Bank of Baroda ties up with Toyota Kirloskar Motor for auto finance

State-owned Bank of Baroda (BoB) on Tuesday announced a tie up with Toyota Kirloskar Motor (TKM) to enable finance options for the automaker's customers and dealers.

Following the pact, BoB will be one of the preferred financiers for the entire range of vehicles sold by TKM, the bank said in a statement.

The new service facilitates customers to avail customised solutions such as high on-road funding of 90 per cent, long repayment period of 84 months, no prepayment or foreclosure charges, it said.

Talking about the agreement, BoB Executive Director Vikramaditya Singh Khichi said this alliance augments our focus on retail auto finance business and will give value to our as well as Toyota's customers.

This relationship will augment MSME segment with dealer finance program and retail segment with auto loan finance and also provides an opportunity to cross-sell other bank products to these dealers, he said.