Toyota ropes to Karnataka Bank, Canara Bank for car loans

Toyota Kirloskar Motor (TKM) has signed a Memorandum of Understanding (MoU) with Karnataka Bank for easy financing options for customers in a large number of cities and towns in India.

Karnataka Bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The bank will offer financing options, at competitive interest rates, to general customers as well as those covered by priority sector schemes.

Mahabaleshwara MS, Managing Director and CEO of Karnataka Bank, said, “This is a collaborative effort between two great brands – Karnataka Bank and Toyota Kirloskar Motor – to provide best in class service to our customers. This partnership will provide a fast and seamless experience for our customers. Our car loans are processed using a locally developed digital platform to ensure customer convenience. »

R. Venkatakrishnan, Vice President (VP), Strategic Business Unit, TKM, said, “This combination will establish new era banking and financial solutions for a hassle-free and seamless shopping experience for our customers. Following our successful foray into the B-segment with products such as Glanza and Urban Cruiser, we are seeing strong demand from smaller cities and towns in addition to metros.

Canara Bank has also entered into a memorandum of understanding with TKM. The bank will provide financing options to purchase cars at a low interest rate and a longer repayment period without processing and documentation fees.

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