Toyota Kirloskar Motor signs MoU with Indian Bank for auto loans

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Mr. Achal K Paul

15 July, 2010

Toyota Kirloskar Motor Pvt. Ltd (TKM) has signed a Memorandum of Understanding (MOU) with Indian Bank to extend auto retail finance to their prospective customers.

Toyota Kirloskar Motor Pvt. Ltd (TKM) has signed a Memorandum of Understanding (MOU) with Indian Bank to extend auto retail finance to their prospective customers. Indian Bank will be one of the preferred retails financiers for the entire range of vehicles sold by Toyota Kirloskar Motor Private Limited. Both Indian Bank and Toyota dealers will promote the schemes to provide various finance options to its customers through all branches of Indian Bank.

The Agreement was signed by Sailesh Shetty, General Manager, Sales, Toyota Kirloskar Motor Private Limited, and G N Hegde, General Manager and Circle Head, Indian Bank.

Indian Bank is the Premier South based Nationalised Bank serving the Nation with more than 1760 all CBS (Core Banking Software) Branches and received many Awards and Accolades for its performance. Indian Bank has become one stop financial Mart offering host of Products and Services. The MOU aims at targeting customers who will be availing car loans from Indian Bank.

TKM is a joint venture between Toyota Motor Corporation and the Kirloskar Group. TKM has invested nearly Rs.1500 crores in its plant at Bidadi, employing around 3900 people. The plant started production in December 1999 and has a capacity of producing 80,000 units annually. Toyota in India presently has 99 dealer outlets and will expand to 150 outlets by the end of 2010.

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