Hyundai Motor India Ltd. (HMIL) has signed a Memorandum of Understanding (MoU) with Allahabad Bank. The MoU was signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Mr. Bibhas Kumar Srivastav, General Manager, Retail Banking, Allahabad Bank on behalf of their respective organizations.
Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, HMIL, said, "We are very happy to announce this partnership with Allahabad Bank. This partnership will provide our customers with competitive rates and convenient finance options at locations where the bank has branches. As we are rapidly increasing our sales network, this tie up will further help us to reach a wider base of customers, increase penetration in tier II & III cities in terms of our products and the finance options available."
As part of the agreement, both HMIL dealers and the bank will utilise their respective customer databases for growing their car loan business. The tie-up is extended to cover financing options by all the branches of the bank in India. Both the partners will utilize and leverage each other’s strengths to sell Hyundai vehicles along with the bank’s car loan products.
