To increase finance options for its customers
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 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.
UBI, with its headquarters in Kolkata, has 1,558 branches and more than 300 ATMs across the country. It offers vast and varied services to ensure seamless banking for its customers. 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 United Bank of India as our customers will greatly benefit with the competitive rates and convenient locations that the bank provides. As we are rapidly increasing our sales network this tie up will further help us to reach our customers and increase our reach both in terms of our products and the finance option as well. We are confident that this effort will help us reach out to a wider consumer base with better and easier finance options.”
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.
HMIL currently has a 293 strong dealer network and 580 strong service points across India, which will see further expansion in 2010.
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About United Bank of India:
United Bank of India (UBI) is a premier public sector bank in India. Apart from the regular banking products and services, the bank offers the latest 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. In the financial year 2009-10, its business crossed the milestone figure of Rs. 1 lakh crore. The bank has also launched its IPO and has a representative office in Bangladesh.
About HMIL
Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company (HMC), South Korea and is the largest passenger car exporter and the second largest car manufacturer in India. HMIL presently markets 6 models of passenger cars across segments. The A2 segment includes the Santro, i10 and the i20, the A3 segment includes the Accent and the Verna Transform, the A5 segment includes the Sonata Transform.
HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai boasts of the most advanced production, quality and testing capabilities in the country. To cater to rising demand, HMIL commissioned its second plant in February 2008, which produces an additional 300,000 units per annum, raising HMIL’s total production capacity to 600,000 units per annum.
In continuation with its commitment to providing Indian customers with cutting-edge global technology, HMIL has set up a modern multi-million dollar research and development facility in the cyber city of Hyderabad. It aims to become a centre of excellence for automobile engineering and ensure quick turnaround time to changing consumer needs.
As HMC’s global export hub for compact cars, HMIL is the first automotive company in India to achieve the export of 10 lakh cars in just over a decade. HMIL currently exports cars to more than 110 countries across EU, Africa, Middle East, Latin America, Asia and Australia. It has been the number one exporter of passenger car of the country for the sixth year in a row. To support its growth and expansion plans, HMIL currently has a 290 strong dealer network and 580 strong service points across India, which will see further expansion in 2010.