Japanese car manufacturer Toyota has announced the official launch of the Toyota Financial Services India (TFSI) in the Indian market. It is a fully-owned subsidiary of Toyota Financial Services Corporation. The company has revealed that they plan to invest Rs. 260 Crores initially. As of now, this service will be available in Delhi and NCR; though it will be gradually expanded to the other metros within the current fiscal.
Kazuki Ogura, MD and CEO, TFSI, said: “We will start the retail business from June 5 through dealerships in Delhi, NCR and Bangalore. The initial investments for starting the financial services in Rs 260 crore”.
Services provided by TFSI, will be available exclusively to the Toyota customers. The rate of interest provided, will be comparable to the market. The initial rate of interest will be around 12 to 12.5 per cent.
Mr. Eiji Hirano, Executive Vice President, Toyota Financial Services Corporation, says: “Globally, we are not the least when it comes to interest rates. Yet, we have the best penetration rates in markets like US and China through our overall financial package”.
“India is a market full of opportunities…by 2015 it is estimated that the car market here will touch four million units (a year). It is the right time to enter India at this moment”, he also added.
The management of Toyota Kirloskar motors India is hopeful that launch of TFSI in India will help them enhance the Toyota brand even further. Globally, Toyota Financial Services has around 17 million customers with assets in the excess of $ 150 billion. It employs 8,400 people worldwide.
News Source: Economic Times