Chennai, Feb 28 (PTI) Public sector Indian Bank has inked a pact with automaker Toyota Kirloskar Motor to offer vehicle financial options to its customers, the bank said on Tuesday.

The tie-up would offer various initiatives including 90 per cent on-road funding with no processing fee, foreclosure and party payment charges to prospective customers.

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The development will now enable bank's customers, especially in the rural and semi-urban markets to buy their vehicles from Toyota Kirloskar Motor, the city-headquartered Indian Bank said in a statement here. "This is yet another step by Indian Bank to enhance banking experience of our customers. As a bank, with pan-India presence, especially in rural and semi-urban areas. This association will further boost our auto-financing segment," Indian Bank executive director Imran Amin Siddiqui said. "Digitization of loan procedures has significantly reduced the turn around time for retail loan. We are keen to provide our customers comfort and convenience, by aligning our products and services customer-centric," he said.

Toyota Kirloskar Motor Vice-President sales and strategic marketing, Atul Sood said, "we are delighted to join hands with Indian Bank in line with our commitment of providing an awesome Toyota experience to all our customers." The collaboration seeks to provide simpler financing options, hassle-free experience, and timely assistance to ensure a pleasant buying process, he said.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)