Hyundai India inks deal with SBT for car loans

Just announcing to roll out the diesel variant of its premium hatchback “i20” by the end of the current year, Hyundai Motor India Ltd (HMIL) has inked strategic tie up deal with State Bank of Travancore, for car loans. The arm of South Korea’s Hyundai Motor Company – Hyundai Motor India on Tuesday signed the deal with State Bank of Travancore, for providing easy auto loans to Hyundai customers. The MoU was signed in the presence of the SVP, Marketing & Sales, Hyundai Motor India Ltd (HMIL), Arvind Saxena, and the Managing Director, State Bank of Travancore, A. K. Jagannathan. The State Bank of Travancore is the Thiruvananthapuram, Kerala based nationalised bank, with network of 726 branches and 460 ATM’s in 16 states of India. The deal with Hyundai Motor India will help the bank to expand its operations to wider markets. The HMIL has great presence in both the urban and semi-urban markets. With its deal with HMIL, the bank looks to strengthen its operations in deep rural markets. The HMIL aims to increase its market share in the Indian automobile market bay launching at lease two new products annually for next couple of years. The company is looking to jack up its market share to over 25 percent by 2012. The HMIL is already having strategic tie ups with Syndicate Bank, Bank of India, Punjab National bank, Canara Bank, Bank of Baroda, and Corporation Bank.

The HMIL recorded surge in its cumulative sales in April, 2009. The company’s domestic sales surged marginally by 3.5%, while its exports showed the growth of 19.6 %. The cumulative sales of the company surged 10.9%. The company sold 44,371 units in April, 2009, against 40,000 units in April, 2008. In the domestic market, the company sold 22,247 units in April, 2009, 21,501 units in April, 2008. The company exported 22,124 units in April, 2009, against 18,499 units in April, 2008. Segment-wise, in April, the company sold 41,258 units from A2 Segment (Santro, i10, Getz & i20), 3,073 units from A3 Segment (Accent & Verna), 34 units from A5 Segment (Sonata Transform), and 6 units from SUV Segment (Tucson).

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