Union Bank of India today has announced signing of Memorandum of Understanding (MoU) with Toyota Kirloskar Motor to enable comprehensive and accessible vehicle financing solutions. The MoU was executed today in the presence of dignitaries from Union Bank & Toyota Kirloskar. This partnership aims to offer innovative and attractive solutions curated to meet the evolving needs of the customers.
Key highlights of the partnership:
Enhanced affordability and accessibility: The partnership will allow customers to enjoy up to 90% financing on the on-road price of any Toyota vehicles purchased for private use, exempting them from any foreclosure or part-payment charges.
Flexible Financing under Union Vehicle Scheme & Union Parivahan Scheme:
The financing options under the Union Vehicle Scheme for private vehicle will aid customers to opt for flexible tenures up to 84 months with competitive interest rates starting from 8.80% per annum.
Financing options under the Union Parivahan Scheme for commercial vehicle will aid customers to opt for flexible tenures up to 60 months with competitive rates.
Broad Reach and Accessibility: Union Bank’s extensive network will provide all Toyota customers with easy access to financing options nationwide.
On the occasion of signing of MoU, Mr. Arun Kumar, General Manager, Union Bank of India, observed, “As one of the largest Public Sector Banks, we are delighted to partner with Toyota Kirloskar Motor Ltd. The MoU is surely a big step towards providing financing solutions to a vast array of customers, nationwide.
Union Bank of India's robust presence across India complements this partnership and we are confident that our digitized loan procedures will enable customers aspiring to purchase a new Toyota vehicle with utmost ease and convenience. Our commitment is to streamline the auto finance process, thereby enriching the customer experience in terms of both product and service.”
Speaking about the new customer initiative, Mr. Sabari Manohar, Vice President, Sales-Service-Used Car Business of Toyota Kirloskar Motor, said, "We are delighted to partner with Union Bank of India for enhancing vehicle financing options across the nation. This collaboration signifies our dedication to providing exceptional customer experience by simplifying and making vehicle financing more accessible.
Our goal is to streamline financing options, offer seamless experiences, and provide timely support to make the vehicle purchase process enjoyable.