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Karnataka Bank partners with Toyota Kirloskar Motor Private Limited to extend retail vehicle finance support to its customers



Posted On : 2021-12-06 18:59:17( TIMEZONE : IST )

Karnataka Bank has signed a Memorandum of Understanding (MOU) with Toyota Kirloskar Motor Private Limited (TKM), India's leading automotive brand in a joint effort to introduce attractive financing options for its customers to purchase their favourite Toyota vehicles. Customers can now take advantage and benefits under this partnership to finance their future vehicle purchase available across all branches of Karnataka Bank, making vehicle buying quick, easy and affordable nationwide.

Under this collaborative initiative, Karnataka Bank becomes one of the preferred financiers for the vehicles sold by Toyota Kirloskar Motor in India. Customers can avail loans through the digital platform of the Bank with a competitive interest rate linked to External Benchmark Lending Rate (EBLR) which will be updated on the Bank's website periodically, industry best on-road pricing and tenure of loan up to 84 months for purchasing Toyota Kirloskar Motor vehicles for both private and commercial use.

As of present day, Toyota Kirloskar Motor is engaged in manufacture and marketing of diverse product range of high quality vehicles of various models and variants through their dealer network across the country.

Shri Mahabaleshwara M.S, Managing Director & CEO, Karnataka Bank, said, "This is a collaborative effort of two great brands i.e, KBL and TKM to provide the best in class service to the customers. We are delighted to be collaborating with Toyota Kirloskar Motor and this partnership will offer quick and seamless experience of our digital car loan product to the customers, who are desiring to own world class products from Toyota Kirloskar Motor. Karnataka Bank offers car loans through our extensive Branch network with an indigenously developed end to end digital platform for existing as well as new customers, enabled with simplified and faster processing capabilities. The benefits of our on-going special campaign KBL UTSA V are also offered to all customers who purchases Toyota Kirloskar Motor Vehicles during the campaign period. The partnership offers constant commitment towards providing best in class services to our customers as well as the potential buyers of Toyota Kirloskar Motor Vehicles."

Commenting on the tie-up, Shri. R Venkatakrishnan, Vice President (VP), Strategic Business Unit, TKM said, "TKM always strives to enhance & aid customer convenience by introducing timely and relevant schemes for easy finance options. This tie-up is one such endeavour, enabled to 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. To meet the growing demand and improve the sales experience of our customers in both Metros as well as smaller markets, we are looking to further expand the reach of Toyota products across the country with a sharp focus on rural markets. With this collaboration, we have focused on designing innovative schemes to suit the customer needs while also providing ease of finance. Along with our partner, Karnataka Bank, we hope to build on our respective strengths to create the best solutions for our customers. Over the years TKM has continued to stay true to its customer-first policy, by consistently coming up with resourceful finance schemes and packages. The partnership with Karnataka Bank will further add to this list of plans that are available to Toyota customers."

Present on the occasion are Shri. Mahabaleshwara M.S, Managing Director & CEO, Shri. Balachandra Y V, Chief Operating Officer, Shri. Gokuldas Pai, Chief Business Officer, Shri. Vinaya Bhat P J, General Manager, Credit Marketing and other Executives of Karnataka Bank and Shri. R Venkatakrishnan ,Vice President, Strategic Business Unit, Shri Simant Arun, DGM, Toyota Kirloskar Motor.

Shares of The Karnataka Bank Limited was last trading in BSE at Rs. 64.70 as compared to the previous close of Rs. 65.85. The total number of shares traded during the day was 100864 in over 1185 trades.

The stock hit an intraday high of Rs. 66.40 and intraday low of 64.40. The net turnover during the day was Rs. 6580124.00.

Source : Equity Bulls

Keywords

TheKarnatakaBankLimited INE614B01018 KTKBANK MOU ToyotaKirloskarMotor Financing