In its continuous effort to enhance customer experience and streamline car ownership experience through innovative solutions, Toyota Kirloskar Motor (TKM) recently signed a Memorandum of Understanding (MOU) with Union Bank of India to enable comprehensive and accessible vehicle financing solutions.
The partnership aims to offer innovative and attractive solutions curated to meet the customers’ evolving needs and make Toyota vehicles more accessible than ever.
Key highlights of the partnership
Enhanced affordability and accessibility: The partnership will allow customers to enjoy up to 90% financing on the on-road price of any Toyota vehicles purchased for private use, exempting them from any foreclosure, or part-payment charges.
Flexible Financing under Union Vehicle Scheme: The financing options under the Union Vehicle Scheme for private vehicles will aid customers to opt for flexible tenures up to 84 months with competitive interest rates starting from 8.80% per annum.
Flexible Financing under Union Parivahan Scheme: The financing option under the Union Parivahan Scheme for commercial vehicles will aid customers in opting for flexible tenures of up to 60 months with competitive rates.
Broad Reach and Accessibility: Union Bank’s extensive network will provide all Toyota customers with easy access to financing options nationwide
Speaking about the new customer initiative, Sabari Manohar, Vice President of sales-service- Used Car Business of Toyota Kirloskar Motor, said, “We are delighted to partner with Union Bank of India for enhancing vehicle financing options across the nation.
This collaboration signifies our dedication to providing exceptional customer experiences by simplifying and making vehicle financing more accessible. Our goal is to streamline financing options, offer seamless experiences, and provide timely support to make the vehicle purchase process enjoyable.
As an organization dedicated to customer satisfaction, our primary focus is on meeting the dynamic needs of the market. We achieve this by continually introducing innovative products and services that enhance the ownership experience. Through the latest partnership, we aim to broaden our reach and extend support to more customers nationwide, particularly in rural and semi-urban areas, in their pursuit of owing a Toyota vehicle.”
Speaking on the occasion, Arun Kumar, General Manager, Union Bank of India, said, “As one of the largest Public Sector Banks, we are delighted to partner with Toyota Kirloskar Motor. The MoU is surely a big step towards providing financing solutions to a vast array of customers, nationwide.
Union Bank of India’s robust presence across India complements this partnership and we are confident that our digitized loan procedures will enable customers aspiring to purchase a new Toyota vehicle with utmost ease and convenience. Our commitment is to streamline the auto finance process, thereby enriching the customer experience in terms of both product and service.”
