In a bid to meet the rising demand in the vehicle fianance market, Toyota Kirloskar Motor Pvt. Ltd (TKM) has signed a Memorandum of Understanding (MoU) with the UCO Bank,on Sept 15th 2010, to extend auto retail finance to their prospective customers. UCO Bank will be one of the preferred financiers for the entire range of vehicles sold by Toyota Kirloskar Motor Private Limited (TKM). The MOU was signed by Mr. S K Dey Purkayastha, General Manager, Retail Banking & Corporate Communication from UCO Bank and Mr. Sailesh Shetty, General Manager (Sales) from Toyota Kirloskar Motor.
The bank will become a preferred financier of Toyota Kirloskar Motor cars and will offer financing facilities to eligible customers. The tie-up will enable the bank to increase its car loan portfolio substantially, said Mr. Arun Kaul, Chairman and Managing Director,UCO Bank. “This tie-up will give us a platform from where different products of our bank can be marketed to the prospective buyers of Toyota Cars throughout the country. Thus, the bank’s retail portfolio as well as customer base can be increased” Mr. Kaul added. Under the agreement, both Toyota Kirloskar Motor dealers and the Bank branches will source Toyota Car loan business using their customer database.
Speaking on the occasion, Mr. Ajai Kumar, Executive Director, UCO Bank said “In order to increase the competitiveness of the Bank’s Car Loan Scheme the product has been modified and interest rate is lowered to make it more attractive in the market place”. Mr. N R Badrinarayanan, Executive Director also graced the occasion.
Speaking on the occasion, Mr. Sailesh Shetty, General Manager (Sales), Toyota Kirloskar Motor said, “We are pleased to announce this partnership with UCO Bank as our customers will greatly benefit with the competitive rates and convenient locations that UCO Bank provides its customers. It will be considerable value addition for our customers. With the market looking up this is the right time for us to step up our efforts to reach out to our customers with better and easier finance options.”