Japanese automaker Toyota Kirloskar Motor (TKM) on Thursday announced the signing of a Memorandum of Understanding (MoU) with IndusInd Bank to offer retail finance for its customers across all the states and the Union Territories of the country.
With this tie-up, IndusInd Bank became one of the preferred financiers for the complete range of vehicles sold by Toyota Kirloskar Motor in India, the company said in a press release.
The finance facility at competitive interest rates will be available to customers, including those covered under priority sector schemes, for purchasing Toyota vehicles for both private and commercial use.
As a preferred financer, IndusInd Bank will work closely with Toyota Kirloskar Motor and its dealer partners in locations where it has operations to provide attractive financing packages with customised options for the down payment, tenure, and rate of interest.
S V Parthasarathy, Head – Consumer Finance Division, IndusInd Bank, said, “With this partnership, we aim to reach new customers in Tier-I, II & III cities and towns with our huge network of over 2,000 branches across the country. At the same time, the collaboration will bring about a quick and seamless buying experience for our existing customers who are planning to own a Toyota.
T A Rajagoppalan, Executive Vice President, IndusInd Bank, said, “This partnership with Toyota Kirloskar Motor allows our customers seamless access to easy and affordable finance solutions that are built keeping their needs and preferences in mind. It also marks the beginning of an exciting phase in the relationship between IndusInd Bank and Toyota Kirloskar Motor towards serving customers together.”
V Wiseline Sigamani, Associate General Manager (AGM), Sales & Strategic Marketing, Toyota Kirloskar Motor, said, “Following our successful foray into the B-segment with products such as Glanza and Urban Cruiser, we are witnessing strong demand from smaller cities and towns in addition to the metros.”
“To meet the growing demand and improve the sales experience of our customers in both metros as well as smaller markets, we are looking to further expand the reach of Toyota products across the country with a sharp focus on the rural market. Given our partner, IndusInd Bank’s wide network, we hope to build on our respective strengths to create the best solutions for our customers,” he added.