Toyota ropes in Karnataka Bank, Canara Bank for car loans

A file photo of Toyota vehicles in Bengaluru. | Photo Credit: The Hindu
Special Correspondent Bengaluru 07 December 2021 14:16 IST
Updated: 07 December 2021 14:28 IST

Canara Bank to waive off processing and documentation charges

Toyota Kirloskar Motor (TKM) has signed a Memorandum of Understanding (MoU) with Karnataka Bank for easy finance options for customers across a vast 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 finance options, at competitive interest rates, to general customers as well as those covered under priority sector schemes.


Mahabaleshwara M.S., Managing Director & CEO, Karnataka Bank, said, “This is a collaborative effort of two great brands – Karnataka Bank and Toyota Kirloskar Motor – to provide best-in-class service to our customers. This partnership will offer a quick and seamless experience to our customers. Our car loans are processed with the help of an indigenously developed digital platform to ensure customer convenience.”

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

Canara Bank too has entered into an MoU with TKM. The bank will offer finance options to purchase cars at a low rate of interest and longer repayment period with no processing and documentation charges.