UCO Bank inks MoU with Hyundai Motor India

Kolkata, Mar 11 : In a bid to boost demand in the vehicle finance market, UCO Bank signed a Memorandum of Understanding (MoU) with Hyundai Motor India Limited for car financing, the bank's Chairman and Managing Director, S K Goel informed on Thursday.

The bank will become a preferred financier of Hyundai Motor India cars and will offer financing facilities to eligible customers. The tie-up will enable the bank to increase its car loan portfolio substantially, he said.

"This tie-up will give us a platform from where different products of our bank can be marketed to the prospective buyers throughout the country. Thus the bank's retail portfolio as well as customer base can be increased," Goel added.

Speaking on the occasion, Ajai Kumar, Executive Director, UCO Bank said, "In order to increase the competitiveness of the Bank's Car Loan Scheme the product has been modified and interest rate is lowered to make it more attractive in the market place."