NE BUSINESS BUREAU
MUMBAI, OCT 21
Bank of Baroda, India’s third largest public sector bank on Tuesday (October 20, 2020) signed a Memorandum of Understanding with Toyota Kirloskar Motor (TKM) to enable finance options for both – its customers and dealers – across the town and cities in India.
Following the tie-up, Bank of Baroda will be one of the preferred financiers for the entire range of vehicles sold by TKM. The new service facilitates customers to avail customised solutions such as high on-road funding of 90 per cent, long repayment period of 84 months, no prepayment or foreclosure charges. On the other hand, TKM dealers will benefit from the best Digitized Supply Chain Finance with competitive interest rates.
Sharing his thoughts on the alliance, Mr. Murali Ramaswami, Executive Director, Bank of Baroda, said, “We are delighted to be associated with one of the India’s valuable passenger car manufacturers. This alliance gives us an opportunity to penetrate deep into the relationship with automobile dealers and augmenting our Dealer Finance Portfolio through our branches spread across the country. Given the huge potential to cross-sell our other products to these dealers, we are hopeful that this agreement would give us mutual synergies by way of strengthening our presence in supply chain financing segments on one hand and increases market penetration for TKM on the other hand.
Talking about the MoU, Mr. Vikramaditya Singh Khichi, Executive Director, Bank of Baroda, said, “We are very pleased to sign a MoU with Toyota Kirloskar Motor Pvt Ltd for the Auto Loan Finance. This alliance augments our focus on Retail Auto Finance business and will give value to our Customers and Toyota’s customers. With our wide branch network of over 9000 branches, we will be able to finance customers across the country and further penetrate into Auto Loan market share. This relationship will further unleash the potential of both organizations and will augment our MSME segment with Dealer Finance Program and Retail segment with Auto Loan Finance.”
Commenting on the tie-up, Mr. Naveen Soni, Senior Vice President, Sales and Service, TKM, said, “The association is part of our efforts to enable new-age banking and finance solutions for a hassle-free and seamless experience for both our customers and dealers. Under our customer-first approach, we will continue to innovate and offer more options to our customers and dealers reflecting the prevailing needs and emerging market demand.
The MoU with Bank of Baroda comes at an opportune time for us, with our recent foray into the B-segment with new models like the all-new Toyota Urban Cruiser. We have also been witnessing good demand from both large and small cities and towns for the Toyota Glanza. Under the association, we will have access to their extensive network spread across the country including metros and Tier II and III cities and towns. They are an ideal partner for us and we are delighted and look forward to working closely with them to increase the reach of Toyota products to every nook and corner of India.”
TKM always strives to enhance the customer experience throughout the life cycle by launching timely and relevant schemes for easy finance, sale of old vehicles, service etc. This new association with Bank of Baroda will promote various finance options to customers and dealers at all the branches of the bank to help them with quick and easy access to loans, a release issued jointly by Bank of Baroda and TKM said.
