Hyundai Motors India Ltd. (HMIL) has signed a memorandum of understanding with public sector lender, United Bank of India as a step to facilitate its customers with better vehicle financing options.

The deal has been signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Mr. R. K. Mohanty- General Manager Retail Banking, HRD, Planning, Resources & Research.

United Bank of India (UBI) is one of the premier banks of the country. The Kolkata based bank has 1,558 branches and more than 300 ATMs across the country. The alliance between the two majors is expected to benefit them in leveraging each other's strengths and thus reach out to a bigger share of the market.

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."