Kochi: Hyundai Motor India Ltd (HMIL) today signed a Preferred Financier Agreement with Federal Bank to enable dealers of Hyundai vehicles to avail of inventory funding services from any of the 1,200 plus branches of Federal Bank across India.
The MoU was signed by Prabhat Kumar Patney, Addl. General Manager, Federal Bank and B S Jeong, Director – Sales & Marketing, Hyundai Motor India at New Delhi last week. The tie-up will enable both HMIL and Federal Bank to leverage the inherent strengths of the two in terms of its footprint that is spread across the country.
Speaking on the occasion, Prabhat said, “We are happy to associate with a leading brand in automobile industry. Federal Bank is expanding its operations in Commercial Vehicle & Passenger vehicle financing. This arrangement with HMIL for funding the dealers will be one of several such initiatives. The Bank is coming out with an attractive package with liberal terms both in interest rate and other norms for HMIL Dealer to purchase the vehicles from Hyundai. The convergence of both the organisations will benefit customers a great deal.”
In his coments, Jeong said, “We are pleased to announce this partnership with Federal Bank as our channel partners will be greatly benefited with the services and competitive rates offered by the bank. This tie-up will further help us reach our customers and give them a value addition under ‘Experience Hyundai’ programme. We are confident that this effort will help support a wider consumer base, with better and easier finance options.”
Hemant Kumar Mahindru, Branch Head, Federal Bank, Rajouri Garden was also present on the occasion.
HMIL is a wholly owned subsidiary of South Korea based Hyundai Motor Company (HMC). HMIL is the largest passenger car exporter and the second largest car manufacturer in India. HMIL forms a critical part of HMC’s global export hub.
Kerala Biz News