In a landmark move that signifies a new chapter in vehicle ownership, Toyota Kirloskar Motor (TKM) and Union Bank of India have announced a transformative partnership aimed at reshaping the landscape of vehicle financing. This collaboration introduces up to 90% financing on the on-road price of Toyota vehicles for private use, eliminating traditional barriers such as foreclosure or part-payment charges.
The future of mobility is being redefined with the launch of the Union Vehicle Scheme and the Union Parivahan Scheme. 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 caters to commercial vehicles with tenures extending up to 60 months. Union Bank’s robust digital network ensures that these financing solutions are readily available, marking a significant advancement in financial accessibility.
This innovative approach is set to revolutionize the vehicle market. As consumers increasingly seek modern and reliable transportation, these enhanced financing options will make Toyota’s advanced models, like the Innova Hycross and Fortuner, more attainable, aligning with the region’s evolving mobility needs. Mr. Sabari Manohar, Vice President of Sales-Service-Used Car Business at TKM, highlighted the partnership’s role in shaping the future of vehicle financing. Union Bank’s General Manager, Mr. Arun Kumar, emphasized the commitment to leveraging digital advancements to streamline the financing process, making vehicle ownership more accessible than ever before.
