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Hyundai Motor signs MoU with United Bank of India

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Hyundai Motor signs MoU with United Bank of India

by Rahul Basu

Posted on 28 Jul 2010

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This move by Hyundai comes with a need to increase finance options for its customers

In a country where the decision of buying a car is largely influenced by its on-road price, financing options offered by banks go a long way in helping potential buyers make an informed decision about buying a car that fits their budget.

Capitalizing on this economic phenomenon, Hyundai Motor India Ltd. (HMIL), the second largest car manufacturer and the largest passenger car exporter, in a bid to provide convenient finance options for its customers has signed a Memorandum of Understanding (MoU) with the United Bank of India (UBI), a Premier public sector bank. The MoU was signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Mr. R. K. Mohanty, General Manager (Retail Banking, HRD, Planning, Resources & Research.

With over one thousand branches and more than three hundred ATMs across the country, UBI has a strong presence in the country and offers varied services to ensure seamless banking for its customers. Hence, this strategic alliance will help both the partners to leverage their individual strengths and reach out to a wider market, thus making auto loans available for prospective car owners on user-friendly terms.

Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, HMIL, said, ?We are pleased to announce this partnership with United Bank of India as our customers will greatly benefit with the competitive rates and convenient locations that the bank provides. We are confident that this effort will help us reach out to a wider consumer base with better and easier finance options.?

Under this agreement, both Hyundai Motor India dealers and the bank branches will source Hyundai Motor India car loan business using their customer database. The tie-up is extended to cover financing options by all the bank branches pan India.

At present Hyundai Motors India has a strong dealer network of 293 units along with 580 service points across India, which will see further expansion in 2010.

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Hyundai Motor signs MoU with United Bank of India

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Hyundai Motor signs MoU with United Bank of India

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