Hyundai Motor India Ltd (HMIL) on Thursday said it has collaborated with ALD Automotive India, a globally renowned automotive leasing and fleet management company, as part of its in its smart mobility solutions initiative.

The flexible leasing solutions will provide an attractive alternative to owning a car to salaried individuals, working professionals, small and medium enterprises, corporates and public sector, HMIL said.

Hyundai Leasing will be available across Delhi NCR, Mumbai, Chennai, Hyderabad and Bangalore in the first phase, it said.

The lease will be made available across the entire Hyundai product line-up at an attractive monthly lease rental. The benefits of leasing to the customers include no upfront cost, no financial risk, efficient tax management, easy up-gradation and no maintenance and insurance hassles, it said.

The leased vehicle will be available for a minimum period of two years going up to five years depending on the city and model selected.

SJ Ha, Executive Director, Sales & Marketing, Hyundai Motor India said, "Indian automotive industry is at the cusp of transformation. The vehicle leasing business is rapidly picking pace in India and offers great prospects." .

Currently car leasing business has a penetration of less than one per cent in India, in developed nations it is as high as up to 45 per cent. Hyundai has been expanding its mobility service solutions in major locations worldwide, he said.

Suvajit Karmakar, Chief Executive Officer & Whole-time Director, ALD Automotive India said, “I am confident that this association will make us explore newer product and service offerings and take car leasing to the next level in the Indian car market.”

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