Hyundai enters into MoU with Indian Bank

The country’s second largest automaker Hyundai Motor India entered into a Memorandum of Understanding with public sector lender Indian Bank for financing its range of cars in the country.

As per the agreement,a new entity ‘Indian Bank-Hyundai Finance’ has been formed towards car loan business,which would be available through Hyundai Motor India dealers in the country,a company press release said.

Hyundai Motor India Vice President (Finance and Corporate Affairs) R Sethuraman exchanged documents with Indian Bank General Manager V A Somayajulu at a function held today,it said. The agreement is valid for a two year period.

All 1,700 branches of Indian Bank in India have been authorized for the loan arrangement under the ‘Indian Bank Hyundai Finance” brand name,the release added.