Hyundai Motor India Limited (HMIL) and Punjab National Bank (PNB) have entered into a joint venture to provide auto loans to those buying Hyundai vehicles. The agreement will provide twin benefits to potential car buyers – one, it will accelerate loan disbursals and two, it will make these loans available at competitive rates. PNB, the country’s second largest public sector bank, has 4,604 branches across the country and the tie up with the bank will help Hyundai reach out to a much wider customer base. According to a PNB official, the JV will benefit both the partners by cross selling Hyundai’s vehicles and PNB’s car loans and schemes.
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