Hyundai Motor India announced its entry into leasing business on Thursday. The company has entered into a collaboration with ALD Automotive India, a globally renowned automotive leasing and fleet management company, to offer flexible leasing solutions which will provide an attractive alternative to owning a car for salaried individuals, working professionals, small and medium enterprises, corporates and public sector. Hyundai Leasing will be available across Delhi NCR, Mumbai, Chennai, Hyderabad and Bengaluru in the first phase. The lease will be made available across the entire Hyundai India product line-up at an extremely attractive monthly lease rental. The benefits of leasing to the customers include no upfront cost, no financial risk, efficient tax management, easy upgradation and no maintenance and insurance hassles. The leased vehicle will be available for a minimum period of 2 years going up to 5 years, depending on the city and model selected, the company said in a statement here. READ ALSO |\u00a0IndiGo CEO calms employee fears but does not debunk Bhatia, Gangwal fallout news Currently, car leasing business has a penetration of less than 1% in India. In developed nations, it is as high as up to 45%. Hyundai has been expanding its mobility service solutions in major locations worldwide. The company is committed to offer smarter value to customers to cope with the rapidly-shifting paradigm in the automotive industry. Speaking on the Hyundai\u2019s lease offering, S J Ha, executive director (sales & marketing), Hyundai Motor India, said, "Indian automotive industry is at the cusp of transformation. As a smart mobility solutions provider, we at Hyundai understand the needs of our evolving customers and are committed to make \u2018shared mobility\u2019 accessible. The vehicle leasing business is rapidly picking pace in India and offers great prospects. We are happy to have collaboration with ALD Automotive and together we will leverage our strengths to create unique, smart and brilliant ownership experience for our customers." Suvajit Karmakar, chief executive officer & whole-time director, ALD Automotive India, said, "We are proud and excited to announce this partnership with Hyundai India. I am confident that this association will make us explore newer products and service offerings and take car leasing to the next level in the Indian car market. This will further reinforce our position as a leader and we look forward to a mutually beneficial relationship with Hyundai."