Hyundai enters into tie-up with Bank of India

In a bid to enhance financing options for its customers, Hyundai Motor India ltd (HMIL) entered into Memorandum of Understanding (MOU) with Bank of India. The MOU will assist in giving a boost to auto sales at a time when the auto industry is facing a slowdown. Under the MOU, Bank of India, a major public sector bank today, will be financing prospective constituents to acquire Hyundai cars at a rate of interest of 10.25% for 3 years and concessional processing charges (Rs.1,000/- flat ).

The MOU was signed by Arvind Saxena, Sr VP, Marketing & Sales, Hyundai Motor India Ltd, and Nagesh Pydah, General Manager, Bank of India, Local Head Office, Chennai. Speaking 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. After signing of the MOU, Nagesh Pydah, General Manager, Local Head Office, Southern Zones, Bank of India said that for Bank of India 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.