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DCB Bank Car Loan
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DCB Bank Car Loan
Owning a car has become a necessity these days. Not everyone can afford to pay the full amount from their pocket when it comes to owning a car. This is when a car loan can help you achieve your dream of owning a car.
Introduction to DCB Bank Car Loan
DCB Bank provides its customers with different types of loans and one among them is the car loan. The bank offers an affordable interest rate that makes it easy for a common man to get a car loan in no time. With flexible repayment tenure, the bank makes sure that they give the customer ample time to repay the loan.
DCB Bank Car Loan Eligibility
| Minimum Age | The minimum age of the applicant should be 21 years. |
| Maximum Age | The maximum age of the applicant should not exceed 65 years. |
| Minimum Age of the Co-Applicant | The minimum age of the co-applicant should be 21 years. |
| Maximum Age of the Co-Applicant | The maximum age of the co-applicant should be 65 years. |
| Who can avail DCB Bank car loan? | This loan can be availed by individuals, partnership firms, sole proprietors, and companies. |
| Minimum Net Income | The minimum net income needed to apply for a car loan is Rs. 2,40,000. |
| Employment Status of the Customer | The applicant should have at least a minimum of 2 years’ tenure in the current employment. |
DCB Bank Car Loan Features
DCB Bank Car Loan has some incredible features which can help the customer to get the loan as soon as possible. The features are
Loan Coverage: When the customer applies for the car loan amount, the bank will evaluate the loan and provide up to 85 % of the on-road price of the car as the loan amount.
Flexi loans: DCB Bank can provide the customer with a maximum of Rs 30 lakhs as the loan amount.
Repayment Period: It is important to repay the loan within the time period mentioned by the bank. In the case of DCB Bank car loan, the bank allows the customer to repay the loan within 7 years. However, the bank also allows the customer to repay the loan before the specified period if the customer is able to do so.
Quick Processing: One of the major features of DCB Bank car loan is the fast processing and easy documentation. Because of this, the customer does not have to wait for a long period before the loan gets sanctioned.
Loan Nature: The DCB Bank car loan is a term loan and it needs to be paid in EMI within the repayment period mentioned by the bank.
DCB Bank Car Loan Interest Rate and Charges
The car loan interest rate of DCB Bank is currently 15.25%. The other charges are as below:
| Charges | Frequency | Car Loan |
|---|---|---|
| Non-Refundable Loan Processing Charges | One Time | A maximum of 2 % of the loan amount for a new vehicle and the minimum is Rs 5000. |
| Pre-payment Charges | Per Event | The lowest of 4% of principal outstanding or Interest outstanding for the unexpired period of the loan. |
| Pre-Payment Options | - | No part pre-payment of the loan is allowed. |
| Stamp Duty | One Time | Actuals |
| Charges for late payment (loans) | Per Event | 3% per month on the outstanding amount |
| Cheque Swap Charges | Per Event | Rs. 500 |
| Cheque return Charges | Per Event | Rs. 500 |
| Amortization Schedule Charges | Per Event | Rs. 100 |
| Statement of Account Charges | Per Event | Rs. 100 |
| Prepayment Statement Charges | Per Event | Rs. 100 |
| Duplicate NOC Charges | Per Event | Rs. 100 |
| Revalidation of NOC Charges | Per Event | Rs. 100 |
Documents required for DCB Bank Car Loan
For faster processing of the car loan, you will have to produce the following documentation.
- DCB Bank Car Loan application form along with the latest passport size colour photograph
- ID proof and signature proof such as Passport, Driving License, PAN card, etc.
- Address proof such as Voter’s ID, Driving License, Passport, etc.
- The bank statement of the car loan applicant for the last 6 months
- f the car loan applicant is a salaried individual, then they need to submit the salary statement from their employer for the last three months.
- For self-employed professionals, partnership firms, and companies the bank will require the financial statement for the last 2 years
- If needed, the customer may have to submit other documents as required by DCB Bank
- If the customer has any successful repayment track records from any other financiers, the bank may ask for those as well.
How to apply for a car loan from DCB Bank?
You can apply for DCB Bank car loan via the official website of the Bank. When you apply online, you will have to upload the relevant documents required for the sanctioning of the loan along with the application form. The bank will scrutinize the documents and if successful, the loan will be sanctioned.
You can also apply for the DCB Bank car loan by visiting one of the nearest branches. If you already have an account with the bank, it will be easier for the bank to check your credentials before they sanction the loan.
DCB Bank Car Loan FAQs
1. Under what circumstances can DCB Bank reject the car loan proposal?
The bank can reject the car loan proposal, if
- The customer fails to submit the required documentation.
- The customer does not have enough net income that makes them eligible for the loan.
- Poor credit score
2. What are the different modes of EMI payment available with DCB Bank Car Loan?
The repayment can be done through the following modes:
- Electronic Clearance System
- Via standing instruction
- Through post-dated cheques.
3. How long will it take to get DCB Bank Car Loan sanctioned?
The bank might take 3-4 working days to sanction the car loan.
4. What is the maximum loan amount provided by DCB Bank for a car loan?
The bank can provide up to Rs. 30 lakhs for a car loan.
Dcb Bank Car Loan - Customer Reviews
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