DCB Bank Personal Loan
DCB Bank avails personal loan along with various interesting offers for customers. Users can apply for loan to fulfill their various needs. Bank offers one f the most flexible facility for customers to make all process quite interesting and affordable. So apply for DCB personal loan and manage your instant financial quite easily. The Ismailia co-operative Bank Limited and the Masalawala Co-operative Bank Limited came into established in 1930. On the diamond jubilee in 1981, both the co-operative banks got merged to form the Development Co-operative Bank. Later, Citi Co-operative Bank Limited also got amalgamated with Development Co-operative Bank which was thereafter, on May 31, 1995, converted into a joint stock banking company as the Development Credit Banking Limited (DCB). DCB Bank is a true example of modern and emerging finance solutions in the private sector banking. The bank has 310 branches across 19 Indian states and 3 union territories. This financial institute is professionally managed and governed by responsible authorities. Following contemporary technology and finance infrastructure such as state-of-the-art internet banking to let the consumers conveniently track their accounting transactions; the bank has gained a massive goodwill among the population with more than 450000 existing customers.
It has an array of business segments including micro-SME, SME, retail, mid-corporate, commodities, agriculture, public sector, government, Indian Banks, non-banking finance companies (NBFC), and co-operative banks. The promoter groups of the bank, the Aga Khan Fund for Economic Development (AKFED) and Platinum Jubilee Investments Ltd. holds more than 15% of the total shares.
DCB Bank Personal Loans:
A personal loan is a no-guarantor unsecured loan where an applicant is not required to arrange collateral or a guarantor as security to get the loan approval. The approved loan amount can be utilized for any personal purpose or expense, or even to avail fund to the business. It can also be considered as a credit consolidated tool due to its lower interest rates as compared to the interest rates charged over the credit cards. Thus, the credit comes handy at the time of emergency need of funds. Also, the amount can be utilized for meeting the personal expenses without even the need of declaring the end use. DCB Bank offers personal loans at an interest rate as low as 11% and as high as 32% depending up on the range of factors such as credit history, repayment track record with DCB or other bank, net annual income, employment stability, debt-to income ratio, and CIBIL score at the time of the loan application.
Why Personal Loan from DCB Bank?
Every person falls out of the money at some point of their life and looks for some source for financial support. Therefore, personal loans are a great financial source to meet the individual’s need without revealing the end-use purpose. Such loans are generally applied at the time of marriages, medical emergency, going for a trip, or any other purpose of meeting the expenses. However, before getting the credit approval, an applicant is required to sign a personal loan agreement with the bank. The agreement document specifies the norms and conditions in terms of using the money and repaying individually in easy monthly installments.
Also, the agreement specify the loan amount, tenure, and the interest rate in which the borrower to repay the amount. The bank also charges a fee towards the file charges, legal charges, and processing fee. Generally, ECS (electronic clearing system) and PDC (post deposit cheque) payment method is followed by the bank where the installment amount automatically gets debited from the borrowers account, subject to the availability of the balance. In this payment method, a borrower is require to deposit a post dated cheque to the bank to specify the amount to be charged from the borrower in case any installment bounces due to any unsaid reason.
Moreover, if any sort of dispute arises due to any reason between the borrower and the bank, the signed agreement will spell out that the borrower has to make the mandatory payments. Otherwise, the bank has all the authority to legally take action against the borrower. Further, the purposes against which the disbursed amount cannot be used are also mentioned in an agreement and if it is found to do so, the bank is entitled to take required legal action.
Now, here are some features and benefits of DCB Bank Personal Loans:
• Flexibility of end use – Despite the mentioned purposes against which the disbursed amount cannot be used, a borrower has freedom to utilize the funds for any other than mentioned purposes.
• Hassle-free online application – As everything is going to the digital platform, so, why not the loan application. Any person can request the personal loan approval at their convenient and comfort. All they need to do is visiting the bank’s website and filling the personal loan application form along with all the mandatory details.
• Minimal documentation and quick approvals – You don’t need to sign a bulk of documentation for the loan application. Also, if an applicant meets to required eligibility criteria, the loan gets quickly approved in no time.
• Tenure option – An applicant can opt for the tenure ranging from 6 months to 5 years. The interest rate remains same for all the tenure options. Therefore, one can select tenure according to their monthly financial budget.
