DCB Bank Consolidation Loans

Consolidation Loans from DCB Bank

Different loan options for paying off debt.

DCB Bank offers a range of financial products to different segments of its customer base right from housing loans to business loans to help its retail as well as corporate customers get the financial assistance they need.

DCB Bank Consolidation Loans

Consolidation loans help customers consolidate their debts and repay them by choosing terms best suited for their needs. The customers can choose an unsecured loan like a personal loan or a secured loan like a loan against property, gold, securities, etc. to pay off their debt. “Balance of transfer” loans and top-up home loans that can be used to meet personal needs can also be used to consolidate debt. It all depends on what they are looking for in a consolidation loan.

These loan schemes help make the repayment of debts easier since the outgoing payments get consolidated and the borrower does not have to worry about multiple payments to be made on different days each month. The right consolidation loan in terms of interest rate, repayment period, etc. can also help reduce the overall debt burden on the borrower.

Remember that DCB Bank does not label any loan as a consolidation loan, per se. However, a few loan schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by DCB Bank that you can avail as a consolidation loan:

  1. DCB Personal Loan
  2. DCB Smart Credit Scheme
  3. DCB Gold Loan

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.

DCB Bank Personal Loan

This loan scheme helps salaried employees of reputed public and private organisations get funds to meet their personal needs. This loan can be availed to meet expenses such as those for a child’s wedding, domestic and foreign travel, medical emergency, debt consolidation, etc.

Features of DCB Bank Personal Loan

Why this Loan?

  • The DCB Bank Personal Loan is designed to help salaried employees of public limited companies, private limited companies, Central and State Government undertakings, multinational corporations, reputed partnership firms and other individuals receiving regular salary get the needed funds to meet their personal needs
  • Borrowers can also avail this loan scheme to pay off their debts by consolidating them under one scheme
  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan

DCB Bank Smart Credit Scheme

This overdraft scheme helps DCB customers pay off their credit card outstanding debt. This is the perfect scheme to consolidate credit card debt since the borrower pays the interest only on the outstanding amount and is liberated from the web of loan EMIs.

Features of DCB Smart Credit Scheme

Why this Loan?

  • The DCB Bank Smart Credit Scheme is an overdraft facility designed to help DCB Bank account holders to pay off their credit card debt. Please see the list of approved credit cards on the bank’s website
  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan
  • There are no pre-payment or foreclosure charges for this loan

DCB Bank Gold Loan

This loan helps borrowers get financial assistance by pledging their gold jewellery and specially minted coins issued by banks. This loan can be used to meet any financial needs such as a child’s wedding, overseas travel, higher education, etc. as well as to consolidate debts. The maximum loan amount sanctioned by the bank is Rs. 20 lakh.

Features of DCB Bank Loan Against Gold Jewellery

Why this Loan?

  • The DCB Bank Gold Loan is meant for borrowers who want to get funds by pledging 18-carat and above gold jewellery or specially-minted gold coins to meet their personal financial needs. This loan scheme can also be availed by borrowers as a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts
  • There are no foreclosure charges for this loan

Important Note: DCB Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for DCB Bank Consolidation Loans

  • The interest rate applicable to this loan is defined as the sum of two factors: one-year Marginal Cost of Funds based Lending Rate (MCLR) and a Spread factor. As of October 2020, the one-year MCLR of DCB Bank is 9.95%. The spread factor is decided by the bank based on different factors such as the type of loan, loan amount, credit score of the borrower, etc.

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts:

  • DCB Bank Website: www.dcbbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 209 5363, 1800 123 5363