State-run, Syndicate Bank on Monday, February 2nd entered into an agreement with Hyundai Motor India Ltd (HMIL) to finance the latter's vehicles.

The memorandum of understanding (MoU) signed between the two entities state that the bank would increase the disbursement of car loans for Hyundai's vehicle and offer easy and cheaper auto loans to the customers. HMIL Senior Vice-President Arvind Saxena said, "The pact will accelerate car loan disbursals for Hyundai vehicles and also offer excellent auto loan schemes for our customers across India."

The tie-up with Syndicate Bank will facilitate Hyundai to get its vehicles financed through the 2,200 bank branches spread across the nation. Also both the partners are likely benefit in terms of broadening the market size.

Recently Oriental Bank of Commerce (OBC) has also signed a pact with Maruti Suzuki India Ltd. in order to publicize its loan scheme amongst the Maruti customers.