DCB Bank Personal Loan
DCB Bank is a new-generation private sector banking institution with a vast network of 356 branches (as of 30th September 2021) in India. This SCB (scheduled commercial bank) is under the regulation of the RBI (Reserve Bank of India) and is professionally governed and managed.
Features and Benefits of DCB Bank Personal Loan
With 400 branches nationwide, DCB Bank is one of India’s leading new generation private sector banks that use modern technology and infrastructure to offer a seamless customer experience. It provides personal loans ranging from ₹1 lakh to ₹30 lakhs depending on the types of loans availed.
The bank offers loans to salaried individuals in Delhi NCR, Greater Noida, and Hyderabad regions. The amount so availed can be utilised for satiating a variety of needs, such as to meet expenses for vacation, debt consolidation, weddings, and medical treatments.
DCB also offers instant pre-approved loans for selected customers via end-to-end digital procedures. Given below are some of the highlights of DCB Bank Personal Loan.
DCB Bank Personal Loan Highlights – May 2022
|Interest rate||As per the applicant’s profile and types of loans|
|Loan Amount||Up to ₹30 lakhs|
|Eligible Applicant Category||Salaried Individuals|
|Eligible Applicant Age||25 to 60 years|
|Processing Fees||Up to 90% of the value of the car or up to 75% of the appraised gold value|
|Loan Tenure||Up to 7 years|
You can get a plethora of benefits by availing of a DCB Bank Personal Loan. Some of them include:
- Higher Loan Amounts: A maximum loan amount of up to ₹30 lakh can be borrowed from DCB Bank.
- Maximum Repayment Tenure: You get a higher loan tenure of up to 7 years.
- Minimal Documentation: The bank doesn’t ask for a lot of documents. A few KYC documents, address proof, income proof and passport size photographs will work.
- Hassle-free Process: The personal loan application at DCB Bank is easy and hassle-free.
- Easy Repayment Options: DCB provides you options to choose repayment between servicing interest or EMI on monthly basis with bullet principal repayment.
- Collateral-free Loans: The bank doesn’t require any collateral in return. So, you don’t need to worry about putting any of your securities at risk.
Eligibility Criteria for DCB Bank Personal Loan
You must satisfy the following DCB Bank Personal Loan requirements for quick loan approvals and disbursal:
- If you are a company, sole proprietor, partnership firm, or an individual, you qualify for DCB Bank Personal Loan.
- The age of the applicant or co-applicant must range between 21 and 65 years.
- You must have an employment track record of a minimum of three years.
- You must be a salaried employee of a government entity, a private or public limited company, an MNC (Multinational Company) or any reputed organisation.
- You will have to provide two references for getting the DCB Bank Personal Loan. References from friends and colleagues are acceptable, while those from blood relatives and residents at the same address are not accepted.
DCB Bank Personal Loan Fees and Charges
When you avail of a loan, you have to pay certain charges and fees on them. Given below are the DCB Bank Personal Loan fees and charges.
|Loan Amount||₹1 lakh to ₹30 lakh|
|Interest Rate (Floating)||13% - 25% p.a.|
|Processing Fees||2% of loan amount + GST|
|Loan Tenure||1 year to 5 years|
Other Fees and Charges
|Loan processing fee/Charges (Non-refundable)||2% - 3% of the Loan Amount|
|Collection Charges||In the event of the Borrower(s) committing default in the repayment of loan dues, the Bank shall levy ‘Collection Charges’ of ₹100 plus applicable taxes per call and ₹250 plus applicable taxes per visit made to recover these dues and the cost(s) thereof will be borne by the Borrower(s). These Collection Charges are subject to change as per the bank’s discretion.|
|Prepayment Charges||5% of Outstanding Principal|
|Penal Interest||36% p.a./3% p.m. of the irregular/overdue amount on account of delay in payment of interest or repayment of principal|
|Cheque/ECS Swap Charge||Rs. 500/- per event + applicable taxes|
DCB Bank Personal Loan Interest Rates
DCB Bank offers competitive personal loan interest rates that vary from one applicant to another, depending on the profile and the desired loan parameters. The interest rate also depends on the type of loan you avail of. For example, the interest rate on a gold loan would be different from the interest rate on a car loan.
