home > Hyundai Motor > news   Hyundai signs MOU with Indian Bank for Car Loans   4 Jan 2010 , New Delhi : Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter entered into Memorandum of Understanding (MOU) with Indian Bank, one of the oldest banks in India. The pact between the auto major and Indian Bank will give its customer more choices when it comes to car loan. The MOU was signed by Mr. R Sethuraman, Vice President, Finance & Corporate Affairs, Hyundai Motor India Ltd and Mr. V.A. Somayajulu, General Manager, Indian Bank on behalf of their respective organizations. With wide customer base of over 20 million and a dedicated workforce, the Indian Bank has always been known for its commitment to its customer. Today, apart from two overseas branches it has over 1,700 branches (all CBS) in India. With over 850 ATMS it has been the recipient of many awards like ‘Golden peacock National training Award,’ ‘Celent Model Award’ and others. Commenting on the financing tie-up, Mr Arvind Saxena, Director- Marketing & Sales, HMIL said, “We warmly welcome Indian Bank to the Hyundai family. With this tie-up we can now give our customer more options when it comes to car loans. Indian Bank is trusted by millions of people and we believe in what people trust the most. The year 2009 has been challenging for the auto industry, but at HMIL we have always welcomed the challenges in a positive manner. We are happy to start the year 2010 with such a great partnership.” Hyundai Motor India Ltd has a pan India presence with 286 dealerships and the tie-up with Indian Bank for car finance, will considerably increase the reach for the Indian bank as well as for Hyundai Motor India Ltd, as it will cater to current customers of Indian Bank as well as bring in new customers for both. Commenting on the MOU, Mr. M.S. Sundara Rajan, Chairman & MD, Indian Bank said, “Indian Bank has entered into Memorandum of Understanding with Hyundai Motor India Limited (HMIL) for financing customers desirous of buying Hyundai Range of Cars. Through this MOU, inked on 04.01.2010, Indian Bank has become one of the Preferred Financiers for HMIL customers. The tie-up helps buyers to look for financial arrangement simultaneously on choosing their favourite car from HMIL.” He added, “The large network of Indian Bank across the country will benefit buyers of HMIL Cars to avail finance through hassle free and quick processing.” About EEPC EEPC or The Engineering Export Promotion Council is an apex industry body set up by the Ministry of Commerce. EEPC awards which are over four decades old are one of the most respected export awards in the country. The awards are presented every year to corporate organisations that have shown outstanding achievements in the different categories. The ‘Large Enterprises’ category comprises of manufacturers with an export turnover of over Rs 150 crores. About HMIL Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company, South Korea and is the second largest car manufacturer and the largest passenger car exporter from India. HMIL presently markets 54 variants of passenger cars across segments. The Santro in the B segment, the Getz Prime, i10 and the Premium hatchback i20 in the B+ segment, the Accent and the Verna in the C segment, the Sonata in the E segment and the Tucson in the SUV segment. Hyundai Motor India, continuing its tradition of being the fastest growing passenger car manufacturer, registering total sales of 489,328 vehicles in the calendar year (CY) 2008, an increase of 49.6 percent over CY 2007. In the domestic market it clocked a growth of 22.4 percent as compared to 2007 with 245,397 units, while overseas sales grew by 92.5 percent, with exports of 243,931 units. HMIL`s fully integrated state-of-the-art manufacturing plant near Chennai boasts of the most advanced production, quality and testing capabilities in the country. In continuation of its commitment to provide the Indian customer with global technology, HMIL commissioned its second plant in February 2008 which produces an additional 300,000 units per annum, raising HMIL`s total production capacity to 600,000 units per annum. HMIL has invested to expand capacity in line with its positioning as HMC`s global export hub for compact cars. Apart from the expansion of production capacity, HMIL currently has 260 strong dealer network across India, which will be further bolstered in 2009. In 2008, HMIL also successfully completed 10 glorious years of operations in India and to commemorate its achievements, initiated a unique trans-continental drive from Delhi to Paris in two of its hugely popular i10 Kappa cars. The drive created automobile history by completing a distance of 10,000km in just 17 days after which the i10s were showcased at the Paris Motor Show in October. In fact it was at the Paris Motor Show that HMIL first unveiled the Hyundai i20 and the car received a phenomenal response from the auto enthusiasts across the world. Hyundai Motor India also accomplished the landmark of producing the fastest 20th lakh cars in India in 2008. Like 2008, the year 2007 had also been a significant year for Hyundai Motor India. It achieved a significant milestone by rolling out the fastest 400,000th export car. Hyundai exported to over 100 countries globally; even as it plans to continue its thrust in existing export markets, it is gearing up to step up its foray into new markets. 2007 also saw the launch of the i10 and yet another path-breaking record in its young journey by rolling out the fastest 1,500,000th car. Hyundai`s new model i10 made a clean sweep of all the `Car of the Year 2008` awards from the leading automotive magazines and TV channels like BS Motoring, CNBC-TV18 AutoCar, NDTV Profit Car & Bike India and Overdrive magazine. The i10 was also the choice of the discerning automotive media of the country as they conferred the prestigious `Indian Car of the Year` (ICOTY) award to the i10 as well. The Santro and the Accent also received the `TNS Voice of the Customer - 2008` award for the Premium Compact Car (Santro) and the Entry Mid size Car (Accent). In March 2008 it achieved yet another milestone by rolling out the fastest 500,000th export car. In 2007, the Hyundai Verna had also bagged some of the most prestigious awards starting with the Overdrive magazine`s `Car of the Year 2007`, the `Best Mid-size Car of the Year` award from NDTV Profit Car & Bike India, the `Best Value for Money Car` from CNBC Autocar and `Performance Car of the Year` from Business Standard Motoring. Hyundai cars have been a favorite at all awards ceremonies and has won many awards. The Sonata Embera won the `Executive Car of The Year 2006` award from Business Standard Motoring magazine and NDTV Profit Car & Bike India had declared the Tucson as the `SUV of The Year 2006`. Not only this, HMIL has also been awarded the benchmark ISO 14001 certification for its sustainable environment management practices. Corporate website: www.hyundai.co.in About Indian Bank Indian Bank established on 15th August 1907 as a part of the Swadeshi Movement, is one of the leading public sector banks in India. The Bank has a wide customer base of over 20 million and a dedicated workforce. The Bank always committed to rendering quality service to customers, enjoys good Brand Equity in the market.The Bank has over 1700 branches – all CBS - across the country and two overseas branches in Singapore and Colombo and a Foreign Currency Banking Unit at Colombo. The Bank offers a wide range of products and services including anywhere anytime banking, internet banking, mobile banking and telebanking. The Bank has over 850 ATMs.   home > Hyundai Motor > news     Legal Policy | Copyright © 2005-2006 The Information Company Private Limited. All rights reserved.