IDBI Bank, Toyota ink MoU for auto finance

MUMBAI: IDBI Bank and Toyota Kirloskar Motor Pvt Ltd (TKM) today signed a memorandum of understanding (MoU) for providing auto finance to the latter's prospective customers.

The MoU was signed by IDBI Deputy Managing Director O V Bundellu and TKM Deputy Managing Director Sandeep Singh, a release said here.

As per the pact, TKM and its dealer network would collaborate with IDBI for the purpose of `retail/wholesale activation' in order to facilitate vehicle business, the release said.

The MoU would facilitate prospective customers of TKM with vehicle finance at attractive terms, it said.

The loan facility for prospective TKM customers would be extended up to 7 years with maximum funding on 'on road price' and faster processing, the release said.