Toyota Kirloskar Motor (TKM) and Union Bank of India have announced a groundbreaking partnership that promises to revolutionize vehicle financing across India. This dynamic collaboration introduces up to 90% financing on the on-road price of Toyota vehicles for private use, removing traditional barriers such as foreclosure or part-payment charges.
The new financing initiatives, including the Union Vehicle Scheme and the Union Parivahan Scheme, are designed to enhance accessibility and affordability. The Union Vehicle Scheme offers flexible tenures up to 84 months with competitive interest rates starting at 8.80% per annum, while the Union Parivahan Scheme provides financing options for commercial vehicles with tenures up to 60 months. Union Bank’s extensive digital infrastructure will ensure that these solutions reach customers nationwide. This partnership is expected to significantly impact the local vehicle market by providing residents with more accessible financing options for Toyota’s popular models, such as the Innova Hycross and Fortuner. This move aligns with Sikkim’s growing demand for reliable and innovative mobility solutions.
Mr. Sabari Manohar, Vice President of Sales-Service-Used Car Business at TKM, emphasized the initiative’s role in enhancing customer experience through accessible financing. Union Bank’s General Manager, Mr. Arun Kumar, highlighted the bank’s commitment to using digital tools to simplify the auto finance process, marking a major step forward in vehicle ownership accessibility.
