Banking on Accessibility: New Schemes Promise Up to 90% Financing and Flexible Tenures
Bangalore – Toyota Kirloskar Motor (TKM) has taken a significant step towards enhancing vehicle accessibility in India by partnering with Union Bank of India to offer innovative and comprehensive vehicle financing options. This strategic alliance aims to make car ownership easier and more affordable for customers across the nation.
Under the new Memorandum of Understanding (MoU), customers can now avail of up to 90% financing on the on-road price of Toyota vehicles for private use, without worrying about foreclosure or part-payment charges. The partnership is designed to meet the diverse financial needs of customers, providing them with flexible and competitive financing options.
Key Features of the Partnership:
- Affordable Financing: Customers can secure up to 90% financing on their vehicle’s on-road price, making Toyota vehicles more accessible than ever.
- Flexible Tenure Options: Through the Union Vehicle Scheme, private vehicle buyers can enjoy financing tenures of up to 84 months, with interest rates starting at a competitive 8.80% per annum. The Union Parivahan Scheme offers up to 60 months of financing for commercial vehicles.
- Nationwide Accessibility: Leveraging Union Bank’s extensive network, customers across urban and rural India will find it easier to access these financing solutions.
Commenting on the collaboration, Sabari Manohar, Vice President of Sales-Service-Used Car Business at Toyota Kirloskar Motor, expressed enthusiasm about the partnership’s potential to simplify the car-buying process. “This collaboration underscores our commitment to delivering exceptional customer experiences by making vehicle financing more accessible. By expanding our reach, especially in rural and semi-urban areas, we hope to make the dream of owning a Toyota vehicle a reality for more people.”
Arun Kumar, General Manager at Union Bank of India, highlighted the bank’s role in this initiative: “As a leading public sector bank, we are excited to partner with Toyota Kirloskar Motor to provide streamlined and digitized loan processes. This partnership will empower customers with easier access to financing, making the purchase of a new Toyota vehicle smoother and more convenient.”
The financing options are available across TKM’s entire product lineup, including popular models such as the Innova Hycross, Fortuner, Camry Hybrid, and the newly launched Urban Cruiser Taisor. TKM’s ongoing efforts to enhance customer experience include not only these new financing schemes but also a variety of services through Toyota Financial Services and other financial institutions, catering to both new and used car buyers.
Additionally, TKM has recently expanded its Toyota Used Car Outlet (TUCO) network, offering high-quality, certified used vehicles under the “Toyota U-Trust” brand. With a strong focus on transparency and customer satisfaction, these outlets further bolster Toyota’s commitment to providing a seamless and trustworthy vehicle ownership experience.
Through this partnership, Toyota Kirloskar Motor and Union Bank of India are set to redefine vehicle financing, making it easier for customers to drive home their dream Toyota.
