Hyundai ties-up with Punjab National Bank for Auto Loans

Punjab National Bank (PNB), the second largest public sector bank in India, in yet another strategic move has signed an MOU with- the Hyundai Motor India (HMIL) the second largest car manufacturer and the largest passenger car exporter in India. The pact between the Punjab National Bank and auto major will accelerate car loan disbursals for Hyundai vehicles and also offer competitive auto loan schemes for Hyundai’s potential customers across India.

With 4,604 branches including extension counters across 2,557 centres spread over the far-ends of the country, the tie-up with Punjab National Bank will help both the partners to reach out to wider market and make loans convenient and easy to finance.

On the occasion RIS Sidhu, CGM, Punjab National Bank said, “We are very pleased to tie up with Hyundai Motor India. The two partners will utilize and leverage each other’s extensive customer base to cross-sell Hyundai vehicles and the bank’s car loans and schemes. The bank provides very competitive interest rate and increased convenience to our customers”.

Speaking on the occasion, Arvind Saxena, Sr. Vice President, HMIL, said, “We are glad to partner with Punjab National 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.

Punjab National Bank 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.”

Shri V.M Sharma, GM expressed that “Banks huge loyal customer base will benefit from this tie-up and give boost to Banks retail portfolio. Our bank is committed to provide good service to the customers with transparency.”

Hyundai Motor India, already enjoys a great 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 Punjab National Bank, the company seeks to further strengthen its position across all major markets and focus on a major retail expansion drive.

Source: Financial Express