Toyota Kirloskar Motor and Union Bank forge partnership to revolutionize vehicle financing

Toyota Kirloskar Motor (TKM) has entered into a strategic partnership with Union Bank of India to offer innovative vehicle financing solutions, aiming to enhance accessibility and affordability for customers nationwide. This new collaboration provides up to 90% financing on the on-road price of Toyota vehicles for private use, with no foreclosure or part-payment charges.

The agreement introduces two main financing schemes: the Union Vehicle Scheme, which offers flexible tenures up to 84 months with interest rates starting at 8.80% per annum, and the Union Parivahan Scheme for commercial vehicles, featuring tenures up to 60 months. Union Bank’s extensive network will facilitate easy access to these financing options across the country. This partnership is poised to make a significant impact by improving financing accessibility for Toyota customers in the region. As demand for quality vehicles grows, the enhanced financing options are expected to bolster Toyota’s market presence and drive sales.

Mr. Sabari Manohar, Vice President of Sales-Service-Used Car Business at TKM, highlighted the collaboration’s focus on providing flexible and accessible financing solutions to improve the customer experience. Union Bank’s General Manager, Mr. Arun Kumar, emphasized the bank’s commitment to simplifying the auto finance process, ensuring greater convenience for customers.