Hyundai Motors India Ltd., the largest passenger car exporter and second biggest car producer has signed a Memorandum of Understanding (MoU) with Allahabad Bank with a view to facilitate easy finance facilities to its buyers. The MoU (Memorandum of Understanding) was signed by Mr. Bibhas Kumar Srivastav who is the General Manager in Retail Banking of Allahabad Bank and Mr. Arvind Saxena, the Director, of Marketing & Sales of Hyundai Motors India Ltd. Both individuals represented their individual organizations.

Allahabad bank is a famous banking firm in India with its head office located in Kolkata. It has 2,364 branches and over 200 ATMs all over the country. It provides stand out facilities to its customers ensuring best of all services. With the help of this contract, both the companies will get good leverage which will also strengthen their position in a wider market.

Pointing the important occasion, Mr. Arvind Saxena who is the Director of Marketing and Sales in HMIL showed a great pleasure in announcing their partnership with prestigious organization like Allahabad Bank. He said that with this partnership their customers will get competitive rates and convenient finance options in all locations where the branches of this bank is available. This MoU will also help the companies to increase their customer base in tier II & III cities.

As per the details of the contract, both the automobile dealer and the bank will try to increase their car loan business by utilising their respective customer databases. The facility will be provided by all branches of Allahabad bank in India,which will help both the companies to strengthen their base in market.

HMIL at present holds 307 dealers network along with 627 well established service points. These figures are expected to take a further hike in coming months. In the Indian portfolio, it holds 7 major models in different segments. Among A2 segment comes Hyundai Santro, Hyundai i10 and Hyundai i20, the A3 segment includes Hyundai Accent, Hyundai Verna Transform and the A5 segment has Hyundai Sonata Transform and it also has Hyundai Santa Fe for SUV segment.