Hyundai Motor, Allahabad Bank tie up for easy car loans

Hyundai Motor India Ltd. (HMIL), the second largest car manufacturer and the largest passenger car exporter, in an initiative to provide convenient finance options for its customers, signed a Memorandum of Understanding (MoU) with Allahabad Bank, a leading public sector bank in the country.

The MoU was signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Mr. Bibhas Kumar Srivastav, General Manager, Retail Banking, Allahabad Bank on behalf of their respective organizations.

Allahabad Bank, with its headquarters in Kolkata, has 2,364 branches and more than 200 ATMs across the country. It offers vast and varied services to ensure seamless banking for its customers. This strategic alliance will help both the partners to leverage their individual strengths and reach out to a wider market and make auto loans available for prospective car buyers on easier terms.

Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, HMIL, said, “We are very happy to announce this partnership with Allahabad Bank. This partnership will provide our customers with competitive rates and convenient finance options at locations where the bank has branches. As we are rapidly increasing our sales network, this tie up will further help us to reach a wider base of customers, increase penetration in tier II & III cities in terms of our products and the finance options available.”

As part of the agreement, both HMIL dealers and the bank will utilise their respective customer databases for growing their car loan business. The tie-up is extended to cover financing options by all the branches of the bank in India. Both the partners will utilize and leverage each other’s strengths to sell Hyundai vehicles along with the bank’s car loan products.

HMIL currently has a 307 strong dealer network and 627 strong service points across India, which will see further expansion in 2011.