Hyundai Motor India Ltd, the second largest car manufacturer and the largest passenger car exporter in yet another strategic move has signed an MOU with one of the largest public sector banks – The Syndicate Bank. The pact between the auto major and Syndicate Bank will accelerate car loan disbursals for Hyundai vehicles and also offer excellent auto loan schemes for Hyundai`s potential customers across India.
With over 2,200 branches across the far-ends of the country, the tie-up with Syndicate Bank will help both the partners to reach out to wider market and make loans convenient and easy to finance.
Speaking on the occasion, Arvind Saxena, Sr. Vice President, HMIL, said, “We are glad to partner with Syndicate Bank as we see it as value addition for our customers. In the current scenario, we consider it as a welcome move as there is a need for increased financing options and rationalized interest rates for the benefit of our customers. Syndicate Bank known for its initiatives with its competitive products and wide reach is sure to broaden the choice for customers seeking finance options, as we want to give our customers the best experience, not only while driving our cars, but also when buying them.”
On the occasion George Joseph, CMD, Syndicate Bank said, “We are very pleased to tie up with Hyundai Motor India Ltd. The two partners will utilize and leverage each other`s extensive customer base to cross-sell Hyundai vehicles and the bank`s car loans and schemes. The bank will provide very competitive interest rate and increased convenience to both our customers. The bank will also finance second-hand cars, which in itself has an increasingly growing demand”.
Hyundai Motor India Ltd, already enjoys a great presence in both the metro and the mini-metro markets with a wide array of product offerings. Through this strategic tie-up with Syndicate Bank, the company seeks to further strengthen its position across all major markets and focus on a major retail expansion drive.