Know Here the Nitty & Gritty of Dena Bank Business Loan

Are you an entrepreneur who wants to rise his/her business? But lack of working capital or funds is the biggest hassle in your way? Well, not anymore as Dena Bank Business Loan is here. Yes, being a renowned bank with having rich years of banking experience, there is no denying the fact that Dena Bank is a name to reckon with.

The lender offers many financial products and services to cater the varied needs of one and all. But today, in this article, we are going to highlight the business loan and let you know more about the same.

The bank offers this sort of credit facility under its Dena Trade Finance Scheme and ensures to cater the business needs of all. So, without wasting any time further, let’s just go into the topic straight and highlight the hidden facts of this credit facility in the article below.

Interest Rates: The first and foremost thing which grabs the attention of all is the interest rate. Before availing a loan, knowing the rates has always been the top priority of the borrowers as it is a deciding factor in many cases. Currently, the lender is offering the BL at an interest rate of 10%-11.60% per annum so that it would not be a burden for all to repay the loan. Always try to go for an interest rate which is lower as this thing further helps in reducing your overall loan burden in the future.

Loan Amount: Next factor that grabs the attention of all is the loan amount. It is important for you to check the loan amount first before saying yes to a lender. Know the exact loan amount you actually want to avail and try to use your savings so as to reduce your loan burden. If you club your savings with your loan amount, your loan burden will actually reduce, which will further help you a lot in the future. At present, the bank is offering the loan amount of up to?500 Lakh with?2.50 Lakh being the minimum loan amount you can get.

Tenure: Another prominent factor that plays a key role in your overall loan journey is the tenure. Check the repayment option being offered by the lender before availing the loan. The maximum tenure you have, more flexible it is going to be for you to repay the loan as you get more years to repay. The longer tenures will also minimize your loan burden by making your EMIs pocket-friendly. Your monthly installments will become affordable, hence it would be easier for you to repay the loan.

Processing Fee: Talking about the fee, there is no denying the fact that the applicants have to pay a one-time processing fee at the time of availing the loan. However, this fee varies from lender to lender, which is also non-refundable. Currently, the lender is charging a fee of 0.50% of the loan amount, which an applicant has to pay at the time of availing the loan.

Margin: When it comes to margin, the limit of the same varies a lot from lender to lender. Different lenders have different margin limits and at times depending on the applicant’s profile, the same varies a lot. Talking about this lender, it offers the finance of up to 75% in order to give wings to your business. With maximum margin in hand, it would be easier for you to fulfill your dreams by taking your business to another height of success.

Nature of Limit: Moreover, you would be glad to know that there are various types through which you can easily avail Dena Bank Business Loan. This reputed lender gives you the loan via cash credit (hypothecation), term loan (secured) and non-fund based limits (bank guarantee & LC), hence helps you in availing the loan in a hassle-free manner.

So, now that you are aware of a lot of factors playing a pivotal role in your business loan journey, it would be advisable that you should read this article and the important points shared above so as to grab the best deal. Hope, you will find this article worth reading.

Anvi Sharma is a professional writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers und