Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter, has signed a Memorandum of Understanding (MOU) with Bank of Baroda, a major public sector bank. The MoU was signed to enhance finance option for its customers.
Arvind Saxena, Sr. VP, Marketing & Sales, Hyundai Motor India Ltd and Nandan Srivastava, General Manager (Retail Banking), Bank of Baroda has signed the agreement in presence of V Santhana Raman and R.K. Bakshi, Executive Directors, Bank of Baroda.
Bank of Baroda is a leader in terms of profitability, growth and sustainability with over 2,900 branches and 1,179 ATMs across the country. This association with HMIL will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners and augment the business at a time when the auto industry is facing a slowdown.
Arvind Saxena, Sr. Vice President, Marketing & Sales, HMIL, said, "We are glad to partner with Bank of Baroda, as with its competitive products and the wide reach we see it as value addition for our customers. Considering the slowdown in the auto industry, this association with Bank of Baroda at this juncture is an attempt to ensure that we are able to reach out with more finance options with rationalized interest rates for the benefit of our customers."
Bank of Baroda will finance Hyundai cars at an attractive rate of interest. This tie up is extended to cover financing by all the branches of Bank of Baroda in India. The two partners will utilise and leverage each others strengths to cross sell Hyundai vehicles and the banks car loans and schemes.
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