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Central Bank ties with Hyundai for vehicle financing

By SiliconIndia   |   Tuesday, September 29, 2009
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Mumbai: Central Bank of India has signed an agreement with Hyundai Motor India (HMIL) to provide cheaper finance to the latter's clients. After the agreement, B N S Ratnakar, General Manager, Central Bank of India said, "This MoU (Memorandum of Understanding) with Hyundai Motor India will facilitate cheaper finance options for passenger vehicles. Given the vast network of the bank's branches and HMIL dealerships, the MOU will benefit both. The customer will also benefit by availability of financing facility at attractive rate of interests and schemes through bank's branches." To finance the auto loans, the Central Bank has come out with an attractive rate of interest of Benchmark Prime Lending Rate (BPLR) - two percent for purchase of vehicles with repayment up to 36 months and at the rate of BPLR- one percent in case of repayments beyond 36 months up to 84 months. This MoU is applicable for all vehicles of the Hyundai and is applicable all across India. This tie-up is a part of bank's commitment of increased flow of credit to auto sector, which has recently slowed down, following global slowdown. Speaking on the occasion, Arvind Saxena, Senior Vice President, Marketing and Sales, HMIL, said, "We are extremely pleased to partner with Central Bank of India, as it will add to the financing options for our products and give our customers more choice and competitive financing options." Currently, the bank has 3,541 branches and 218 extension counters pan-India, and this association may help both the partners to reach out to wider market base by making auto loans convenient and cheaper for prospective consumers.
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