Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter, has signed an Memorandum of Understanding with Union Bank of India (UBI), a premier nationalised bank, to assist customers in financing auto loans. The MoU was signed by A.K. Bansal, Field General Manager, (Delhi), Union Bank of India and Arvind Saxena, Sr. Vice President, Marketing & Sales, Hyundai Motor India Ltd. According to the MoU, HMIL will help both the partners to reach out to wider market and make loans convenient and easy to finance. The maximum loan offered by UBI per vehicle is Rs 15 lakh with minimum margin of 15 percent on road price and repayment upto 72 months. Union Bank will process customers requests within two working days after receipt of duly completed application forms with the necessary supporting documents. The automobile company also has strategic tie-ups with Syndicate Bank, Bank of India, Punjab National bank, Canara Bank, Bank of Baroda and Corporation Bank.
