Hyundai Motor India has signed a Memorandum of Understanding (MoU) with Indian Bank. The agreement between the two will provide its customer more choices regarding car loans.

The MoU was signed by R.Sethuram, Vice President, Finance & Corporate affairs, Hyundai Motor India Ltd and V.A. Somayajulu, general manager, Indian Bank on behalf of their respective organizations.

Indian Bank has a wide customer base of 20 million and a dedicated workforce. It has always been known for its commitment to its customer. At present, the bank has a network of 1700 branches in India.

The bank has received many awards like ‘Golden Peacock National training Award', ‘Celent Model Award' and others.

On the tie-up, Arvind Saxena, Director-Marketing & Sales, HMIL said, "We warmly welcome Indian Bank to the Hyundai family. With this tie-up we can now give our customer more options when it comes to car loans. Indian Bank is trusted by millions of people and we believe in what people trust the most. The year 2009 has been challenging for the auto industry, but at HMIL we have always welcomed the challenges in a positive manner. We are happy to start the year 2010 with such a great partnership."

He further pointed out that HMIL had a pan India presence with 286 dealerships and the tie-up with the bank would considerably increase the reach for both the bank and HMIL.

Commenting on the tie-up, M.S. Sundara rajan, Chairman and MD, Indian Bank said, "Indian Bank has entered into Memorandum of Understanding with Hyundai Motor India Limited (HMIL) for financing customers desirous of buying Hyundai Range of Cars. Through this MOU, inked on 04.01.2010, Indian Bank has become one of the Preferred Financiers for HMIL customers. The tie-up helps buyers to look for financial arrangement simultaneously on choosing their favourite car from HMIL." He added, "The large network of Indian Bank across the country will benefit buyers of HMIL Cars to avail finance through hassle free and quick processing."