Mumbai, Jan 6: Private sector lender Axis Bank on Wednesday said it has tied up with Korean car maker Hyundai Motor India for auto retail financing.

Axis Bank through this partnership will allow Hyundai Motor India Ltd (HMIL) customers to get auto loan sanctioned directly on the car maker's end-to-end online retail platform 'Click to Buy' (CTB), a release said.

This tie-up will enable customers based out of both urban and rural markets to avail car financing online in the most effective manner, the Bank said.

The auto loans industry is now looking at a paradigm shift in providing customers a unified native journey right from car research to online booking, online loan sanction to closing all formalities and getting the car delivered at their doorstep, it said.

"We are delighted to partner with Hyundai Motors and make online financing a quick and hassle-free process for all customers. In the current pandemic situation, this initiative will ensure that customised finance products are digitally available to all customers," said Sumit Bali, President and Head of Retail Lending and Payments at Axis Bank.

To reinforce its commitment towards seamless digitisation, the Bank has ensured that customers can now get pre-approved loans directly, he said.

"Our partnership with Axis Bank will initiate a new beginning for the customers with the lucrative and attractive online finance deals available on the platform," said W S Oh, Executive Director for Corporate Planning at Hyundai Motor India.

Since the launch of 'Click to Buy', in June last year, HMIL has received over seven million visitors and recorded over 47,000 registrations, he said.