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Mumbai June 25 UTI Bank has tied up with Hyundai Motor India Ltd to provide car finance to its customers. The bank plans to utilise Hyundai's extensive dealer network and its service mark Hyundai Finance for marketing its car loans, while Hyundai will jointly conduct campaigns for customers of UTI Bank, said a press release from the bank.

The minimum amount of loan is Rs one lakh and the minimum and maximum tenure of the loan will be for a period of one year and seven years, respectively, said the release. The maximum Loan To Value (LTV) stands at 85 per cent as per the LTV grid.

The eligible borrowers for the scheme are salaried, self-employed individuals, proprietorship concerns and partnership firms. The repayment can be done through the modes of post dated cheques, standing instructions for UTI Bank account holders or Electronic Clearing Systems, the release added.

Speaking on the occasion of the launch, Mr Arvind Saxena, Vice-President, Hyundai Motor, said: "We welcome UTI Bank to our family of financers and we see it as value addition for our customers. UTI Bank with its competitive products is sure to broaden the choice for customers seeking finance options."

The bank plans to roll out the service initially in 25 cities but hopes to extend it to 60 more by the end of September.

More Stories on : Consumer Finance | Private Banks | Cars

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