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DCB Bank may not be a prominent name in Indiau2019s lending space. But it aims to transform the space through a rich vein of financial products such as personal loans that are ideally suited to serve a variety of needs one would like to fulfill. Doesnu2019t matter whether you need funds to witness a glorified wedding or get down to the popular locales around the world with your dear ones, DCB Bank Personal Loan has in it to fulfill all with ease. Letu2019s check out the loan details before applying to unlock the wishes.<br>
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DCB Bank may not be a prominent name in India’s lending space. But it aims to transform the space through a rich vein of financial products such as personal loans that are ideally suited to serve a variety of needs one would like to fulfill. Doesn’t matter whether you need funds to witness a glorified wedding or get down to the popular locales around the world with your dear ones, DCB Bank Personal Loan has in it to fulfill all with ease. Let’s check out the loan details before applying to unlock the wishes.
DCB Bank Personal Loan Interest Rate It’s a fact that the loan comes with a cost in the form of interest, which is greatly dictated by the interest rate charged by DCB Bank. The interest rate charged to DCB Bank Personal Loan is 12% per annum and beyond. The setting of rates would also depend on the income earned by an individual, his/her repayment potential & credit score, among a host of other factors. So, if you earn more, chances of you getting lower rates to service the personal loan is more and vice-versa. The repayment potential is greatly dictated by the income an individual earns and the expenses he/she makes on a monthly basis.
A credit score, at the same point, is extremely vital to your cause as it can make or break the situation. A bad score, doesn’t matter whether you earn big, can delay the approval if not effect the rejection. Credit bureaus such as CIBIL assigns credit scores to individuals with a debt servicing track of at least 6 months. The scores remain in the range of 300 to 900 in India. A score of 750 and above is considered a good credit score and can easily lead to an approval of the loan application. However, if the score is below 700, DCB Bank could either delay or approve the case at higher rates of interest.
How Would Lower DCB Bank Personal Loan Interest Rates Befriend Your Pocket? The lower rates would lead to a reduction of interest payment from your end through the EMIs, which stand for Equated Monthly Installments. The interest payment to be made can be checked via DCB Bank Personal Loan EMI Calculator. You can check the calculator online to compute the repayment estimates. The EMI is a combination of both interest and principal towards a loan. You can also figure out the amount of interest payable using the calculator.
What Else from Interest Rate Should You Ponder Upon? You should also focus on the loan amount and tenure that helps in the calculation of repayment estimates. The minimum and maximum loan amount to ₹50,000 and ₹5,00,000, respectively. On the other hand, you can be given a minimum and maximum time of 12 months and 48 months, respectively, to repay the loan. You can even foreclose the loan before the original tenure but not before 12 months of servicing the debt. At the same time, a foreclosure fee amounting 5% of the principal amount paid plus applicable Goods and Services Tax (GST) would be levied.
How to Apply for DCB Bank Personal Loan? Now that you are aware of DCB Bank Personal Loan details, it’s time to speak on the application. You can thus apply online to make most of the fast and reliable experience it offers to the users. All that you need to do is to enter a few details before submitting them. The bank, subsequent to finding the details, would ask for the documents with respect to identity, residence and income. The details submitted would be scrutinized thoroughly before the bank approves a loan application.
