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Hyundai Signs MOU with Bank of India

By Motortrend India Staff   |   31 March,2009

Hyundai Motor India Ltd. signs a memorandum of understanding (MOU) with Bank of India to provide easy, quick, and hassle-free car loan to all its valued customers.

Under the signed partnership, the Bank of India will finance prospective Hyundai car buyers with an attractive rate of interest of 10.25% for 3 years and concessional processing charges of flat Rs 1,000. The alliance is signed by the Sr. VP, Marketing and Sales, Hyundai Motor India Ltd., Arvind Saxena and General Manager, Bank of India, Local Head Office, Chennai, Nagesh Pydah.

Bank of India has a business turnover of around Rs 310,000 Crore and is one of the best public sector banks with respect to profitability, growth, and sustainability. The bank has a huge network of over 2,978 branches including 26 overseas centers.

Commenting on the occasion, Arvind Saxena, said, "We are glad to partner with Bank of India as with its competitive products and wide reach we see it as value addition for our customers. Considering the slowdown in the auto industry, this association with Bank of India at this juncture is an effort to ensure that we are able to reach out with more finance options with rationalized interest rates for the benefit of our customers."

In addition, Nagesh Pydah from Bank of India, said, "This tie-up with HMIL offers a tremendous opportunity for both our respective organizations to proliferate our businesses and contribute widely to demand creation in a scenario which otherwise is witnessing a demand contraction. For Bank of India in particular it would result in addition to the customer base providing an opportunity to cross sell to them the other products of the bank as well. We are very bullish in the outcome of today's event."

This tie-up between Hyundai Motors and Hyundai Motors will utilize and leverage each other's strength and reach to cross sell both of their products.

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