Karnataka Bank on Monday announced 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.
Under the collaborative initiative, Karnataka Bank becomes one of the preferred financiers for the vehicles sold by Toyota Kirloskar Motor in India. Customers can avail loans through the digital platform of the bank with a competitive interest rate linked to External Benchmark Lending Rate (EBLR) which will be updated on the Bank's website periodically and tenure of loan up to 84 months for purchasing Toyota Kirloskar Motor vehicles for both private and commercial use.
Mahabaleshwara M.S, MD& CEO of Karnataka Bank, said, "This is a collaborative effort of two great brands i.e, KBL and TKM to provide the best in class service to the customers. We are delighted to be collaborating with Toyota Kirloskar Motor and this partnership will offer quick and seamless experience of our digital car loan product to the customers, who are desiring to own world class products from Toyota Kirloskar Motor.
Toyota Kirloskar Motor is engaged in manufacture and marketing of diverse product range of high quality 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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