Chennai: State-owned Indian Bank has inked a pact with automaker Toyota Kirloskar Motor to offer vehicle financial options to its customers, said the bank on Tuesday. The tie-up would offer various initiatives including, 90 percent on-road funding with no processing fee, foreclosure and party payment charges to prospective customers.

Collaboration will enable bank's customers to buy vehicles from Toyota

The development will now enable bank's customers, especially in the rural and semi-urban markets to buy their vehicles from Toyota Kirloskar Motor, said the Indian Bank in a statement. "This is yet another step by Indian Bank to enhance banking experience of our customers. As a bank, with pan-India presence, especially in rural and semi-urban areas. This association will further boost our auto-financing segment," said the bank's executive director Imran Amin Siddiqui.

'Digitisation of loan procedures reduced turnaround time'

"Digitisation of loan procedures has significantly reduced the turnaround time for retail loan. We are keen to provide our customers comfort and convenience, by aligning our products and services customer-centric," Siddiqui said.

Toyota Kirloskar Motor Vice-President sales and strategic marketing, Atul Sood said, "We are delighted to join hands with Indian Bank in line with our commitment of providing an awesome Toyota experience to all our customers." The collaboration seeks to provide simpler financing options, hassle-free experience, and timely assistance to ensure a pleasant buying process, he said.

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