Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter today 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.

HMIL boasts of a strong sales network with 268 dealers across 196 cities covering all regions of the country and the MOU with Central Bank of India will further help to reach out to a larger set of target customers even in B and C category towns where the Bank has a strong network.

Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company, South Korea and is the second largest car manufacturer and the largest passenger car exporter from India. HMIL presently markets 54 variants of passenger cars across segments including the i20 CRDi and i20 Automatic variants. The Santro in the B segment, the Getz Prime, i10 and the Premium hatchback i20 in the B+ segment, the Accent and the Verna in the C segment, the Sonata in the E segment and the Tucson in the SUV segment.

Hyundai Motor India, continuing its tradition of being the fastest growing passenger car manufacturer, registering total sales of 489,328 vehicles in the calendar year (CY) 2008, an increase of 49.6 percent over CY 2007. In the domestic market it clocked a growth of 22.4 percent as compared to 2007 with 245,397 units, while overseas sales grew by 92.5 percent, with exports of 243,931 units.

Courtesy: Hyundai Motor India

Best Selling Hyundai Cars:
Hyundai Santro
Hyundai Santro Xing
Hyundai Getz Prime
Hyundai Verna
Hyundai Sonata Embera
Hyundai i10
Hyundai Accent
Hyundai Elantra
Hyundai Tucson
Hyundai i20

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Posted by Naresh Koshti on 26 September, 2009 10:27:52 AM IST #