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." Apart from this, Hyundai recently launched a mini SUV in the Indian market and named it 'Venue'.
The SUV has been one of the most successful launches of the year.
The new compact SUV has become the largest selling utility vehicle in India in August 2019 with 9,342 units sold, reported ETAuto.com.It is worth mentioning here that the SUV became the bestselling UV in the country consecutively for two months, as in July and August 2019 with 9,585 units and 9,342 units sold.
Cumulatively, Hyundai Venue has sold 36,005 units in the current fiscal. Hyundai Venue comes in both petrol and diesel engines with the petrol being offered with the dual clutch transmission.
The 1.0-litre, three-cylinder turbocharged petrol motor generates 118 bhp and 172 Nm of peak torque. It is mated to a dual-clutch transmission while a six-speed manual is also on offer. It comes in four trims - E, S, SX and SX(O).