Toyota India Signs MoU with Karnataka Bank

• Published On: 7 December 2021
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Karnataka Bank will provide finance options at competitive interest rates to both private and commercial users

Toyota India has partnered with Karnataka Bank to offer easy finance options for buyers across a vast number of cities and towns in the country. The companies have signed a Memorandum of Understanding (MoU) for providing finance options at competitive interest rates to both private and commercial users. Karnataka Bank will be one of the preferred financiers for the entire range of vehicles sold by Toyota in India. The Japanese brand is looking to strengthen its presence in tier II & III towns through A & B segment cars.

Sharing his thoughts on the alliance, Mahabaleshwara M.S, Managing Director & CEO, Karnataka Bank, said, “This is a collaborative effort of two great brands, Karnataka Bank and Toyota Kirloskar Motor, to provide the best in class service to our customers. We are delighted to be collaborating with TKM and this partnership will offer quick and seamless experience of our digital car loan product to the customers, who are desiring to own world class products from TKM. Karnataka Bank offers car loans through our extensive branch network with an indigenously developed end to end digital platform for existing as well as new customers, enabled with simplified and faster processing capabilities. The partnership offers constant commitment towards providing best in class services to our customers as well as the potential buyers of Toyota Kirloskar Motor Vehicles.”

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Commenting on the tie-up, Mr. R Venkatakrishnan, Vice President (VP), Strategic Business Unit, TKM said, “TKM always strives to enhance & aid customer convenience by introducing timely and relevant schemes for easy finance options. This tie-up is one such endeavour,  enabled to establish new-age banking and finance solutions for a hassle-free and seamless buying experience for our customers. 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 rural markets. With this collaboration, we have focused on designing innovative schemes to suit the customer needs while also providing ease of finance. Along with our partner, Karnataka Bank, we hope to build on our respective strengths to create the best solutions for our customers”.

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