Hyundai Collaborates With Indian Bank For Car Loans
Published:05-January-2010
By Staff Reporter
Plans to leverage its 286 dealerships and the banks 1,700 branches to increase financing options for customers
Hyundai Motor India (HMIL), a subsidiary of Hyundai Motor, South Korea, has entered into a Memorandum of Understanding (MOU) with Indian Bank. The company said that the pact with Indian bank will give more choices to customers when it comes to car loan.
HMIL has a pan India presence with 286 dealerships and according to the company, the tie-up with Indian Bank (with over 1,700 branches in India), will considerably increase the reach for the Indian bank as well as the company, as it will cater to current customers of Indian Bank along with bringing in new customers for both.
Arvind Saxena, director of marketing and sales at HMIL, said: "We warmly welcome Indian Bank to the Hyundai family. With this tie-up we can now give our customer more options when it comes to car loans. Indian Bank is trusted by millions of people and we believe in what people trust the most. The year 2009 has been challenging for the auto industry, but at HMIL we have always welcomed the challenges in a positive manner. We are happy to start the year 2010 with such a great partnership."
MS Sundara Rajan, chairman and MD of Indian bank, said: "Indian Bank has entered into Memorandum of Understanding with Hyundai Motor India Limited (HMIL) for financing customers desirous of buying Hyundai Range of Cars. Through this MOU, inked on 04.01.2010, Indian Bank has become one of the Preferred Financiers for HMIL customers. The tie-up helps buyers to look for financial arrangement simultaneously on choosing their favourite car from HMIL.
"The large network of Indian Bank across the country will benefit buyers of HMIL Cars to avail finance through hassle free and quick processing."
