The country’s second largest automaker Hyundai Motor India on Monday entered into a Memorandum of Understanding with public sector lender Indian Bank for financing its range of cars in the country.

As per the agreement, a new entity “Indian Bank-Hyundai Finance” has been formed towards car loan business, which would be available through Hyundai Motor India dealers in the country, a company press release here said.

Hyundai Motor India Vice President (Finance and Corporate Affairs) R. Sethuraman exchanged documents with Indian Bank General Manager V.A. Somayajulu at a function held today, it said. The agreement is valid for a two year period.

All 1,700 branches of Indian Bank in India have been authorised for the loan arrangement under the “Indian Bank-Hyundai Finance” brand name, the release added.

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