Hyundai Motor ties-up with State Bank of Travancore for vehicle finance

Hyundai Motor India Ltd, the second largest car manufacturer and the largest passenger car exporter, has teamed up with State Bank of Travancore, a premier nationalised bank based in Thiruvananthapuram, Kerala. Hyundai Motor India signed an MOU with the bank today to facilitate easy auto loan disbursals for its customers. The agreement was signed in the presence of Sri Arvind Saxena, Sr. VP, Marketing & Sales, Hyundai Motor India Ltd and Sri A K Jagannathan, Managing Director, State Bank of Travancore.

The State Bank of Travancore boasts of a wide network of 726 branches and 460 ATM’s spanning 16 states of the country. This tie up with HMIL will help both the partners to reach out to wider market and make loans convenient and easy to finance.

Speaking on the occasion, Arvind Saxena, Sr. Vice President, HMIL, said, “We are extremely pleased to partner with State Bank of Travancore as we see it as value addition for our customers. Our expertise and the reach brought to the table by the State Bank of Travancore would provide the customer much easier and quicker credit facilities. This association is an attempt to ensure that we are able to reach out with more finance options with rationalized interest rates for the benefit of our customers.”

Hyundai Motor India Ltd already enjoys a great presence in both the urban and semi-urban markets with a wide array of product offerings. Through this strategic tie-up with State Bank of Travancore, the company seeks to further strengthen its position across deep rural markets and focus on a major retail expansion drive.

The two partners will utilize and leverage each other`s strengths to cross sell Hyundai vehicles and the bank`s car loans and schemes. HMIL also has strategic tie ups with Syndicate Bank, Bank of India, Punjab National bank, Canara Bank, Bank of Baroda and Corporation Bank.

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