• No guarantor required – While requesting the personal loan, an applicant don’t need to arrange a guarantor or collateral, which makes it easy to apply for the loan.
However, before moving into the personal loan application request, there are certain points to be understood and kept in mind.
o Credit report – Before moving further and getting the application rejected, it is best to check the credit by self as to make sure that the report is error-free. In case an error is found, request the responsible authorities to rectify the error. Also, seek for some advisory advices to improve the credit report. When applying for the loan, the bank checks first for the credit score after checking the eligibility criteria.
o Interest rate – Generally, a fixed interest rate is followed for the entire tenure, but, in certain cases, the interest rates may fluctuate depending on the factors like poor credit report, low CIBIL score, earlier defaulter, and so on.
o Processing fee and pre-payment charges – Most of the times, the bank charges processing fee ranging between 0.50% to 3% of the approved loan amount. Also, discuss regarding the pre-payment charges with the bank’s representative.
o Keep a copy of documents – To prevent any risk of dispute between the borrower and lender, it is best that both a borrower and lender keep a copy of all submitted documents along with them.
o Rate of interest – DCB Bank charges a rate of interest ranging anywhere between 11% to 25% depending on an individual’s credit history along with other factors.
What is pre-approved personal loan?
DCB Bank’s Personal loan is an easy credit which could be utilized for any legitimate purpose and thus, the funds can be used against meeting personal expenditure such as a medical emergency, arranging money for a wedding, or for any legal other reason. Moreover, existing DCB customers are also offered a pre-approved personal loan offer depending up on the factors like their relationship with the bank, previous loan repayment track record, well-maintained bank account statement, and so on. In some cases, the bank also presents a pre-approved personal loan offer to the candidates who have no credit history, though; the offer comes with limited validity to approve the deal. The pre-approved personal loan offers come along with several advantages such as minimal paperwork is required and the pre-approved request is processed instantly. Keep in mind that the final loan approval is based on the credit history and other lending policies of the bank.
Pre-approved loans are typically associated with the process of sanctioning and disbursing the loan, not the costs. Typically, it doesn’t make much difference for a particular type of credit where either you approach a bank or a bank approaches you. The only difference it makes is in terms of the interest rates.
Features of DCB Bank Personal Loan
1. Speed processing and easy documentation.
2. Minimum loan approval limit is 50,000 and maximum loan approval limit is Rs.5 Lakh.
3. Loan tenure is between 1 to 4 years.
4. Affordable and easy repayment option through EMI.
Benefits of DCB Bank Personal Loan
1. Quick loan processing.
2. Attractive Interest Rate.
3. No guarantor required.
4. Minimum documentation.
Key features of pre-approved personal loans are:
o Quick processing – an applicant doesn’t have to wait for the processing time because the request is instantly processed and the amount is disbursed within 72 hours.
o Simple application procedure – as the loan is pre-approved, an applicant doesn’t need to visit the bank over and over again and thus, the pre-approved loan is followed with a simple application procedure.
o Almost zero paperwork – the paperwork is very minimal, almost to zero.
o Preferential interest rates – generally, the interest rate charged over a pre-approved personal loan is comparatively low than the approachable loans.
Eligibility criteria for DCB Bank Personal Loan:
a. An applicant should be a salaried employee, salaried professional, government servant, or employee of any public or privately owned company including public sector undertakings and central and local bodies is eligible to request a personal loan at DCB bank.
b. He or she should be more than 21 years old. The maximum age for approving the personal loan is between 60 to 65 years.
c. He or she should have a monthly net income of at least Rs.15000. Self-employed and business person is required to demonstrate a proof of consistent income and profit.
d. He or she should be a resident of India
e. He or she should not be a defaulter of any bank
o A Copy of voter card, Adhaar card, passport, or driving license for the identity proof
o A copy of ration card, any utility bill, lease agreement (if any), voter card, or driving license for the address proof
o In case of salaried applicant, Latest 6 months bank statement of salary account, salary slip for 3 years, or a copy of form 16 for cash inflow proof
o In case of self-employed applicant, latest 2 years ITR, audited profit and loss statement, balance sheet,, and company’s primary current account statement for last 6 months
o Current obligations in terms of the other loans and credits currently running and the outstanding credit amount with other banks or financial institutions.
o A copy of income tax return and/or service tax registration certificate dated 2 years or earlier period from the date of application