You are here: Home » Banking News

Hyundai joins hands with IndusInd Bank for Car Loans

August 7, 2009‐ Hyderabad, India

Hyderabad August 07, 2009: IndusInd Bank a new-generation private sector bank, today entered into a Memorandum of Understanding (MOU) with Hyundai Motor India Ltd (HMIL), the second largest car manufacturer in the country, for facilitating car loan financing for its interested customers. The agreement was signed by S.V. Parthasarathy, Executive Vice-President (Consumer Finance Division) of IndusInd Bank and Arvind Saxena, Senior Vice President, Marketing & Sales, Hyundai Motor India Ltd.

IndusInd Bank Ltd is one of the new-generation private-sector banks in India which has a network of 180 branches, spread over 147 geographical locations in 28 states and union territories across the country. Apart from this it also operates through 484 distribution outlets. The Bank also has a Representative Office each in Dubai and London. This association with HMIL will help both the partners reach out to a wider market and make auto loans convenient and easy for prospective car owners. It will help in augmenting business at a time when the auto industry is facing a slowdown.

Announcing the tie up with Hyundai Motor India Ltd, Mr. S.V Parthasarathy, Executive Vice President (Consumer Finance Division) of IndusInd Bank said, "Capitalising on our extensive network coverage of urban, semi-urban and rural areas, we can now tap this set-up to benefit both the parties. While Hyundai will get access to new markets and customers, IndusInd Bank will be able to offer finance options for a wide spectrum of passenger cars through its branches. We will be positioning resource persons at all our branches for dealer coordination. This strategic alliance is a part of our expansion strategy in the consumer finance segment."

Commenting on this financing tie-up, Arvind Saxena, Senior Vice President, Marketing & Sales, HMIL, said, "We are glad to partner with IndusInd Bank, as through this tie-up we will be able to introduce multiple customer centric initiatives for the benefit of the customers. In the last six months we have extended our financing options through tie-ups with several nationalized banks with branches across the country. We are confident that through this tie-up, Hyundai can further leverage its strong product range with easy financing options for prospective customers across India."

About IndusInd Bank

IndusInd Bank Ltd. is one of the new-generation private-sector banks in India which commenced its operations in 1994. The Bank currently has a network of 180 branches, spread over 147 geographical locations in 28 states and union territories across the country. Apart from this it also operates through 484 distribution outlets (as on June 30, 2009). The Bank also has a Representative Office each in Dubai and London.

The Bank is driven by state-of-the-art technology since its inception. It has multi-lateral tie-ups with other banks providing access to more than 18,000 ATMs for its customers. It enjoys clearing bank status for both major Stock exchanges - BSE and NSE - and three major commodity exchanges in the country - MCX, NCDEX, and NMCE. It also offers DP facilities for stock and commodity segments. The Bank has been bestowed with the mandate of being a Settlement Banker for tea auctions at Kolkata, Siliguri, Coonoor and Guhawati.

IndusInd Bank has been awarded the highest A1+ rating for its Certificates of Deposit by ICRA and the highest P1+ rating for its Fixed Deposits and Certificates of Deposit by CRISIL. In recent past, the Bank was awarded The Smart Workplace Award by Economic Times in association with Acer and Intel for enhancing the productivity of the employees through optimum use of resources as well as technology.

Visit us at

About HMIL

Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company, South Korea and is the second largest car manufacturer and the largest passenger car exporter from India. HMIL presently markets 54 variants of passenger cars across segments including the i20 CRDi and i20 Automatic variants. The Santro in the B segment, the Getz Prime, i10 and the Premium hatchback i20 in the B+ segment, the Accent and the Verna in the C segment, the Sonata in the E segment and the Tucson in the SUV segment.

Hyundai Motor India, continuing its tradition of being the fastest growing passenger car manufacturer, registering total sales of 489,328 vehicles in the calendar year (CY) 2008, an increase of 49.6 percent over CY 2007. In the domestic market it clocked a growth of 22.4 percent as compared to 2007 with 245,397 units, while overseas sales grew by 92.5 percent, with exports of 243,931 units.

HMIL's fully integrated state-of-the-art manufacturing plant near Chennai boasts of the most advanced production, quality and testing capabilities in the country. In continuation of its commitment to provide the Indian customer with global technology, HMIL commissioned its second plant in February 2008 which produces an additional 300,000 units per annum, raising HMIL's total production capacity to 600,000 units per annum.

HMIL has invested to expand capacity in line with its positioning as HMC's global export hub for compact cars. Apart from the expansion of production capacity, HMIL currently has 260 strong dealer network across India, which will be further bolstered in 2009.

In 2008, HMIL also successfully completed 10 glorious years of operations in India and to commemorate its achievements, initiated a unique trans-continental drive from Delhi to Paris in two of its hugely popular i10 Kappa cars. The drive created automobile history by completing a distance of 10,000km in just 17 days after which the i10s were showcased at the Paris Motor Show in October. In fact it was at the Paris Motor Show that HMIL first unveiled the Hyundai i20 and the car received a phenomenal response from the auto enthusiasts across the world. Hyundai Motor India also accomplished the landmark of producing the fastest 20th lakh cars in India in 2008.

Like 2008, the year 2007 had also been a significant year for Hyundai Motor India. It achieved a significant milestone by rolling out the fastest 400,000th export car. Hyundai exported to over 100 countries globally; even as it plans to continue its thrust in existing export markets, it is gearing up to step up its foray into new markets. 2007 also saw the launch of the i10 and yet another path-breaking record in its young journey by rolling out the fastest 1,500,000th car.

Hyundai's new model i10 made a clean sweep of all the 'Car of the Year 2008' awards from the leading automotive magazines and TV channels like BS Motoring, CNBC-TV18 AutoCar, NDTV Profit Car & Bike India and Overdrive magazine. The i10 was also the choice of the discerning automotive media of the country as they conferred the prestigious 'Indian Car of the Year' (ICOTY) award to the i10 as well.

The Santro and the Accent also received the 'TNS Voice of the Customer - 2008' award for the Premium Compact Car (Santro) and the Entry Mid size Car (Accent). In March 2008 it achieved yet another milestone by rolling out the fastest 500,000th export car. In 2007, the Hyundai Verna had also bagged some of the most prestigious awards starting with the Overdrive magazine's 'Car of the Year 2007', the 'Best Mid-size Car of the Year' award from NDTV Profit Car & Bike India, the 'Best Value for Money Car' from CNBC Autocar and 'Performance Car of the Year' from Business Standard Motoring.

Hyundai cars have been a favourite at all awards ceremonies and has won many awards. The Sonata Embera won the 'Executive Car of The Year 2006' award from Business Standard Motoring magazine and NDTV Profit Car & Bike India had declared the Tucson as the 'SUV of The Year 2006'.

Not only this, HMIL has also been awarded the benchmark ISO 14001 certification for its sustainable environment management practices.

Corporate website:

For more details on this release, contact: S N Pai, Executive Vice President, IndusInd Bank Ltd., +91 22 4221 7260 or Narayan Bhatt / Aarti, Adfactors PR Pvt. Ltd., +91 22 22813565

Bookmark and Share

Other top banking news


Search this site