Toyota Kirloskar Motors (TKM) and Mahindra & Mahindra Financial Services have signed a Memorandum of Understanding with a view to extend financial assistance to customers. Mahindra & Mahindra Financial service Ltd. is now a preferred financier for Toyota Kirloskar Motor’s range of vehicles on sale in India
The auto retail finance MoU was signed by Sailesh Shetty, Vice President, Sales & Dealer Development, Toyota Kirloskar Motor, and Rajnish Agarwal – Vice President Operations, Mahindra & Mahindra Financial Services Limited. Vehicle sales in the Indian auto market have been rather slow of late, however, Toyota Kirloskar Motors reported 7% sales growth for march 2013. Passenger car sales here were numbered at 19,452 units in comparison to 18,220 units sold in March 2012. 1691 units were exported and contributed to the company’s total sales of 21,143 units in March 2013.
This non banking finance company extends loan services are handpicked for individuals so that payback isn’t tough on customers. The signing of the MoU showcases Mahindra’s and TKM’s plan to build a easy to access finance platform for interested buyers. The MoU gives an opportunity to customers pan India, including rural and semi rural areas to buy vehicles.
Rajnish Agarwal – Vice President Operations, Mahindra & Mahindra Financial Services said, “Our wide network of 640+ offices and customer presence in more than 1,50,000 villages across India, gives us an edge in reaching out to the deepest parts of the country. We have a customer centric approach and have developed loan products suitable for all profiles of customers. This ability also will create strong synergies.”
N. Raja, Senior Vice President, Sales & Marketing, Toyota Kirloskar Motor said, “We are pleased to announce this partnership with Mahindra & Mahindra Financial Services as our customers will greatly benefit with the competitive rates and convenient locations that Mahindra & Mahindra Financial Services is present in. Even though the overall auto market seems to be challenging at the moment, we have seen a surge for automobile loans in semi urban and rural areas and we hope this new association of ours will help us reach out to more prospective customers. This is the right time for us to step up our efforts to reach out to more customers with better and easier finance options.”