Hyundai Picks Up Hdfc Bank For Santro Financing

Korean major Hyundai, which plans to launch its small car model Santro next month, has tied up with HDFC Bank for extension of car loans. HDFC managing director Aditya Puri said "We have been officially appointed by Hyundai to extend loans to customers against bookings for the car."

The company is also in talks with Maruti Udyog Ltd and Telco which is slated to launch its small car model `Mint'.The bank is planning to launch a full-fledged car loan scheme by November 1999. It will be initially launched in Mumbai and will subsequently be introduced elsewhere in the country, Puri told Business Standard. The bank will also simultaneously launch another product - salary loans - at the same time. On the anvil are plans to launch a debit card in October-end, initially in Mumbai and Bangalore.

It has already tied up with MasterCard for this purpose. The bank will also be launching its own credit card in the second or third quarter of 1999. While it is the clearing bank for the National Stock Exchange, the Ahmedabad Stock and the Calcutta Stock Exchange, it is also a strong contender for the Bombay Stock Exchange.Puri also disclosed that the bank had major expansion plans to increase the total number of branches from 45 to 70 by March next year.

It also proposes to open 50 additional branches all over the country thereafter, said Puri. The managing director had inaugurated the relocated HDFC branch at Stephen House from the Cooke & Kelvey building in Calcutta. The move had been made to avail of the much required spacious banking environment.

The bank has also installed a 24-hour ATM service at the new branch. It also launched its loans against shares scheme in Calcutta on Monday. The bank has recorded a 25% rise in net profits in the first quarter of the current fiscal. "We are confident of maintaining a 30 to 40% growth in this financial year," said Puri.