Hyundai Ties Up with Corporation Bank for Auto Loans

author image Rishi
Saturday 28 March 2009, 00:00 AM

Hyundai Motors India Limited signed MoU with Corporation bank and Bank of India to enhance financing options for its cars. Under the MoU, Bank of India, a premier nationalized bank, will be financing prospective buyers to acquire Hyundai cars at an attractive rate of interest of 10.25% for 3 years and concessional processing charges (Rs.1,000/- flat).

On the other hand it also signed MoU with Corporation Bank for financing the purchase of the cars manufactured by HMIL. The bank’s general manager M P Kunju and HMIL senior vice president (Marketting and Sales) Arvind Saxena signed the MOU in Mangalore on March 25.

The tie-up provides for the additional facility of car loans for Hyundai customers, from Corporation Bank. The bank will be financing these cars under its ‘Corp Mobi’ scheme that offers attractive interest rates. All branches of the bank from across the country will be covered under this tie-up arrangement.

Hyundai Motor India Ltd (HMIL) is the second largest car manufacturer and the largest passenger car exporter in India. HMIL also achieved yet another key milestone in its decade old journey in India by clocking the fastest three lakh i10 sales since its launch on 31st October, 2007.

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