PNB, Hyundai tie up for auto loans

NEW DELHI: Punjab National Bank, the second largest public sector bank in India, has entered into a pact with Hyundai Motor India Ltd for auto loans. The pact 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 PNB will help both the partners to reach out to wider market and make loans convenient and easy to finance, the company said in a release here.

RIS Sidhu, CGM, Punjab National Bank, said, "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. V-P, HMIL, said, "In the current scenario, there is a need for increased financing options and rationalized interest rates for customers. The pact with PNB is sure to broaden the choice for customers seeking finance options."