Japanese automobile manufacturer Toyota has launched its financial services in India with planned initial investment of Rs 260 crore. The financial services will be offered by Toyota Financial Services India (TFSI) which is the Indian arm of Toyota Financial Services Corporation. The finance company will commence operations in the Delhi-NCR region and Bangalore from June 5, 2012 and will open offices in other metro cities by the end of the fiscal 2012-13.
According to Mr. Kazuki Ogura Managing Director and CEO TFSI, India will be the 34th country for the company to start operations. He added that the initial investment by the company will be Rs 260 crore. The company has plans to expand the operations in India once it establishes itself in the financial market with additional investment if required.
The company will cater exclusively to Toyota customers and the interest rates on loans provided will be around 12-12.5 percent. According to Mr. Hiroshi Nakagawa Managing Director Toyota Kirloskar Motor, the launch of financial services by the company is expected to enhance the Toyota brand in India.