Toyota announced the launch of its financial services in the Indian market with plans to invest Rs 260 crore initially.
Toyota Financial Services India (TFSI), a wholly-owned subsidiary of Toyota Financial Services Corporation, will start operations in Delhi and NCR and will be gradually expanded to other metros within this financial year, said Kazuki Ogura, managing director and CEO, TFSI.
India will be the 34th country where TFS Corp will have operations. TFSI will focus only on Toyota customers in India and the company will provide interest rates on loans comparable to the market, which is 12-12.5 per cent.
Eiji Hirano, executive vice-president, TFS Corp, said, “Globally, we are not the least when it comes to interest rates. Yet, we have the best penetration rates in markets like US and China through our overall financial package.”
The service is expected to further push sales of Toyota cars in the country.
TFS has around 17 million customers around the world with assets in the excess of $150 billion. It employs 8,400 people worldwide.