Toyota Kirloskar Motor (TKM) on Friday announced that it has signed a Memorandum of Understanding (MoU) with Union Bank of India. Under this partnership, customers of Toyota vehicles will now be able to get financing of up to 90 percent of the on-road price, which will also eliminate foreclosure or part-payment charges.
What is special for customers?
For private vehicles: Customers will get a flexible tenure option of up to 7 years, and interest rates will start from 8.8 percent. For commercial vehicles: Customers will get a tenure option of up to 5 years, and it will be available at competitive rates.
Toyota and Union Bank respond
Sabari Manohar, Vice President, TKM said, “This partnership reflects our dedication to making vehicle financing simpler and more accessible to provide the best experience to our customers. Our aim is to simplify financing options to make the car buying experience as seamless and enjoyable as possible.”
Arun Kumar, General Manager, Union Bank of India, said, “This MoU with TKM is a big step towards providing financing solutions to customers across India. Union Bank’s strong presence and digital loan processes will make the process of purchasing a new Toyota vehicle even easier and convenient for customers.”
Latest Reads For Your.
I am from Bihar. I am proud of being from Bihar. I teach a lesson to fake news. I am a friend of the migrants. India is my everything. You can contact me on Instagram at @nyabihar and lov@gulfhindi.com.
More by Lov Singh