Dena Bank signed an MOU with TVS Motor Company Ltd. on 1st December, 2011 for financing Three Wheelers manufactured by TVS in India. The MOU was signed in the presence of Shri A.K. Dutt, Executive Director, Dena Bank at a function held in Mumbai. The MOU was signed by Shri M. K. Sharma, General Manager, Dena Bank and Shri K. Srinivasan, Vice President, TVS Motor Company Ltd. in the presence of Mr. Ashok Dutt Executive Director, Dena Bank
Shri A.K. Dutt 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. Dena 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.
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. On the day of signing of MOU, Dena Bank has given in-principle clearance for 101 proposals for purchase of TVS ‘King’ 3 wheelers.
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