or above. The loan amount is based on the income you earn. Because an individual income shows the capacity of repayment. And if your income is high the loan is approved quickly.
Age:- Your age should be minimum 24 years during the loan application process and not exceed above 55 years during the maturity period. Because if you apply for a Dena Bank personal loan at an older age or 1 year prior to retirement your repayment capacity is low and the bank won’t risk the money. So, apply for the loan if you fit in the age criteria of Dena Bank personal loan.
Work Experience:- You need to have working experience before you apply for the loan which shows the stability of income. Employees of both govt. or private sector companies can apply for the Dena Bank personal loan. To apply for it you should have a minimum experience of 2 years or more to get the loan request approved. Otherwise the bank may reject your loan request due to lack of employment experience.
What documents do you need for a Dena Bank personal loan application?
You are required to submit the ID, income or address proof for the verification, so the bank will know the information you provide is true or not. Following are the documents you need.
ID Proof:
Aadhaar card
PAN card
Voter ID card
Passport
Driving Licence
Income Proof:
Salary slip
Salary certificate
Last Bank statement
ITR report
Form 16
Address Proof:
Electricity Bill
Telephone bill
Passport
How to apply?
Visit the bank branch and ask the representative for a personal loan. The bank representative will hand you out an application form. Fill up the form and attach 2 passport size photographs and the above mentioned documents. The bank will approve your loan within 10-15 days and disburse the loan amount on your bank account.
Once the loan application is approved, you can meet the financial requirements and repay it later in equated monthly installments. To pay the Dena Bank personal loan, you can use the following payment services.
Electronic Clearing Service: In this the EMI amount is debited from your account every month before the due date arrives. And the advantage is that you can use this service from any bank other than Dena Bank.
Post Date Cheque: You could submit the cheque in the bank branch so the EMI will be debited automatically as per the date mentioned on the cheque. For each cheque bounce the bank will charge INR 200+GST.
Standing Instruction: If you have an account in Dena Bank then you can use this service and pay for Dena Bank personal loan from your savings or salary account.
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