Money & Banking

Bank of Baroda ties up with Toyota Kirloskar Motor

Mumbai | Updated on October 20, 2020

Bank of Baroda (BoB) has entered into a tie-up with Toyota Kirloskar Motor (TKM), whereby the bank will be one of the preferred financiers for the entire range of vehicles sold by the latter.

India’s third-largest public sector bank, in a statement, said that under the tie-up, customers can avail customised solutions such as high on-road funding of 90 per cent, long repayment period of 84 months, no prepayment or foreclosure charges.

On the other hand, TKM dealers will benefit from ‘digitised supply chain finance’ with competitive interest rates.

Murali Ramaswami, Executive Director, BoB, said: “This alliance gives us an opportunity to penetrate deep into the relationship with automobile dealers and augment our dealer finance portfolio through our branches spread across the country.

“Given the huge potential to cross-sell our other products to these dealers, we are hopeful that this agreement would give us mutual synergies by way of strengthening our presence in supply chain financing segments on one hand and increased market penetration for TKM on the other hand.”

Vikramaditya Singh Khichi, Executive Director, BoB, said this alliance augments the bank’s focus on retail auto finance business, and will give value to the customers of the bank and TKM.

Published on October 20, 2020

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