The Dena Bank offers to credit for the purchase of two-wheeled vehicles given the importance of its need among the customers. The loan is accompanied by some lucrative features like high quantum of credit, nil prepayment charges, low-interest rates and much more.
Features of Dena Bank Bike Loan
One of the most significant features of applying for a two wheeler loan from Dena Bank is the high quantum of credit
2. Amount offered:
The customers can avail two-wheeler loans for an amount of Rs. 50 lakh to buy a vehicle of their choice.
3. Loan Margin:
In two-wheeler loans, there is a specific cost which must be borne by the customer. This cost is known as the loan margin. The loan margin for Dena Bank two-wheeler loans stands at 15%.
4. Disbursal of Loan:
The two-wheeler loans from Dena Bank shall be disbursed directly to the authorized dealer from whom the vehicle is being purchased.
5. Repayment Tenure:
Another lucrative feature of the two-wheeler loans from Dena Bank is the repayment period. The customers can repay their two-wheeler loans in higher mandate by a maximum of 60 months.
6. No Prepayment Charges:
There are no prepayment charges on prepayment two-wheeler loan, if the borrower prepays it before the due tenure.
7. Nominal Processing Charges:
The Dena Bank levies a nominal amount of Rs 250+ service tax as a processing fee for two-wheeler loans.
Interest Rate on Two-Wheeler Loan
The Dena Bank provides the lowest rates of interest on its two-wheeler loans. Presently, the rate of interest is levied on a free basis and differs for loans with a repayment period of under-36 months and over-36 months. For new two-wheelers with a repayment period of up to 3 years, the floating interest rate applicable is 12.45%. For two-wheeler loans with repayment tenure of over three years, the rate of interest is 12.70%.
To apply for a two-wheeler loan through Dena Bank, the applicant must have a minimum income of not less than Rs. 1 lakh per annum.
Q1. In the case of a Dena Bank two-wheeler loan, what does the bank requires for security?
Hypothecation of two-wheeler for which loan is taken is required with the bank.
Q2. On what criteria, will interest be charged for the Dena Bank two-wheeler loan?
Interest will be levied from daily reducing balance for this loan.