Bangalore, February 28, 2023: In its pursuit to enhance customer experience and enable easy ownership process, Toyota Kirloskar Motor (TKM) announced the signing of a Memorandum of Understanding (MOU) with Indian Bank, one of India’s leading nationalised banks, to offer exciting vehicle financing options to all.
The new tie-up will offer innovative solutions that match the evolving expectations of customers, with up to 90% on-road funding, with no processing fee, foreclosure, and part-payment charges. This development will now enable customers, especially in the rural and semi-urban markets, to access easier funding options to buy their favourite Toyota vehicle with ease. The tie-up that comes at a time when TKM is expanding its product portfolio with models like the Innova Hycross, Urban Cruiser Hyryder, New Innova Crysta and Hilux in addition to the existing models namely Fortuner and Legender, Toyota Glanza, Camry Hybrid and Vellfire, thus catering to customer requirements across the length and breadth of the country.
Elaborating on the tie-up, Mr. Atul Sood, Vice President, Sales and Strategic Marketing, Toyota Kirloskar Motor said, “We are delighted to join hands with Indian Bank in line with our commitment of providing an awesome Toyota experience to all our customers. The collaboration seeks to provide simpler financing options, hassle-free experience, and timely assistance to ensure a pleasant buying process. At TKM, our approach has always been to listen to the market needs and appropriately introduce products and services that offer an exceptional ownership experience to our customers. We believe that with this tie-up we will be able to further enhance our reach to all those customers who are keen to own a Toyota vehicle, while supporting them with financial value-added services.”
Speaking on the occasion Mr. Imran Amin Siddiqui, Executive Director, Retail Assets, Indian Bank said, “The association with Toyota Kirloskar Motor Private Limited will allow us to provide faster financing to a large number of our customers across the country. Indian Bank has a strong presence across the country. We are confident that our digital loan procedure, will provide customers who want to acquire a new Toyota vehicle for themselves and family, ease and comfort at its best. We are dedicated to make the auto finance process easier and provide an enhanced consumer experience both in terms of product and services.”
TKM always strives to improve customer experience throughout the purchase & ownership process by implementing timely and relevant schemes such as easy financing options. The company has always explored innovate tie-ups with leading financial institutes across the country. The offers go beyond purchase of just new vehicles to cover used cars as well as service packages thus creating an overall positive buying and ownership experience of Toyota cars.
Interested buyers can avail of the financing benefits across 567 TKM customer touchpoints across the country, coupled with 5700+ branches of Indian Bank.
Overview of TKM
|Equity participation||Toyota Motor Corporation (Japan) : 89%, Kirloskar Systems Limited (India) : 11%|
|Number of employees||Approx. 6,000|
|Land area||Approx. 432 acres (approx.1,700,000 m2)|
|Building area||74,000 m2|
|Total Installed Production capacity||Up to 3,10,000 units|
Overview of TKM 1st Plant:
|Established||October 1997 (start of production: December 1999)|
|Products||Innova HyCross , Innova Crysta , Fortuner manufactured in India.|
|Installed Production capacity||Up to 1,00,000 units|
Overview of TKM 2nd Plant:
|Start of Production||December 2010|
|Location||On the site of Toyota Kirloskar Motor Private Limited, Bidadi|
|Products||Toyota Camry Hybrid, Urban Cruiser Hyryder, Hilux|
|Installed Production capacity||Up to 2,10,000 units|