Karnataka Bank announced Monday that it has signed a Memorandum of Understanding (MOU) with Toyota Kirloskar Motor Private Limited in a joint effort to introduce attractive financing options for its customers to purchase Toyota vehicles.
The partnership initiative makes Karnataka Bank one of the preferred financiers for the vehicles sold by Toyota Kirloskar Motor in India. Clients can avail loans through the bank’s digital platform with a competitive interest rate linked to External Benchmark Lending Rate (EBLR), which will be updated periodically on the bank’s website, and a term of up to 84 months for the purchase of Toyota Kirloskar Motor vehicles for both private and commercial use.
Mahabaleshwara MS, MD& CEO of Karnataka Bank, said: “This is a joint effort of two great brands namely KBL and TKM to provide the best service to the customers. We are excited to cooperate with Toyota Kirloskar Motor and this partnership will provide a fast and seamless experience of our digital car loan product to the customers who want to own world-class products from Toyota Kirloskar Motor.
Toyota Kirloskar Motor is engaged in manufacturing and marketing a diverse product range of high performance vehicles of various models and variants through their dealer network across the country
Karnataka Bank is a scheduled commercial bank.
Shares of Karantaka Bank ended 1.75% lower at Rs 64.70 on Monday.
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(This story has not been edited by Business Standard staff and is generated automatically from a syndicated feed.)
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