Public sector lender Dena Bank has announced a reduction in interest rates of home loans as well as car loans by as much as 25 bps.

Referring these concessional rates as part of festival bonanza, the bank has also added another offer to it. Processing fees of these loans has been dipped by 50 percentage points.

The offer is however valid only on new home and car loan schemes.

The offer will come into effect from 01 October 2011.