Car Loan Deal

In this day and age with car loans and interest rates being what they are, many companies are trying to see how they might be able to team up together to increase profits for both. They work on dual marketing strategies and offer promotions that they might not have necessarily been able to offer on their own.

The latest pairing is UTI Bank with Hyundai Motor India Ltd. On Monday, UTI Bank announced that they would be working with the automobile company to offering auto loans to their customers.

The bank will benefit from the pairing as Hyundai Motor India Ltd is the country’s second largest carmaker, which means a lot of auto loans. They are going to piggyback off of the car company and their dealer network to market their auto loans. Meanwhile, Hyundai will be working on campaigns for the customers of the bank.

They are initially going to offer the deals in 25 different cities and then expand from there. They see themselves being able to offer it to 60 cities before the end of September. The bank is going to be offering discounted auto loans for Hyundai’s customers with longer terms. They are looking at a maximum term of 7 years to pay back the auto loan, and the minimum car loan they would give would be of Rs one Lakh.

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