In a bid to extend the reach of auto retail financing to people across the county, Indian private sector bank- Axis Bank has reportedly joined forces with leading automobile manufacturer- Hyundai Motor India.

As per reliable sources, the transaction aims at allowing Hyundai Motor India customers to attain car loan that would be approved directly through the company’s end-to-end online retail system “Click to Buy”.

In addition to the above, this agreement will also allow customers in both urban as well as rural areas to avail easy car financing, digitally in an effective manner. Today, the large-scale automobile loan industry is working towards technologically upgrading its offerings to meet changing consumer needs.

The efforts aim at providing consumers a single platform that provides services ranging from car research to online booking, online loan approval to closing all the formalities, and getting the car delivered to customer’s doorstep.

According to a statement by Mr. Sumit Bali, President and Head of Retail Lending and Payments, Axis Bank, the partnership will prove to be beneficial for customers, especially during the ongoing pandemic as it will offer customized finance products, digitally. He further added that, the bank is focusing on offering seamless digitization and providing consumers pre-approved loans directly.

For the record, ever since the launch of “Click to Buy” in June 2019, Hyundai Motors India Limited has received more than seven million visitors and witnessed nearly 47,000 registrations. As per a recent news, the stock price of Axis Bank Ltd. rose for a third straight session on January 5, 2020. The stock quotes at Rs 651, up by 4.21% on the National Stock Exchange.

Source Credit: https://www.moneycontrol.com/news/business/axis-bank-ties-up-with-hyundai-motor-india-for-auto-retail-financing-6310641.html