Dena Bank
Dena Bank

Dena Bank

Dena Bank is a Public Sector Bank founded on 26 May 1938, by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company. It adopted its new name, Dena Bank, derived from its founder, when it was incorporated as a public company in December 1939. Headquartered in Mumbai, Dena Bank was nationalized in July 1969 by the Government of India. It is one amongst the six Public Sector Banks selected by the World Bank for sanctioning a loan of Rs. 72.3 crores for augmentation of Tier-II Capital under Financial Sector Developmental project in the year 1995. It also prides itself for being one among the few banks to receive the World Bank loan for technological upgradation and training.

About Dena Bank

What’s more, Dena Bank has also introduced tele-banking facility in select metropolitan centres. November 1996 proved to be a significant year for the Bank, as it launched a bond issue of Rs. 92.13 crores.

Another milestone was reached with a maiden public issue of Rs. 180 crores soon thereafter. Dena Bank also deserves credit for being the bank that first introduced minor savings scheme. The list of firsts by Dena Bank encompasses – credit card in rural India known as “Dena Krishi Sakh Patra”, Drive-In ATM counter of Juhu, Mumbai, smart car at selected branches in Mumbai, and customer rating system to the assess and evaluate Dena Bank services. The wide spectrum of Dena Bank financial services have created countless satisfied customers. Dena Bank interest rates are flexible, thus catering to customers’ convenience to the fullest. Under the provisions of the Banking Regulations Act 1949, the Bank can undertake other business, besides the business of banking.

Vision and Mission:

Dena Bank is motivated by the vision of emerging as the most preferred bank of the customers. Dena Bank banking services seek to excel in all its areas of operation, and consequently enjoy widespread popularity and reputation by sheer dint of its performance. According to the mission statement of the Bank, it aims to provide premier financial services to its customers. It is also committed to creating a positive work environment for its staff, besides providing optimum opportunities for growth and achievement. When it comes to shareholders, the bank believes in ensuring superior financial returns, while for the community as a whole, Dena Bank is determined to promote and enhance economic upliftment.  The founding fathers of the Bank desired that the Bank should emerge as a symbol of prosperity for all its clients, and the logo represents this promise. Further, the ‘D’ in the logo symbolizes dynamism, dedication, and the drive towards customer satisfaction.

Dena Bank Loans

  1. Dena Bank Home Loan: Dena Niwas Home Loan can be availed for the purchase of plot, construction of a house, buying a ready-built house, or buying one under construction. This loan can also help in building an extension to one’s existing house or for undertaking repairs and upgradation, which includes the cost of fixtures, POP works, retiling, fittings, etc. Home Loan from Dena Bank may also be used to purchase a house that is up to 50 years old, provided its remaining life is more than 25 years. The eligibility criteria states that an individual with a regular source of income can apply for this loan. The applicant’s age on the maturity of the loan should be less than retirement age if he/she is a salaried employee, and below 65 years, if he/she has a business. Also, the total deductions should not exceed 60% of the gross income, including the loan installment of the proposed loan. Dena Bank Home Loan advantage is that the incomes of spouses or co-applicants can also be clubbed for enhanced eligibility. The quantum of loan is up to Rs. 200 lakhs for the purchase/construction of a house, and up to Rs. 10 lakhs for renovation/upgradation. The repayment period for the former is up to 25 years, whereas that for the latter is up to 10 years. The borrower also has the option to shift an existing home loan with any other Bank or Financial Institution. Dena Bank loan interest rates make it very convenient for customers to build their dream home. 
  1. Dena Bank Personal Loan: Dena Suvidha is the bank’s personal loan scheme with which one can fulfill the personal needs of one’s family, be it marriage expenses or family functions, travelling or celebrating a festival, medical crises or educational purposes. It might even be a sudden vacation and or an unforeseen event. Any individual who is a permanent employee between 24 and 55 years of age and has worked for at least 2 years in a Govt. or PSU/reputed organization, meets the Dena Bank Personal Loan eligibility criteria. Also, the applicant should have a gross monthly income of at least Rs. 15,000. The minimum loan amount is Rs. 15,000, while the maximum amount is – 9 times of NMI (repayable in 36 months), 6 times of NMI (repayable in 24 months), and 3 times of NMI (repayable in 12 months) or Rs. 1 lakh, whichever is less. NMI stands for Net Monthly Income, i.e. Gross Salary—Deductions. Dena Bank Personal Loan interest rates are such that the borrowers can avail the personal loan to fulfill their needs, without being overstressed. 

Dena Bank Loan Against Property: This loan is offered against free hold, un-encumbered, non-agricultural property. With the Dena Mortgage Loan, one can fund varied needs, be it a wedding, higher education, a foreign trip, or medical treatment. The applicant should be 21 years of age, and a salaried individual/working professional/self-employed/agriculturist. He/she also needs to be an income tax assessee for at least 2 years, with a net monthly income of at least Rs. 12,000. The income of spouse can also be clubbed to enhance one’s eligibility. Loan against property from Dena Bank offers a maximum amount of Rs. 500 lakhs, while the minimum amount is Rs. 2 lakhs. The repayment period is up to 10 years. Dena Bank Loan Against Property rates have been specially tailored keeping customer convenience as the topmost priority.

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