Hyundai Signs MoU with UCO Bank for Vehicle Finance

Hyundai Motor India Ltd. (HMIL) has signed a Memorandum of Understanding (MoU) with UCO Bank. Under the agreement, both Hyundai Motor India dealers and the bank branches will source Hyundai Motor India car loan business using their customer database. The tie-up is extended to cover financing options by all the branches of the bank in India.

On the MoU Arvind Saxena, director, Marketing and Sales, HMIL, said, “We are pleased to announce this partnership with UCO Bank as our customers will greatly benefit with the competitive rates and convenient locations that UCO Bank provides its customers. It will be considerable value addition for our customers. With the market looking up this is the right time for us to step up our efforts to reach out to our customers with better and easier finance options.”

S K Goel, chairman and managing director, UCO Bank, commented, “The bank will become a preferred financier of Hyundai Motor India and will offer financing facilities to eligible customers. The tie-up will enable the bank to increase its car loan portfolio substantially.”