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 state-run Bank of Baroda for the purpose.

''Considering the slowdown in the auto industry, this association with Bank of Baroda at this juncture is an attempt to ensure that we are able to reach out with more finance options with rationalised interest rates for the benefit of our customers,'' said HMIL Senior VP (Marketing & Sales) Arvind Saxena.

This association with HMIL will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners and augment the business at a time when the auto industry is facing a slowdown, the car manufacturer said in a statement.

Bank of Baroda will be financing Hyundai cars at an attractive rate of interest. This tie up is extended to cover financing by all the branches of Bank of Baroda in India, it added.

The bank has over 2,900 branches and 1,179 ATMs across the country.

Prior to this, the company had also entered into similar understandings with other public sector banks such as Punjab National Bank and Syndicate Bank.