Toyota Kirloskar Motor (TKM) and Union Bank of India have unveiled a groundbreaking partnership that leverages technology to revolutionize vehicle financing in India. This collaboration introduces up to 90% financing on the on-road price of Toyota vehicles for private use, with no foreclosure or part-payment charges, marking a significant leap in financial accessibility.
The partnership features the Union Vehicle Scheme and the Union Parivahan Scheme, both designed with innovative technology to enhance user experience. The Union Vehicle Scheme offers flexible tenures up to 84 months and competitive interest rates starting at 8.80% per annum, while the Union Parivahan Scheme caters to commercial vehicles with tenures up to 60 months. Union Bank’s extensive digital infrastructure ensures that these advanced financing solutions are easily accessible across the country. This technological advancement is poised to transform the vehicle market. Residents increasingly seek reliable transportation, these enhanced financing options will make Toyota vehicles more attainable, supporting the region’s growing demand for innovative mobility solutions.
Mr. Sabari Manohar, Vice President of Sales-Service-Used Car Business at TKM, emphasized the role of this partnership in utilizing technology to simplify and enhance the vehicle financing process. Mr. Arun Kumar, General Manager at Union Bank, highlighted how the bank’s digital capabilities will streamline the auto finance experience, making it more convenient and accessible for all customers.
