Hyundai Motor India has signed a MOU (Memorandum of Understanding) with Union Bank of India to offer hassle free car loans to its customers. Hyundai being country’s second largest car manufacturer and the largest passenger car exporter enjoys 20.4 market share in the Indian car industry and has recorded sales of 12,19,473 units in 2008.
The MOU was signed by senior vice president, marketing and sales HMIL Mr. Arvind Saxena and field general manager (Delhi) of UBI, Mr. AK Bansal. The agreement signifies that Union Bank of India is now the preferred financier for Hyundai Motors which will further benefit the large customer base of the bank in urban, semi-urban, and rural areas. Union Bank of India has 2,614 branches and 74 extension counters across the country.
Under the agreement, Union bank will provide a maximum loan of Rs 15 Lakh considering the minimum margin of 15 percent on road price. The repayment period will be maximum 72 months. The bank will process applications within two working days after receipt of a fully filled application form with relevant documents is received.
Addressing the press on this occasion, Mr Saxena said, ‘Hyundai was keen to expand its nationwide presence, particularly in the semi-urban and rural areas. We have the right products and network that will help us grow. We expect that bankers like the Union Bank of India provide personalized attention to our customers. This will help us penetrate deeper into the Indian car market.”