Toyota ropes at Karnataka Bank, Canara Bank for auto loans
Toyota Kirloskar Motor (TKM) has signed a memorandum of understanding with Karnataka Bank for easy financing options for customers in a large number of cities and towns in India.
Karnataka Bank will be one of the privileged financiers for the entire range of vehicles sold by TKM. The bank will offer financing options, at competitive interest rates, to general customers as well as to those covered by the plans of the priority sectors.
Mahabaleshwara MS, Managing Director and CEO of Karnataka Bank, said: “This is a collaborative effort of two major brands – Karnataka Bank and Toyota Kirloskar Motor – to provide the best service to our customers. This partnership will provide a fast and transparent experience for our customers. Our auto loans are processed using a locally developed digital platform to ensure customer convenience. “
R. Venkatakrishnan, Vice President (VP), Strategic Business Unit, TKM, said, “This combination will establish new era banking and financial solutions for a hassle-free and transparent shopping experience for our customers. Following our successful foray into the B segment with products such as Glanza and Urban Cruiser, we are seeing strong demand from smaller towns in addition to subways. “
Canara Bank has also entered into a memorandum of understanding with TKM. The bank will offer financing options to buy cars at a low interest rate and a longer repayment period without processing and documentation fees.