Toyota Kirloskar Motor partners Karnataka Bank for vehicle financing options

Toyota Kirloskar Motor (TKM) on Monday announced that it has collaborated with Karnataka Bank to provide vehicle financing solutions to its customers across the country. Both the parties have signed a memorandum of understanding (MoU), following which the bank will act as one of the preferred financiers for the entire range of the carmaker's vehicles.

Karnataka Bank will provide finance options at competitive interest rates to TKM customers including those covered under priority sector schemes for purchasing both private and commercial use vehicles.

Through this partnership, customers will be offered a seamless experience of Karnataka Bank's digital car loan product. The digital product is claimed to be enabled with simplified and faster processing capabilities. "Karnataka Bank offers car loans through our extensive branch network with an indigenously developed end-to-end digital platform for existing as well as new customers," said the company's Managing Director and CEO, Mahabaleshwara M S.

With new financing option, Toyota Kirloskar Motor aims to increase the penetration of its vehicles in rural areas, alongside metro cities. "To meet the growing demand and improve the sales experience of our customers in both metros as well as smaller markets, we are looking to further expand the reach of Toyota products across the country with a sharp focus on rural markets," said TKM Vice President - Strategic Business Unit, R Venkatakrishnan.

By collaborating with the Karnataka Bank, TKM hopes that it can bring about ease off finance to its customers. “We have focused on designing innovative schemes to suit the customer needs while also providing ease of finance," Venkatakrishnan added. “Along with our partner, Karnataka Bank, we hope to build on our respective strengths to create the best solutions for our customers."