Dena Bank, India’s trusted family bank, has signed an MOU with M/s TATA Motors Limited. for financing Consumer and Commercial vehicles manufactured by M/s TATA Motors Limited Ltd. The MOU was signed by Shri R. N. Das, General Manager, PS & RRB, Retail & MSME, Dena Bank and Shri. Ashish Tandon, Zonal Manager (W), TATA Motors at a function held in Mumbai.
On this occasion Shri Das said “The MOU will help the Bank to increase its finance to Priority sector advances besides achieving the social objective of the Bank to provide collateral free loan to Micro and Small entrepreneurs throughout the country”.
Dena Bank will provide loan upto 85% of the cost of vehicle (on road) to eligible borrowers on merits for purchase of vehicles at a very attractive rate of interest.
TATA Motors Ltd. has pan India presence and with this tie up they will be able to increase their market share especially in the states of Gujarat and Maharashtra and Chhattisgarh, where Dena Bank is having very strong presence.