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, signed a Memorandum of Understanding (MoU) with UCO Bank, one of the fastest growing nationalized banks in the country. The MoU was signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Mr. S K Dey Purkayastha, General Manager, Retail Banking & Corporate Communication, UCO Bank on behalf of their respective organisation.
UCO Bank has 2,151 branches with 35 zonal offices across the country. The bank has completed 66 years in India, and has a pan India presence with its footprints in all the states and Union Territories of the country. Apart from the regular banking products and services the bank offers the latest IT based technology enabled products like e-banking, mobile banking, debit cards and remittance facilities through RTGS, NEFT etc. All the bank’s branches are networked through the CBS connectivity. This strategic alliance will help both the partners to leverage their individual strengths and reach out to a wider market and make 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 UCO Bank as our customers will greatly benefit with the competitive rates and convenient locations that UCO Bank provides its customers. It will be considerable value addition for our customers. With the market looking up this is the right time for us to step up our efforts to reach out to our customers with better and easier finance options.”
Mr. S K Goel, Chairman and Managing Director, UCO Bank, commented, “The bank will become a preferred financier of Hyundai Motor India and will offer financing facilities to eligible customers. The tie-up will enable the bank to increase its car loan portfolio substantially.”
“This tie-up will give us a platform from where different products of our bank can be marketed to the prospective buyers of Hyundai Motor India products throughout the country. Thus, the bank’s retail portfolio as well as customer base can be increased”.
Under the 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 branches of the bank in India. Both the partners will utilize and leverage each other’s strengths to cross sell Hyundai vehicles and the bank’s car loans and schemes.
Hyundai Motor India Ltd currently has 285 dealerships spread across 207 cities in India and is looking to increase its sales network strength to 320 dealerships by the end of the year.