Public lender, Bank of Baroda (BoB) has announced a tie-up with Hyundai Motor India (HMIL) for financing the automaker's vehicles.
As per the agreement, BoB will extend the finance facility to the potential buyers of Hyundai's vehicles. The service will be available at all the branches of the bank spread across the country.
HMIL said that the tie-up will help both the partners to reach out to wider market by cross selling Hyundai vehicles and the bank's car loans.
HMIL Senior Vice-President (Marketing and Sales) Arvind Saxena said, "Considering the slowdown in the auto industry, this association with BoB 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."
At the same time, Hyundai has also entered into an agreement with Corporation Bank to provide its customers an added facility of availing car loans from the bank.
Corporation Bank will finance Hyundai cars under Corp Mobi Scheme, which has attractive interest rates.
Hyundai Motors has been awarded ‘EXIM Achievement Award' for 2007-08 by the Tamil Chamber of Commerce for its excellent performance in the export-import category. Hyundai crossed the half million mark for exports in March 2008.