Auto maker Toyota Kirloskar Motor today said it has tied up with Mahindra & Mahindra Financial Services to offer retail finance to its customers to purchase vehicles.
In a statement, the company said it has signed "a memorandum of understanding (MoU) with Mahindra & Mahindra Financial Services to extend auto retail finance to their prospective customers".
Mahindra & Mahindra Financial Services will be one of the preferred financiers for the entire range of vehicles sold by Toyota Kirloskar Motor (TKM), it added.
Commenting on the development, TKM Senior Vice President (Sales & Marketing) N Raja said: "Even though the overall auto market seems to be challenging at the moment, we have seen a surge for automobile loans in semi-urban and rural areas and we hope this new association of ours will help us reach out to more prospective customers."
This is the right time for the company to step up its efforts to reach out to more customers with better and easier finance options, he added.
"Our wide network of over 640 offices and customer presence in more than 1,50,000 villages across India gives us an edge in reaching out to the deepest parts of the country," said Mahindra & Mahindra Financial Services Vice President Operations Rajnish Agarwal.