Toyota Kirloskar Motor (TKM) announced the signing of a Memorandum of Understanding (MOU) with Bajaj Finance Limited (BFL), Ltd., part of Bajaj Finserv Ltd., one of India’s leading and diversified financial services groups, to provide enhanced retail finance options that are specially designed to make the process of purchasing a Toyota vehicle more convenient and accessible to customers.
Bajaj Finance is a technology driven NBFC, offering a comprehensive suite of financial solutions and focused on enhancing customer experience digitally. The partnership with Bajaj Finance will provide customers with convenient and attractive financing options ultimately enhancing the overall ownership experience. BFL has also announced that it will commence its new 4-Wheeler Finance business from June 1, 2023, across 89 key locations in India as part of Phase 1. These locations cover approximately 70% of the overall auto industry sales.
Speaking on the occasion, Mr. Atul Sood – Vice President, Sales and Strategic Marketing, Toyota Kirloskar Motor said, “We are thrilled to partner with Bajaj Finance Limited to enhance retail financing options for our valued customers. True to Toyota’s brand ethos of “customer-first” approach, we continuously strive to provide convenience and exceptional ownership experience, and this collaboration is a testament to that commitment. By joining hands with BFL, we aim to reach a wider customer base, especially across Tier II and Tier III markets, boost retail sales. Together, we wish to ramp-up the retail financing landscape in the Indian Auto Industry and make the experience of owning a Toyota vehicle more accessible and rewarding for our customers.”
Elaborating on the tie-up, Mr. Siddhartha Bhatt, Chief Business Officer, Auto Finance, Bajaj Finance Limited, said “Our partnership with Toyota Kirloskar Motor opens up exciting opportunities to provide enhanced retail finance solutions to customers looking for their favourite Toyota models. This also marks our foray into new four-wheeler financing business, and we are honoured to launch services with a renowned and trusted brand like Toyota. Our digital-first approach, customized solutions and straight through processes will help us enrich customer experience. Together with Toyota Kirloskar Motor, we look forward to serving customers across the country and delivering superior experience.”
