Toyota Kirloskar Motor signs MoU with IndusInd Bank

After Hyundai’s recent tie-up with United Bank of India (UBI) to provide convenient financing options to its customers, it is now one of the first major players in the new-generation private banking sector IndusInd Bank Ltd. (IBL) that has signed a memorandum of understanding (MoU) with Toyota Kirloskar Motor Pvt. Ltd. (TKM) to extend its car finance to Toyota’s prospective customers. 

Following this auto maker-private bank tie-up, IBL will be one of the preferred financiers for the entire range of vehicles sold by Toyota Kirloskar Motor. Both IBL as well as Toyota dealers will then promote various financing options to their customers through all of branches/business outlets operated by IndusInd Bank.

Announcing the tie-up, Mr. Sumant Kathpalia, Head-Consumer Banking, IndusInd Bank said, “It is our endeavour to be a lead financier in the Automobile segment. This alliance strengthens our product mix, and is in line with our strategy to deliver value added products and service to our customers. This agreement will give us an opportunity to be on road for this mission.” Mr. S. V. Parthasarathy, Executive Vice President, Consumer Finance Division added that “Car finance is the key focus area of the Bank during the current year and this tie-up would be mutually beneficial in furthering this objective.” 

Winner of the prestigious ‘Technology Bank of the Year’ award in 2009, InduInd Bank presently has a 2.09 million customer base and its reach is spread over 700 locations covering tier 2 cities and semi-urban areas. The Bank has a vast network of 224 branches, over 500 business outlets and 533 ATMs spread across India.

Speaking on behalf of Toyota Kirloskar Motor, Mr. Sailesh Shetty, General Manager Sales, Toyota Kirloskar Motor said “In line with its growth, Toyota will continue with its aggressive expansion plan in India by adding to its existing network of dealerships across the country, and by tying up with banks to make car loans more accessible.”