Toyota Kirloskar Motor (TKM) has announced a significant partnership with Union Bank of India to offer innovative vehicle financing solutions, enhancing accessibility and affordability for customers across India. This collaboration introduces new financing schemes, providing up to 90% coverage on the on-road price of Toyota vehicles for private use, with no foreclosure or part-payment charges.
Under this partnership, customers can benefit from flexible financing options through the Union Vehicle Scheme, featuring tenures of up to 84 months and competitive interest rates starting at 8.80% per annum. The Union Parivahan Scheme caters to commercial vehicles with flexible tenures up to 60 months. Union Bank’s extensive network ensures widespread accessibility to these financing options nationwide.
Mr. Sabari Manohar, Vice President of Sales-Service-Used Car Business at TKM, highlighted the initiative’s goal to enhance customer experience by simplifying financing and extending support, especially to rural and semi-urban areas. Mr. Arun Kumar, General Manager at Union Bank, emphasized the bank’s commitment to streamlining the auto finance process, leveraging its robust digital infrastructure. The new schemes cover TKM’s full product line, including models like the Innova Hycross, Fortuner, and the Urban Cruiser Taisor. This partnership is expected to boost local sales and provide residents with enhanced vehicle financing options, potentially increasing Toyota’s market share in the region.
