Toyota Teams Up with Union Bank to Make Car Financing Easier for Everyone
Toyota Teams Up with Union Bank to Make Car Financing Easier for Everyone
Toyota Kirloskar Motor (TKM) is teaming up with Union Bank of India to make car financing easier and more accessible for customers all over India. This new partnership aims to simplify the car-buying process, offering better financing options for those looking to own a Toyota. This collaboration is another step in Toyota's journey to enhance customer experience and make car ownership more straightforward.
One of the major perks of this partnership is the impressive financing option it brings to the table. Customers looking to buy a Toyota vehicle for private use can now get up to 90% financing on the car's on-road price. This means buyers will only need to come up with a small down payment, making it much easier to afford a new Toyota. On top of that, customers won’t have to worry about any extra charges for foreclosing or making part payments, making the whole process smoother.
The partnership comes with two key financing schemes designed to cater to different types of buyers: the Union Vehicle Scheme and the Union Parivahan Scheme.
The Union Vehicle Scheme is tailored for those looking to buy a car for personal use. Under this plan, customers can opt for loan tenures as long as 84 months, with competitive interest rates starting at 8.80% per annum. This flexibility allows customers to choose a repayment period that suits their financial situation, ensuring they don't feel burdened by high monthly payments.
For those interested in purchasing a Toyota vehicle for commercial use, the Union Parivahan Scheme is an excellent option. This scheme offers flexible repayment terms of up to 60 months, making it ideal for small businesses or individuals looking to use their vehicles for commercial purposes.
Union Bank of India's vast network across the country will play a crucial role in making these financing options accessible to as many people as possible. With branches in urban, semi-urban, and rural areas, customers everywhere can take advantage of these attractive financing options. The collaboration is particularly beneficial for those in rural and semi-urban areas who may have faced challenges in securing car loans in the past.
Expressing his excitement about the partnership, Mr. Sabari Manohar, Vice President of Sales-Service-Used Car Business at Toyota Kirloskar Motor, emphasized the company’s dedication to enhancing customer experiences. "We are delighted to partner with Union Bank of India for enhancing vehicle financing options across the nation," he said. He further added that Toyota is committed to streamlining financing options to provide a seamless and enjoyable car-buying experience for customers.
Mr. Arun Kumar, General Manager of Union Bank of India, also shared his enthusiasm for the collaboration. "As one of the largest Public Sector Banks, we are delighted to partner with Toyota Kirloskar Motor," he said. He highlighted that Union Bank's strong presence across the country, combined with its digitized loan processes, would make it easier for customers to finance their new Toyota vehicles.
The newly launched financing schemes apply to Toyota’s entire lineup, from popular models like the Innova Hycross, Innova Crysta, and Fortuner to the more compact Glanza and Rumion. The benefits also extend to Toyota's latest addition, the Urban Cruiser Taisor. This new model blends style, performance, and fuel efficiency, with three different engine options: 1.0L Turbo, 1.2L Petrol, and E-CNG. No matter the customer's preference, there's a Toyota model and a financing plan to match.
Toyota Kirloskar Motor has consistently focused on improving the customer experience throughout the car-buying and ownership journey. Beyond this recent tie-up with Union Bank, Toyota offers various financing solutions through its in-house Toyota Financial Services (TFS) and other partnerships with different financial institutions. These initiatives aim to provide customers with a wide range of choices and convenience when it comes to financing their vehicles. Toyota’s commitment goes beyond just selling new cars; they also provide solutions for used cars and service packages, ensuring a positive experience for all their customers.
Overall, The partnership between Toyota Kirloskar Motor and Union Bank of India marks a significant step towards making car ownership more accessible and affordable for Indian customers. By offering flexible financing options and up to 90% financing on the on-road price of vehicles, the collaboration is set to benefit a wide range of customers, from urban centers to rural areas. For those considering buying a Toyota, these new financing options provide a fantastic opportunity to make that dream a reality without financial strain.
Ultimately, this partnership showcases how businesses can come together to create better experiences for their customers, aligning their strengths to deliver value in a meaningful way. With Toyota and Union Bank working together, buying a car just became a whole lot easier.
Also Read: