Highlights
- DCB Bank Personal Loan Interest Rates Ranging from 13.00% - 25.00%
- Read this page to know how you can make the most of DCB Bank personal loan rates
To borrow funds, you don’t need to ask for money from lender to lender. Just visit the DCB bank and they will give you an instant solution to your problems. Whether you are unable to collect funds for the marriage or if there is a medical emergency you can go for a DCB Bank personal loan with lesser interest rates.
DCB Bank Personal Loan Interest Rate Details 2024
In certain areas, DCB Bank provides products to corporations, small and medium-sized enterprises, rural banks, and individuals. One of the solutions available to you is a personal loan with flexible repayment terms and competitive interest rates. Apply for a DCB Bank personal loan that comes with security and a higher loan amount. To know what could be the interest rate on the loan, read this page further.
| Particulars | Details |
|---|---|
| Interest Rate | As Per the Applicant's Profile |
| Loan Amount | INR 1 Lakh - INR 5 Lakh |
| Tenure | 5 Years |
| Processing Fee | 2% of the loan amount |
Advantages of DCB Bank Personal Loan
These are some features and advantages of personal loans offered by the DCB Bank:-
- Minimum documentation - To process your application for a personal loan, DCB Bank merely needs the necessary paperwork. It expedites and simplifies the loan application process for you by reducing the burden of documentation.
- No collateral or security required - Personal loans are available from DCB Bank without requiring you to put up any security, such as real estate or gold. Because of this feature, you can apply for the loan even if you don't have any valuable assets to put up as collateral.
- Attractive rates of interest - Personal loans with affordable interest rates are offered by DCB Bank. This can reduce your total cost of borrowing and simplify your monthly repayments by ensuring that you receive a reasonable and equitable rate.
- Quick processing of the personal loan - DCB Bank's loan application and approval procedure is intended to be quick. This makes it perfect for last-minute financial demands since you can acquire funds immediately.
Factors Affecting DCB Bank Personal Loan Interest Rate
To have a lower interest rate from DCB Bank, you need to meet the following requirements-
- Income: The applicant should have a regular income to apply for the loan. To prove his/her income to the bank, an individual must provide salary slips, form 16, and bank statements so that he or she can negotiate better.
- Job stability: Minimum 3 years of experience is mandatory to borrow funds from the bank and having a stable income and job can lead to a decrease in your interest rate.
- Credit score: If your credit score is good, you get chances to negotiate for a lower interest rate. However, the visa would be the case for a poor credit score. So make sure you check the score before applying for the loan.
- Lender-borrower relationship: The interest rate is determined in large part by the loyalty of the relationship. Your lender will reduce the interest rate you pay if you are a dependable customer because you have developed a positive rapport with them over time.
Calculating EMIs on DCB Bank Personal Loan at Different Interest Rates
To know what could be the result of the DCB bank personal loan interest rate on your borrowed amount, you must use the DCB Bank Personal Loan EMI calculator. The tool helps you know the approximate EMI of the loan. The EMI calculator works using the following details of your loan.
- Principal Amount (P): The loan amount on which the interest rate applies. The loan amount can be from INR 1,00,000 to 5,00,000. The principal amount is reduced after every EMI payment.
- Interest Rate (R): The rate of interest determines the pace of repayment. Thus, using the DCB Bank Personal Loan Interest Rate range can help you compute the EMIs and let you understand how much change you need to bring to your routine for a smooth repayment.
- Tenure (N): Your repayment period is in your hands whether you can increase your tenure or choose a short term for the payment. It has a direct effect on your interest payment too. So wisely choose the tenure of your loan.
The table below displays the equal monthly payments (EMIs) for a personal loan of ₹3,00,000 with interest rates ranging from 13.00% to 25.00% annually for terms of one to five years. You can change additional details, such as the loan amount, to better suit your needs.
|
Tenure (In Years) |
EMI (at 13.00% interest rate) |
EMI (at 25.00% interest rate) |
|---|---|---|
|
1 |
₹26,795.18 |
₹28,513.26 |
|
2 |
₹14,262.55 |
₹16,011.46 |
|
3 |
₹10,108.19 |
₹11,927.95 |
|
4 |
₹8,048.25 |
₹9,947.14 |
|
5 |
₹6,825.92 |
₹8,805.40 |
What Should You Do to Fetch the Lowest Interest Rate from the DCB Bank?
To fetch the lowest interest rate from the DCB Bank, make sure you follow and apply these pointers while applying for a personal loan.
- Improve your credit score - Increasing your credit score before a personal loan application is one of the finest strategies to receive a reduced interest rate on your personal loan. A personal loan with a higher credit score will probably have a lower interest rate because the bank will view you as less likely as a borrower.
- Use your salary account - Use your salary to negotiate a better price on a personal loan if you are an employee. Getting a personal loan from a bank where you have a salary account is advantageous because personal loans are granted based on a person's credit history.
