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New Delhi, March 27

Hyundai Motor India Ltd on Wednesday signed a Memorandum of Understanding with Bank of India. According to the agreement, Bank of India will finance Hyundai cars at an interest rate of 10.25 per cent for 3 years. It will also offer a concession on processing charges of Rs 1,000. A company statement said the move will help both partners to reach out to a wider market. Bank of India has about 2,978 branches, including 26 overseas centres. “Considering the slowdown in t he auto industry, this association at this juncture is an effort to ensure that we are able to reach out with more finance options with rationalised interest rates for the benefit of our customers,” said Mr Arvind Saxena, Senior Vice-President (Sales and Marketing), Hyundai Motors India Ltd. —

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