Toyota Kirloskar Motor on Friday said it has signed a memorandum of understanding (MoU) with Union Bank of India for providing vehicle financing solutions. Under the partnership, customers can get up to 90 percent financing on the on-road price of any Toyota vehicle purchased for private use, exempting them from any foreclosure, or part-payment charges, the company said in a statement.

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Besides, private vehicle customers can opt for flexible tenures of up to 7 years with interest rates starting from 8.8 percent per annum. At present, commercial vehicle customers can opt for flexible tenures of up to 5 years with competitive rates, it added. "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," Toyota Kirloskar Motor (TKM) Vice President, Sales-Service-Used Car Business, Sabari Manohar said. Union Bank of India General Manager Arun Kumar said the MoU with TKM is 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," he added.