Union Bank and Hyundai Motors join hands for Car financing
India's leading public sector bank - Union Bank of India today entered into an agreement with Hyundai Motors for providing car financing to customers. A.K. Bansal, Field General Manager (Delhi), Union Bank and Arvind Saxena Sr. VP Marketing & Sales, Hyundai Motors signed the MoU.
The tie-up with Hyundai Motors confers the status of preferred financier for Hyundai vehicles which will benefit the large customer base of the bank in Urban and Rural areas. The bank would offer a maximum loan of Rs. 15 lakh per vehicle with a margin of 15 per cent. Customers will have a choice to repay the loan in 6 years.
AK Bansal said, "Union Bank of India has always been in fore front of serving the needs of the common man and excels in every area of banking. Union Bank of India has a large base of customers throughout the country. And with a network of 2614 branches and 74 extension counters it can cater the need of customers from every section of the society in a better manner."
"We have tied up with Hyundai Motors for providing car finance on easy terms. And this tie-up, prospective buyers of Hyundai vehicles will get preferred attention at our branches," he said.
Speaking on the occasion Mr. Saxena, Sr. VP (Marketing & Sales) Hyundai Motors said, "Hyundai is keen to expand its presence in rural and semi urban markets. We feel that car finance needs personalized focus and attention. We are confident that with partners like Union Bank we will win customers' confidence and achieve the greater penetration."
The bank said that it would process the papers for loan within two working days.
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