UCO Bank has entered into a deal with Hyundai Motor India Ltd for vehicle financing.

In a declaration, Mr. S. K. Goel, chairman and managing director of UCO Bank, said, "This tie-up will give us a platform from where different products of our bank can be marketed to prospective buyers of Hyundai Motor India cars throughout the country. Thus the bank's retail portfolio as well as customer base can be increased."

Mr. Ajai Kumar, executive director of the bank, stated, "In order to increase the competitiveness of the bank's car loan scheme, the product has been modified and interest rate lowered to make it more attractive in the market place."

Under the pact, both Hyundai Motor India dealers and the bank divisions will source Hyundai Motor India car loan business utilizing their client record.

The deal is likely to cover up financing options by all the divisions of the bank in the country. (With Input from Agencies)