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Hyundai Motor India Ltd (HMIL) on Wednesday said it has signed an agreement with Bank of Baroda to be the preferred financier for its dealers and consumers.
Under the agreement, the bank will provide detailed financing structure for both dealers and consumers, further enhancing its presence across network of Hyundai Motor India Ltd, the company said in a statement. Dealer financing will be done as per the bank’s existing product program of supply chain finance, it added.
“We are sure this alliance will benefit our dealer partners to manage their inventory funding requirements effectively,” HMIL MD & CEO SS Kim said.
Bank of Baroda MD & CEO P S Jayakumar said: “There is a huge potential available in the auto loan/dealer finance/commercial finance segment, we are hopeful that this agreement will help increase our market penetration.”
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