On Wednesday, May 30th, Toyota launched its financial services in India, investing Rs 260 crore.
Toyota Financial Services Corporation Executive Vice-President Eiji Hirano said “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”.
Toyota Financial Services India (TFSI) is a subsidiary of Toyota Financial Services Corporation Japan, and will begin its operations in Delhi, Bangalore and NCR using the existing dealerships there. Toyota also plans to expand its operations to other important cities in Japan this fiscal year.
India is the 34th country where Toyota launches this service, which will begin from June 5th. TFSI will focus only on Indian customers and will render interest rates on loans according to the market, around 12-12.5%. Currently TFS has about 17 million customers and 8,400 employees globally.
“The aim is to reach to other metro cities within this fiscal,” TFSI Managing Director and CEO Kazuki Ogura said, adding “if required the company could increase the investments here”.