TKM Partners with Union Bank of India to Offer Comprehensive Vehicle Financing Options

• Partnership to offer innovative financing solutions for customers nationwide
• Provides up to 90% financing on the on-road price of vehicles for private use

 Bangalore, 30 August 2024: In its continuous effort to enhance customer experience and streamline car ownership experience through innovative solutions, Toyota Kirloskar Motor (TKM) today announced the signing of a Memorandum of Understanding (MOU) with Union Bank of India to enable comprehensive and accessible vehicle financing solutions. The partnership aims to offer innovative and attractive solutions curated to meet the evolving needs of the customers and making Toyota vehicles more accessible than ever.

Key highlights of the partnership:

• Enhanced affordability and accessibility: The partnership will allow customers to enjoy up to 90% financing on the on-road price of any Toyota vehicles purchased for private use, exempting them from any foreclosure, or part-payment charges.
• Flexible Financing under Union Vehicle Scheme: The financing options under the Union Vehicle Scheme for private vehicle will aid customers to opt for flexible tenures up to 84 months with competitive interest rates starting from 8.80% per annum at present.
• Flexible Financing under Union Parivahan Scheme: The financing option under the Union Parivahan Scheme for commercial vehicle will aid customers to opt for flexible tenures up to 60 months with competitive rates.
• Broad Reach and Accessibility: Union Bank’s extensive network will provide all Toyota customers with easy access to financing options nationwide

Speaking about the new customer initiative, Mr. Sabari Manohar, Vice President, Sales-Service-Used Car Business of Toyota Kirloskar Motor, said, “We are delighted to partner with Union Bank of India for enhancing vehicle financing options across the nation. This collaboration signifies our dedication to providing exceptional customer experiences by simplifying and making vehicle financing more accessible. Our goal is to streamline financing options, offer seamless experiences, and provide timely support to make the vehicle purchase process enjoyable.

 As an organization dedicated to customer satisfaction, our primary focus is on meeting the dynamic needs of the market. We achieve this by continually introducing innovative products and services that enhance the ownership experience. Through the latest partnership, our aim is to broaden reach and extend support to more customers nationwide, particularly in rural and semi-urban areas, in their pursuit of owing a Toyota vehicle.”

 Speaking on the occasion, Mr. Arun Kumar, General Manager, Union Bank of India, said, “As one of the largest Public Sector Banks, we are delighted to partner with Toyota Kirloskar Motor. The MoU is surely a big step towards providing financing solutions to a vast array of customers, nationwide. Union Bank of India’s robust presence across India complements this partnership and we are confident that our digitized loan procedures will enable customers aspiring to purchase a new Toyota vehicle with utmost ease and convenience. Our commitment is to streamline the auto finance process, thereby enriching the customer experience in terms of both product and service.”

The newly launched schemes are applicable to TKM’s entire product line, including the Innova Hycross, Innova Crysta, Urban Cruiser Hyryder, Fortuner, Legender, Camry Hybrid, Vellfire, LC 300, Glanza, and Rumion. Additionally, the benefits extend to the newly launched Urban Cruiser Taisor. As the latest addition to TKM’s robust SUV lineup, the All-New Urban Cruiser Taisor upholds Toyota’s rich SUV legacy, offering a perfect blend of style, high performance, and fuel efficiency with a striking exterior design. The Urban Cruiser Taisor is available with three engine options: 1.0L Turbo, 1.2L Petrol, and E-CNG.

Over the years, TKM has strived to improve customer experience throughout the purchase & ownership cycle by implementing timely and relevant schemes such as easy financing options. In addition to the latest tie-up and a plethora of in-house financing solutions through Toyota Financial Services (TFS), Toyota over the years has also launched several other tailor-made services with serval other financing institutes to offer customers choices and convenience of financial solutions to meet their diverse needs. The offers go beyond purchase of just new vehicles to cover used cars as well as service packages thus creating overall positive buying and ownership experience of Toyota cars.

Additionally, in pursuit of its customer centric approach, the company recently launched its second Company Owned Toyota Used Car Outlet (TUCO).  Operating under the brand name of “Toyota U-Trust” in New Delhi.  These outlets aim at offering customers high-quality and safe used cars whilst ensuring convenience, transparency, and peace of mind during the process of buying as well as selling Toyota cars. In addition, TKM also has a reach of 683 customer touchpoints nationwide.