DCB Bank is one of the fast emerging banks in the Indian banking arena, serving various needs of the customers. It keeps in place a wide range of financial products to suit specific needs. Among them is a personal loan that can be availed to serve all personal needs such as marriage, education, medical emergency, etc.
What also makes it interesting is the fact that a loan can be disbursed at attractive interest rates. With the loan pricing getting competitive, it becomes easy to ensure a hassle-free repayment. So, without any delay, let’s check out DCB personal loan interest rates and other aspects that can be important to lead a good repayment life.
How Much Interest Rate is Charged by DCB Bank on Personal Loans?
DCB Bank charges an interest rate of 12% per annum on its personal loans. However, the rate can vary based on the income and credit score an individual may have. While income gives a picture of your repayment potential, credit score is a proof of how good you are or have been paying the debts. Yes, the score is needed and that too a good one, something above 700 to ensure the loan is disbursed hassle-free. The score gets generated by credit bureaus such as CIBIL on the basis of repayment of your past or existing debts.
How Will Interest Rate Impact DCB Personal Loan Repayment?
The interest rate would impact your repayment greatly by deciding the EMI applicable to a loan. The EMI, an abbreviated form of Equated Monthly Installment, is a combination of interest and principal amount to be paid every month to the lender. There’s a direct relationship between interest rate and EMI. An increase in the rate raises the EMI and vice-versa. Other than the interest rate, loan amount and tenure also impact the installment. As far as DCB’s quantum of finance is concerned, it ranges from ₹50,000-5,00,000. When it comes to the tenure, you can be given a period of 12-48 months to pay off the loan. So, when you are clear on these, the calculation of installment is a mere formality.
All you need to do is to enter the amount of loan, the rate of interest and tenure in the EMI calculator available online. You can even see the extent of interest likely to be paid over the tenure you wish to go for. Ideally, you should opt for a shorter tenure to rein in the outflow of excess interest. A 4-year tenure may appeal you more as it leads to an EMI lower than the one applicable to 3 years. However, a long tenure can take away a huge chunk of interest to service the debt. A shorter period can raise the installment amount but would keep the interest outflow in check.
DCB Personal Loan Eligibility Criteria
Ticking the following would make you eligible for a DCB personal loan.
- Both salaried and self-employed must have 3 years of experience in their respective fields
- The minimum age of salaried and self-employed must be 25 years at the time of loan sanction
- While a salaried must not be more than 60 years at the time of proposed loan maturity, self-employed must not be aged above 65 years at the same time
- A maximum of two references is sought to approve a loan. For salaried, references can be friends, colleagues, relatives but not blood relatives. On the other hand, self-employed must have references from suppliers, peers and customers.
How to Apply for DCB Bank Personal Loan?
Either you can visit the nearest bank branch or go online to apply for a loan. Both would require you to share a few personal and professional details. So, share these and apply.