7.12.2010 (UNI) Car manufacturer Hyundai Motor India Ltd (HMIL) today announced that it has signed a Memorandum of Understanding (MoU) with state-run Allahabad Bank to provide easier and convenient finance options for its customers.

This strategic alliance will help both the partners to leverage their individual strengths and reach out to a wider market and make auto loans available for prospective car buyers on easier terms, a company statement said.

'As we are rapidly increasing our sales network, this tie up will further help us to reach a wider base of customers, increase penetration in tier II & III cities in terms of our products and the finance options available,' said HMIL Director (Marketing & Sales) Arvind Saxena.

As part of the agreement, both HMIL dealers and the bank will utilise their respective customer databases for growing their car loan business, the statement said.

The tie-up is extended to cover financing options by all the branches of the bank in India, it added.

Both the partners will utilise and leverage each other's strengths to sell Hyundai vehicles along with the bank's car loan products, it said.

Allahabad Bank, with its headquarters in Kolkata, has 2,364 branches and more than 200 ATMs across the country. UNI