In a bid to keep loan delinquencies under check, Dena Bank has entered into partnership with Universal Sompo General Insurance Company (USGIC) to offer loan insurance cover to individual borrowers.
USGIC’s loan secure insurance policy will pay the bank equated monthly installments for up to three months in case of unforeseen events, such as major illnesses and medical procedures, accidental death and permanent disablement, loss of job, fire mishap and allied perils at house, leading to the borrower being unable to service the loan.
Dena Bank, which currently has 1,633 branches pan-India, would open 150-200 new branches in the current financial year. It is aiming to grow by 20% from its business size of about Rs 1,89,000 crore last fiscal.
