Hyundai Motor India Ltd (HMIL), signed a Memorandum of Understanding (MOU) with Central Bank of India, one of the leading Public Sector Bank with a nationwide presence for convenient car loans for its entire range of vehicles.
With a pan India presence boasting of 3,541 branches and 218 Extension Counters all over India, this association with HMIL will help both the partners reach out to wider market base by making auto loans convenient and cheaper for prospective consumers.
Speaking on the occasion, Arvind Saxena, Sr. Vice President, Marketing & Sales, HMIL, said, ?We are extremely pleased to partner with Central Bank of India, as it will add to the financing options for our products and give our customers more choice and competitive financing options. We are confident that it will be a mutually beneficial partnership as the tie-up will enable Hyundai to reach out to a wider section of people through the strong presence of the Bank across India.”
Mr. B N S Ratnakar, General Manager, Central Bank of India, expressed, ?This MoU with Hyundai Motor India will facilitate cheaper finance options for passenger vehicles. Given the vast network of the Bank?s branches and HMIL dealerships, the MOU is of benefit to both. The customer will also benefit by availability of financing facility at attractive rate of interests and schemes through Bank?s branches.?
To finance the auto loans, the Central Bank has come out with an attractive rate of interest of BPLR-2% for purchase of vehicles with repayment up to 36 months and @ BPLR-1% in case of repayments beyond 36 months up to 84 months.
The MOU has been entered into for all vehicles of the Hyundai and is applicable all across India. This tie-up is a part of Bank?s commitment of increased flow of credit to Auto Sector, which has recently slowed down, following global slowdown.