- Debt-to-Income Ratio: Debt-to-Income Ratio shows how much debt you now have relative to your income. If the majority of your high salary is being used to settle your current debts, the bank offering you the loan may charge you a higher interest rate because it is considered a riskier situation. Banks are likely to impose a higher interest rate on borrowers with high debt-to-income ratios since they are viewed as a burden on the borrower.
- Choose a Shorter Loan Tenure: Choosing a shorter loan term frequently results in a cheaper interest rate.
- Provide Full Documentation: Make sure all necessary paperwork is correct and comprehensive to show your dependability.
Documents Required for DCB Bank Personal Loan
Here are the few documents that are required for the DCB Bank Personal Loan
- A signed application with a photograph.
- Copy of passport, voter ID card, or driver's license
- Processing fee cheque
- The last three-month bank statement or the past six-month bank passbook
- Proof of income for salaried applicants:
- Salary Slip (Latest)
- Salary certificate current date with the most recent Form 16
- Proof of income for Self Employed Individuals:
- Bank statement
- Recent ITR or Form 16
Other Charges of DCB Bank Personal Loan
Here are the several fee and charges of DCB bank that can be applicable to your personal loan application -
|
Particulars |
Fee |
|---|---|
|
Loan processing fee |
2% -3% of loan amount + GST |
|
Prepayment charge |
5% of the outstanding loan amount |
|
Penal interest |
3% p.m. of the unusual or past-due sum as a result of the failure to pay interest or repay the loan amount on time. |
|
Cheque/ECS swap charge |
Rs.500 per event |
|
Cheque bounce charge |
Rs.750 per event |
|
Collection charges |
If you fail to repay loan dues, the Bank will charge 'Collection Charges' of Rs.100 plus applicable taxes per call and Rs.250 plus applicable taxes per visit made to recover these debts, with the cost borne by you. The Bank reserves the right to modify these Collection Charges. |
DCB Bank Personal Loan Balance Transfer
In case you are paying the personal loan EMI somewhere, albeit, at a higher rate of interest than what is offered by DCB Bank, you can switch the outstanding balance to the latter and save on your interest outgo. But make sure you do calculations and go ahead only if the saving is substantial for you. Because the bank charges a nominal fee for the transfer and it may affect your savings later. See the example to know how the transfer works and what benefits it provides to you.
Example: If your existing personal loan of INR 6 lakh comes at an interest rate of 17.00% and DCB Bank offers you 13.25%. Then it is an opportunity for you to grab the savings on interest payments. The table below will give you an idea of the savings you could make with a balance transfer.
| Particulars | Details |
|---|---|
| Original Loan Amount | INR 6,00,000 |
| Interest Rate | 17.00% per annum |
| Tenure | 5 years |
| EMI | @17.00% INR 14,912 |
| Estimated Interest Outgo @17.00% | INR 2,94,693 |
| Interest Paid Till 2 Years | INR 1,76,121 |
| Outstanding Balance at the End of 2nd Year | INR 4,18,244 |
| EMI @13.25% for the Remaining 3 Years | INR 14,143 |
| Interest @13.25% Over 3 Years | INR 90,894 |
| Interest Paid Till Now + Interest Payable Over the Next 3 years | INR 2,67,015 |
| Estimated Savings in Terms of EMI | INR 769 |
| Estimated Savings in Terms of Interest Payment | INR 27,678 (2,94,693 - 2,67,015) |
Note: The savings amount is evaluated after the deduction of the transfer fee from the savings amount. So do not forget the balance transfer fee while calculating the transfer benefits on your loan.
Compare Personal Loan Interest Rates from Different Banks
Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.
FREQUENTLY ASKED QUESTIONS
1. What is the current interest rate on the personal loan from DCB Bank?
The interest rate on the personal loan depends upon the loan application of the applicant.
2. What is the eligibility to apply for a DCB Bank Personal Loan?
The eligibility criteria for a DCB Personal Loan -
- You should work for the government, private or public limited companies, international corporations, reputable partnership firms, or other organizations where you receive regular pay.
- A minimum of 25 years old at the time the personal loan is approved
- Maximum age of 60 years at the time of loan maturity
3. How should I contact DCB Bank?
The following numbers can be used to contact a DCB customer service executive:
For Resident Indians -
Call Toll Free: 022 6899 7777 or 040 6815 7777 1800 123 5363 / 1800 209 5363
Email: [email protected]
Email for Loan account queries: [email protected]
For NRIs
Call: 91 22 61271000
India Toll-Free: 022 68997777 1800 123 5363 / 1800 209 5363
Email: [email protected]
4. What is the required minimum job experience to qualify for a DCB personal loan?
To qualify for a DCB personal loan, you must have worked for the company for a minimum of three years.
5. What are the minimum and maximum age criteria for personal loans offered by DCB Bank?
When applying for a loan, you should be at least 25 years old, and when the loan matures, you shouldn't be older than 60.
6. Is DCB Bank a good bank?
Yes, it is safe since, like other banks, DCB Bank is a scheduled bank under the RBI.
7. Can DCB Bank be trusted?
Due to DCB Bank's excellent management, sterling reputation, and widespread presence throughout India, you may feel secure knowing that your money is in capable hands.
