Japanese auto maker, Toyota has announced the launch of its financial services in the country on Wednesday.
The services, which will be managed by a wholly-owned subsidiary of Toyota Financial Services Corporation Japan, have been launched with an initial investment of Rs 260 crore. Toyota Financial Services India (TFSI) will begin its operations in Delhi, NCR and Bangalore through the company's existing dealerships.
Toyota has plans to expand the service into other metro cities in the country within this fiscal year. India will be the 34th country in the world in which the company will offer financial services besides its auto products.
TFSI will focus on Toyota customers in India and will offer interest rates on loans comparable to the market, which is around 12-12.5 per cent. The company's financial services unit has around 17 million customers and employs around 8,400 people around the world.
TFSI Managing Director and CEO Kazuki Ogura said, "The aim is to reach to other metro cities within this fiscal." He also said that the company will increase investments in the financial services unit if it is required.