UTI Bank to finance Hyundai vehicles

Chennai: UTI Bank Limited has tied up with Hyundai Motor India Ltd. (HMIL) to provide car finance to its customers. The bank will be utilising Hyundai''s extensive Dealer network and its service mark Hyundai Finance for marketing its car loans, while Hyundai will jointly conduct campaigns for customers of UTI Bank.

The Bank would initially offer the facility in 25 cities and hopes to extend the offering to 60 cities by end of September 2007.

The highlights of the financing scheme are:

Minimum loan amount Rs1 lakh
Minimum and maximum tenure 1 year and 7 years
Maximum loan to value 85 per cent