Toyota Kirloskar Motor (TKM) has unveiled a strategic partnership with Union Bank of India, aimed at offering groundbreaking vehicle financing solutions to customers across India. This new alliance provides up to 90% financing on the on-road price of Toyota vehicles for private use, without foreclosure or part-payment charges.
The collaboration features two key schemes: the Union Vehicle Scheme for private vehicles, offering flexible tenures up to 84 months with interest rates starting at 8.80% per annum, and the Union Parivahan Scheme for commercial vehicles, with tenures up to 60 months. Union Bank’s extensive branch network ensures easy access to these financing options nationwide. This partnership is set to significantly impact the market by providing residents with more accessible financing solutions for Toyota vehicles. This move is expected to enhance Toyota’s presence in the region, where demand for high-quality vehicles is on the rise.
Mr. Sabari Manohar, Vice President of Sales-Service-Used Car Business at TKM, emphasized the initiative’s role in improving customer experience by offering more accessible and flexible financing options. Union Bank’s General Manager, Mr. Arun Kumar, highlighted the bank’s commitment to streamlining the auto finance process, enhancing customer convenience.
