Toyota Kirloskar Motor (TKM) and Union Bank of India (UBI) have recently signed an important Memorandum of Understanding (MoU) aimed at providing vehicle financing solutions to customers. Under this new partnership, customers can get up to 90 per cent of the financing for the on-road price of any Toyota private-use vehicle. This financing solution will also provide waiver of foreclosure or partial payment charges.
Attractive finance terms
Under this partnership, customers can avail flexible tenure options of up to 7 years at an interest rate of 8.8 per cent per annum. For commercial vehicles, customers can opt for flexible tenures of up to 5 years. This facility will be especially beneficial for customers who are planning to finance for a long time.
Priority to customer experience
Toyota Kirloskar Motor Vice President, Sales-Service-Used Car Business, Sabari Manohar said that this partnership reflects our commitment to make vehicle financing simpler and more accessible. He said that our goal is to improve the customer experience and make the vehicle purchase process seamless and enjoyable.
Role of Union Bank of India
Arun Kumar, General Manager, of Union Bank of India said that through this partnership, financing solutions will be provided to a large customer chain across the country. He appreciated Union Bank’s strong presence and digital loan process, which will provide more convenience to customers in purchasing a new Toyota vehicle.
With this agreement, Toyota and Union Bank of India have taken an important step towards making the vehicle purchase process more customer-friendly, which will benefit more customers in the future.
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