Toyota Kirloskar Motor (TKM) has announced the signing of Memorandums of Understanding (MoUs) with Bank of Baroda to enable finance options for both – its customers and dealers – across a vast number of cities and towns in India. Following the tie-up, Bank of Baroda will be one of the preferred financiers for the entire range of vehicles sold by TKM.
Commenting on the tie-up, Naveen Soni, Senior Vice President, Sales and Service, TKM, said, “The association is part of our efforts to enable new-age banking and finance solutions for a hassle-free and seamless experience for both our customers and dealers. The MoU with Bank of Baroda comes at an opportune time for us, with our recent foray into the B-segment with new models like the all-new Toyota Urban Cruiser. We have also been witnessing good demand from both large and small cities and towns for both Urban Cruiser and Glanza. Under the association, we will have access to their extensive network spread across the country including metros and Tier II and III cities and towns. They are an ideal partner for us and we are delighted and look forward to working closely with them to increase the reach of Toyota products to every nook and corner of India.”
The new service facilitates customers to avail customised solutions such as on-road funding of 90 per cent, long repayment period of 84 months, no prepayment or foreclosure charges. On the other hand, TKM dealers will benefit from the best Digitized Supply Chain Finance with competitive interest rates.