Hyundai, Bank of Baroda in auto finance JV

Hyundai Motor India (HMIL), the country's second largest car maker, today announced its partnership with public sector lender Bank of Baroda (BoB) to provide financing facility to its customers.

The tie-up is extended to cover financing by all the branches of the bank in the country and the two partners will utilise and leverage on each other's strengths to cross sell Hyundai vehicles and the bank's car loans and schemes, HMIL said in a statement.

"Considering the slowdown in the auto industry, this association with BoB at this juncture is an attempt to ensure that we are able to reach out with more finance options with rationalised interest rates for the benefit of our customers," HMIL Senior Vice-President (Marketing and Sales) Arvind Saxena said.

 

BoB has over 2,900 branches and 1,179 ATMs across the country.

Hyundai Motor also said the Tamil Chamber of Commerce has conferred the 'EXIM Achievement Award' for 2007-08 to it for its outstanding achievement in the export-import category.

The carmaker exports units to over 100 countries in European Union, Africa, Middle East, Latin America and South East Asia. It had crossed the half million mark for exports in March 2008.