The Indian auto market is still stricken with slumped market conditions and the auto manufacturers operating in India are really trying all the possible ways to sustain themselves in this hard time. The grieve condition of the auto market is a result of several factors bunched together. The unstable economics conditions, sky rocketing fuel prices as well as high interest rates on car loans are said to the devils acting against the potential car market of India.
The car manufacturers on the other hand are not leaving any stones unturned to emerge victorious against the slumped conditions of the Indian auto market. And as acquiring car loans in the first place, might be a problem for a lot of Indian consumers, Toyota Motors has joined hands with Mahindra & Mahindra to offer better solutions. In a bid to provide car finances to a more expansive range of Indian consumers the Japanese car major is said to become an ally to the Indian SUV master.
Toyota Motor works under the collaboration with Kirloskar in India and is known as the Toyota Kirloskar Motor in the Indian car market. To operate in India in a better way, the Japanese car maker has just formed a tie up with the Indian giant Mahindra & Mahindra Financial Services to provide auto loans to its customers to purchase the company’s cars.
In a statement, Toyota Kirloskar Motor has revealed that the company has signed “a memorandum of understanding” (MoU) with Mahindra & Mahindra Financial Services to avail auto retail finances to the potential customers of the company. The company also added that the Mahindra & Mahindra Financial Services will be one of the most ideal financiers when it comes to all the models offered in India by the Toyota Kirloskar Motor (TKM).
While speaking on the tie up of the two auto giants, the Senior Vice President, Sales & Marketing of Toyota Kirloskar Motor, N Raja said that even though the Indian auto market in general seems to be very challenging at the present moment, the company has been experiencing a surge for automobile loans specially in the semi-urban and rural areas and the company hopes that with the help of this new association with Mahindra & Mahindra Financial Services, the company will be successfully able to reach out to more potential customers. He also added, that as the time is hard it is more important for the company to reach out to as many customers as possible, and this is also the right time for the company increase its efforts to provide better and easier finance options to its customers.
On the other hand, the Vice President Operations of Mahindra & Mahindra Financial Services, Rajnish Agarwal said that the company’s wide network includes over 640 offices and its customer presence in more than 1,50,000 villages across India provides the company an advantage in reaching out to the remotest parts of India.
Thus, Mahindra & Mahindra Financial Services will also finance for Toyota cars apart from the cars of its own group.
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I am into the auto blogs field for quite a long time. Living my passion of reviewing cars.
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