State-run, Punjab National Bank (PNB) has signed an agreement with Hyundai Motor India Ltd to offer auto loans to Hyundai's customers.

Under the Memorandum of Understanding (MoU), PNB will increase the disbursement of car loans and also give competitive auto loan schemes to the potential customers of Hyundai.

Punjab National Bank, CGM, RIS Sidhu said, "The two partners will utilize and leverage each other's extensive customer base to cross-sell Hyundai vehicles and the bank's car loans and schemes. The bank provides very competitive interest rate and increased convenience to our customers."

Commenting on tie-up, Arvind Saxena, Sr. V-P, HMIL, said, "In the current scenario, there is a need for increased financing options and rationalized interest rates for customers. The pact with PNB is sure to broaden the choice for customers seeking finance options."

The pact is expecting to help both the parties in widening their reach in the market and also make loans convenient and easy to finance.

The scheme will be available at all the 4,604 branches including 2,557 extension counters of PNB spread across the nation.

Recently even Syndicate Bank has signed a pact with Hyundai Motors.