Factors Affecting DCB Bank Personal Loan Interest Rates
The various factors affecting the DCB Bank Personal Loan interest rates are:
- Credit Score of the Borrower: Try to keep your credit score up to 750 or more, and you will get a lower interest rate on the loan.
- Debt-to-Income Ratio (DTI): Maintain your DTI ratio to a lower value, it will get you a lower interest rate on the personal loan you borrow.
- Income of the Borrower: Borrowers with a higher income are more likely to receive lower interest rates on the personal loan they avail.
- Employer's Status: The interest rate on the personal loan you seek will highly depend on the company you are working with. If you are working with a renowned organisation or an MNC, you can get an exemption on the interest rate.
- Loan Tenure: Usually, companies or banks offer lower interest rates on lesser loan tenure.
- Relationship with the Lender: If you maintain a good relationship with your lender or if you have been loyal to them in the past, you can grab a great deal on the interest rate.
- History of Defaults: Borrowers on the defaulter’s list imprint a negative perception of them on the lender’s mind. People on the defaulter’s list are either rejected for the loan or are offered higher interest rates. So, it’s advisable to maintain a defaulter-free credit history.
Documents Required DCB Bank Personal Loan
The following documents will help the bank process your application quickly:
- Duly filed DCB Bank application form
- Passport size photograph
- KYC (Know Your Customer) documents mandated by the Reserve Bank of India, including identity, address and signature proofs for individuals
- Salary slip of the last three months (for salaried individuals)
- Bank statement of the last six months
- Financial statements of the last two years
- Repayment track records from other financiers, if available
- Any other documents if required by the DCB Bank
How Does the EMI Calculation Work for DCB Bank Personal Loan?
DCB Bank lets you repay your personal loan for up to 7 years in easy instalments. You get to choose the loan term depending on your monthly repayment potential and monthly budget.
Urban Money’s Personal EMI Calculator will help you determine the amount of EMIs you will require so that you can adjust your loan amount and term accordingly.
You need to furnish the required details, such as the loan amount, interest rate, and loan term in the required fields and hit the ‘enter’ button. The result will be displayed on the screen demonstrating the total interest amount payable, monthly EMI to be paid and the total amount payable (principal + interest).
The formula for calculating DCB Bank Personal Loan EMI is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- EMI = Equated Monthly Instalments
- R = Rate of Interest
- N = Number of monthly instalments
- P = Principal Loan Amount
How Does DCB Bank Compare with Other Lenders?
To know how DCB Bank compares with other lenders, have a glimpse at the table given below:
|Banks/NBFCs||Interest Rates (per annum) & onwards|
|Kotak Mahindra Bank||10.25%|
|IDFC First Bank||10.49%|
DCB Bank Personal Loan Customer Care Number
For any queries or additional information about DCB Bank Personal Loan, you can contact the DCB Bank’s customer care at 022 6899 7777 or 040 6815 7777.
From refinancing to reducing your interest, we have the answers right here.
How instantly can my personal loan get approved with DCB Bank?
It takes 3 to 4 days for the bank to review the documents. If it is found valid, your loan will be sanctioned immediately.
What are the available forms of repayment?
You can opt for a term loan with monthly repayment options in the form of EMI.
How can I pay the repayment?
You can repay your loans using any of the three modes, namely ECS (Electronic Clearance System), Standing Instruction and Post Dated Cheques.
Can I pre-close the loan before the end of the tenure? If yes, how?
Yes, upon the customer’s request, the loan can be foreclosed, subject to the applicable fees.
What percentage (Loan to Value – LTV) of asset cost can I avail of a loan?
DCB Bank offers a wide range of schemes. The LTV depends upon the asset type and customer segment product chosen.
For how many months (tenure) can I avail of the loan?
You can avail of the loan for a tenure ranging from 12 months to 84 months. However, the tenure depends upon the product, customer or asset type chosen.
Do you have to pledge any collateral or securities on availing the loan from DCB?
DCB doesn’t ask you to pledge any collateral or securities in turn for a personal loan.
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