NEW DELHI: Carmaker Hyundai Motor India today said it has tied up with public sector lender UCO Bank for providing retail financing facilities to its customers.

"We are pleased to announce this partnership with UCO Bank as our customers will greatly benefit with competitive rates and convenient locations that UCO Bank provides its customers," Hyundai Motor India Ltd (HMIL) Director (Marketing and Sales) Arvind Saxena said.

"With the market looking up after the downturn in 2008-09, the company considers this as the right time to step up its efforts to reach out to the customers with better and easier finance options", he added.

The statement said the alliance will help both the partners to leverage their individual strengths and reach out to a wider market, making auto loans available for prospective car owners on user-friendly terms.

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

The carmaker currently has 285 dealerships while the lender has 2,151 branches across the country.