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Toyota Kirloskar Motor ties-up with UCO Bank to offer car loans in rural markets

With the help of this new partnership, TKM will be better able to provide clients in semi-urban and rural areas with value-added solutions
Toyota Kirloskar Motor ties-up with UCO Bank to offer car loans in rural markets
Toyota Kirloskar Motor ties-up with UCO Bank to offer car loans in rural markets

Toyota Kirloskar Motor (TKM) recently inked a memorandum of understanding (MoU) with India’s leading public sector bank, UCO Bank, as part of its ongoing efforts to strengthen the company’s customer-first attitude. This relationship will benefit customers from not only tier-1 markets but also from all states and union territories, with a larger focus on tier-2, tier-3 and rural areas. It is intended to provide ever more customers with access to Toyota’s products and services.

TKM has maintained a persistent focus on growing its footprint across India with a special focus on tier-2 and tier-3 markets through its push into the A&B-segment with new model launches including the Cool New Glanza, Urban Cruiser, and the recently launched Urban Cruiser Hyryder. With the help of this new partnership, TKM will be better able to provide clients in semi-urban and rural areas with value-added solutions. By doing this, the business is also guaranteeing that clients can easily access the whole lineup of vehicles offered by Toyota Kirloskar Motor in India.

Elaborating on the collaboration, Satya Ranjan Panda, General Manager, Marketing & Wealth Management Dept., UCO Bank said, “We are excited to collaborate with Toyota Kirloskar Motor as they are one of the leading car manufacturers. With this new partnership, we are confident in reaching out to our customer base in Tier 1, 2 & 3 cities and towns through our huge network of over 3,000 branches.”

SK Sankhyan, General Manager, Retail Banking Dept., UCO Bank, said, “We are sure the tie-up will result in a quick and seamless purchasing experience for our existing customers who plan to purchase a Toyota. It also marks the beginning of an exciting phase in the relationship between UCO Bank and Toyota Kirloskar Motor towards serving customers together.”

Speaking on the tie-up, Atul Sood, Associate Vice President, Sales and Strategic Marketing, Toyota Kirloskar Motor said, “With our successful foray into the A&B-segment, there is a great demand for Toyota vehicles in rural markets, and we are determined to meet the growing surge and improve the sales experience of our customers across the country. As a customer-centric company, we have always innovated to provide unique and attractive financial schemes and offers to our customers to ensure that they enjoy easy access to our world-class line-up of Toyota vehicles in India. UCO Bank’s wide network, and database utilisation will help us identify new customers and we hope to build on our individual strengths to create the best solutions for our esteemed customers, together.”

Read more: M&M partners with CSC Grameen eStore to deepen reach in rural markets

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