In a bid to enhance finance option for its customers Hyundai Motor India Ltd (HMIL) today said it has signed a memorandum of Understanding (MoU) with public sector Canara Bank.

''In the current scenario, we consider it as a welcome move as there is a need for increased financing options and rationalised interest rates for the benefit of our customers,'' said HMIL Senior Vice President (Marketing and Sales) Arvind Saxena.

This association will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners, Hyundai said in a statement. Canara Bank has a wide network of over 2,700 branches and ATMs across the country and has a customer base of over 33 millions.