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Hyundai Motor India Ltd, the second largest car manufacturer and the largest passenger car exporter, in a bid to enhance finance option for its customers, signed a memorandum of Understanding (MOU) with Canara Bank, a major public sector bank in Bengaluru today. This partnership will prove helpful in augmenting the business at a time when the auto industry is facing a major slowdown.

With more than hundred years of its proud existence Canara Bank has a wide network of over 2700 branches and ATMs across the country. With its widely acclaimed customer centric approach it has built up a strong customer base of over 33 millions. This association with HMIL will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners.

Speaking on the occasion, Arvind Saxena, Sr. Vice President, Marketing & Sales, HMIL, said, “We are glad to partner with Canara Bank as we see it as value addition for our customers. In the current scenario, we consider it as a welcome move as there is a need for increased financing options and rationalized interest rates for the benefit of our customers. Canara Bank is known for its initiatives with its competitive products and the wide reach it has is sure to broaden the choice for customers seeking finance options. We on our part want to give our customers the best experience, not only while driving our cars, but also when buying them.”

The two partners will utilize and leverage each other`s strengths to cross sell Hyundai vehicles and the bank`s car loans and schemes. The bank will provide competitive interest rate and increased convenience and accessibility to their customers.

Hyundai Motor India Ltd, already enjoys a strong presence in both the metro and the mini-metro markets with a complete stable of products starting with compacts to premium luxury cars and SUV`s. Through this strategic tie-up with Canara Bank, the company seeks to further strengthen its position across all major markets and focus on a major retail expansion drive.

[Source: Hyundai]

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