Hyundai Motor India Limited (HMIL) has tied up with Allahabad Bank for customer financing of its cars.
Bibhas Kumar Srivastav, General Manager of Allahabad Bank and Arvind Saxena, HMIL director signed the MoU. Arvind Saxena said that the partnership will provide Hyundai customers with competitive rates and convenient finance options at all Allahabad bank branches.
He added that as HMIL is rapidly increasing the sales network, the tie-up will further help Hyundai reach a wider base of customers and increase penetration in tier-II and tier-III cities in terms of product and finance options available. Allahabad Bank has 2,364 branches while HMIL has 307 dealers and 627 service stations across India.
Hyundai i10, i20 and Santro are among the top 10 largest-selling cars in the country. Other models include sedans namely; Accent, Verna Transform, luxury car Sonata Transform and SUV Hyundai Santa Fe.
Hyundai is the second-largest car maker in India in terms of volume. Hyundai has, within a short span of time, grabbed a significant market share from Maruti Suzuki. Hyundai’s first model launched in India during 1998, the ‘Santro’ is selling even now, clocking more than 6500 units every month. Hyundai launched the i10 in 2007 which became an instant hit and a very strong competitor.
Hyundai gave a minor facelift and launched the next generation i10 on September 23, 2010. The new i10’s sales stood at 14, 617 units in November 2010. In the premium hatchback segment too, Hyundai sold 7, 228 i20 cars as against its rivals Fiat Punto (699 units), Honda Jazz (330), Nissan Micra (1029) and Volkswagen Polo (1, 975).
With three best selling cars in the small car segment, Hyundai recently launched the premium SUV, Santa Fe on October 14, 2010. The car, which sells decently in the US markets, has now reached Indian shores as a direct import with price ranging from Rs. 20.95 lakhs – Rs. 22.95 lakhs (ex-showroom, Delhi).
Allahabad Bank has reported decent results for the quarter ended June 11 with 38% increase in NII at Rs. 1175.55 crore and 20% increase in Net Profit at Rs. 418.13 crore. Despite increase in the cost of funds, the bank has managed to improve NIM to 3.40% in quarter under review against 3.38% a quarter ago and 3.10% a year ago. However, drastic fall in trading profits by 79% and sharp increase in provisions on investments and bad debts has curtailed the growth in PBT to meager 3% at Rs. 569.95 crore. Thank to whooping 10.6% dip in the effective tax rate, Net Profit was up by modest 20% on y-o-y basis. Although the margins improved declining asset quality is a concern for the bank.
Allahabad Bank has increased base rate and BPLR by 25 bps each to 10.25% and 14.50% respectively w.e.f 15 July 11.
Allahabad Bank is going to recruit Specialist Officer – Senior Manager in all over India branches as per the rules and regulation given in the main notification. Allahabad Bank is a reputed Bank in India. We are giving there the main detail of the notification/advertisement so that you can see your eligibility criteria to apply for the posts. The detail which you required like qualification, age limit, no. of vacancies, procedure to apply is given below. You don’t need to read full notification. If you are not eligible for the posts/jobs/vacancies/recruitment, you can search the website or particular category for opening government jobs. If you have passed the eligibility criteria as per the main detail, you must see the main advertisement given by the Allahabad Bank to see the rules, regulation and law applicable in this regard. The main advertisement/notification no. can be seen at www.allahabadbank.in.
Selection procedure will be interview. Allahabad Bank follows the reservation rule as per as per Govt. Directives will be applicable. Besides, the following relaxations & Concessions would also be available to candidates belonging to SC/ST/OBC/PWD/XSM.
