Union Bank of India, India?s one of the leading public sector Banks today inked a Memorandum of Understanding (MOU) with Hyundai Motor India Ltd the country?s second largest car manufacturer and the largest passenger car exporter, to offer easy, transparent and hassle free car finance to customers.

The MOU was signed by A.K. Bansal, Field General Manager, (Delhi), Union Bank of India and Arvind Saxena, Sr. Vice President, Marketing & Sales, Hyundai Motor India Ltd.

The tie-up with HMIL confers Union bank of India with the status of preferred financier of Hyundai, which will benefit the large customer base of the bank in urban, semi-urban and rural areas. The maximum loan offered by the Bank per vehicle is Rs 15 lacs with minimum margin of 15 percent on road price and repayment upto 72 months. Union Bank will process customers’ requests within two working days after receipt of duly completed application forms with the necessary supporting documents.

Speaking on the occasion, A.K Bansal, Field General Manager of Union Bank of India said, ?Union Bank of India has always been in the fore front of serving the needs of the common man and excels in every area of banking. Union Bank of India has a large base of customers throughout the country. It has 2,614 branches and 74 extension counters across the country to cater to the needs of its customers. It has very competitive financing schemes to suit the requirement of all sections of the society. We have tied up with Hyundai Motor India Ltd. for providing car finance on easy terms. With the above tie-up, prospective buyers of Hyundai cars will get preferred attention at our branches across the country for immediate sanction supported by competitive rate of Interest.?

Speaking on the occasion Mr. Saxena, Sr. Vice President, Marketing & Sales, Hyundai Motor India said, ?Hyundai is keen to expand its presence in rural and semi urban markets. We have the right products and a nationwide sales and service network to support this growth. We feel that car finance needs personalized focus and attention. We are confident that with partners like Union Bank of India, we will win customer confidence and achieve the objective of greater penetration. We are happy that Union Bank of India is partnering with HMIL to offer transparent, hassle free finance to our customers.