Dena Bank has signed Memorandum of Understanding (MoU) with TVS Motor Company for financing three wheelers. The said MOU will help the bank to increase their finance to Priority sector advances besides achieving the social objective of the Bank to provide collateral free loan to Micro and Small Enterprises throughout the country.
The bank will provide loan upto 90% of the cost of vehicle (on road) to eligible borrowers on merits for purchase of TVS 3 wheeler passenger auto rickshaws at a very attractive rate of interest. On the day of signing of MOU, the bank has given in-principle clearance for 101 proposals for purchase of TVS ‘King’ 3 wheelers.
TVS Motor 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, where Dena Bank is having very strong presence.
