Toyota India launches 'tatkal loan' facility for customers

Japanese car maker Toyota India on Thursday launched a facility for fast tracking car loans to its customers within 30 minutes of their applying.

"The new service named 'Tatkal' loan enables our customers to get loan approval in 30 minutes of submitting the application," said the city-based Toyota Motor Corp (TMC) in a statement here.

TMC is a joint venture between global auto giant Toyota and the Pune-based Kirloskar Brothers.

With the financial arm touted to be a maiden industry initiative, the Toyota Financial Services India will use an automated system for speeding up the loan approval process.

Covering up to 85 per cent of a Toyota car's ex-showroom price, the Tatkal loan offer will take into account a customer's bank account and CIBIL credit score.

Toyota is extending the loan to any customer owning a house, with the intention to buy the car for personal use, and holding an identity card, bank statement, residence ownership proof and a photograph.

Offering the loan service to customers without personally being present, Toyota has opened the scheme on all its models to be availed remotely, as well as via tele-verification.

"With Tatkal loan service, we aim to make the car buying process simple, accessible and easy for all our customers. Submit the required documents and get a loan approved within 30 minutes," Toyota Financial Services Chief Executive Officer (CEO) Tomohei Matsushita said in the statement.