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Dena Bank to scale up vehicle loan portfolio

Dena Bank is scaling up its vehicle finance portfolio. The bank has tied up with major four- and two-wheeler manufacturers to enhance this business. The bank is specifically interested in extending finance for buying used cars. It is also offering competitive interest rates – 12.5% for used cars and 10.5% for new vehicles. Ashwani Kumar, CMD of the bank, said the bank is bullish on the used car segment, which has seen fast growth in the past few years. He added that the interest rates offered are probably the cheapest in the market spanning both commercial banks and NBFCs. The bank has just started a vehicle carnival across the country to publicize the offer. The bank is also setting up 200 ‘Dena e-Smart’ lobbies at its branches to offer value added services to customers.

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