Toyota Kirloskar Motor partners with Karnataka Bank to finance vehicles

Toyota Kirloskar Motor (TKM) on Monday said it has partnered with Karnataka Bank to finance its vehicles across cities and towns in India.

The company has signed a memorandum of understanding with Karnataka Bank, following which the bank will be one of the preferred financiers for the entire range of vehicles sold by TKM.

The finance options at competitive interest rates will be available to customers, including those covered under priority sector schemes, for purchasing Toyota vehicles for private and commercial use, TKM said in a statement.

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"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," TKM Vice President (VP), Strategic Business Unit R Venkatakrishnan said.

With this collaboration, he said, "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".

Karnataka Bank Managing Director and CEO Mahabaleshwara M S said this partnership will offer a quick and seamless experience of our digital car loan product to the customers, who are desiring to own 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," Mahabaleshwara added.