It seems like all the major car makers in the country are tying up with one or the other banks so that they can sell their wares quite effectively in the country. Bucking this trend is Toyota Kirloskar Motor Pvt. Ltd which has signed a Memorandum of Understanding (MoU) with the State Bank of India to provide auto retail financing to their prospective customers.The State Bank of India will be one of the preferred financiers for the entire range of vehicles marketed by Toyota Kirloskar Motor Private Limited (TKM) in India.
The agreement was signed by Mr. Sandeep Singh, DMD of Toyota Kirloskar Motor Private Limited (TKM), and Mr. P. Nanda Kumaran, Chief General Manager, State Bank of India Personal Banking Business Unit in Mumbai in the presence of Mr. Anup Banerji, DMD & Group Executive (NBG) of SBI and Mr. H. Nakagawa, Managing Director of TKM. Among those present on the occasion were the officials of both SBI and Toyota Kirloskar Motor Private Limited (TKM).
The MOU aims at targeting high end customers who will be availing car loans from SBI above Rs. 5 lakh onwards. SBI has come out with a special scheme called SBI Advantage Car Loan Scheme for this niche segment.
This scheme is applicable to individuals – Salaried, Professionals, Self employed, Businessmen and Proprietary /Partnership firms, who are income tax assesses and whose income/net profit or gross taxable income is Rs.2.50 lakh and above. This scheme will be implemented in all RACPCs, all PBBs, all District Head Quarter Branches, Project area branches and Branches specially authorised by AGM (Region). Maximum loan amount will be 48 times of NMI or 4 times of NAI.
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