Toyota Kirloskar Motor (TKM) announced a partnership with ride-hailing app Uber to offer funding on Etios and Liva models for first time drivers operating on the platform for a limited period.
Through this partnership, Toyota's financial arm Toyota Financial Services India Ltd (TFSIN) will provide 90 percent on-road funding on Etios and Liva models for first time drivers, TKM said in a statement.
The 90 percent on-road funding scheme encompasses a complete package of vehicle cost, accessories, service packages, registration road tax and insurance, it added.
The scheme will be applicable till the end of this year (December 2016), the company said.
The scheme is being rolled out across all dealerships across the country.
TKM Director and Senior Vice President (Sales and Marketing) N Raja said, "This initiative is another step closer to changing the dynamics of mobility needs of an average Indian and we are glad to be part of it." Uber India President Amit Jain said Toyota vehicles are among the most popular cars on the Uber platform worldwide and the partnership will boost grassroots entrepreneurship in India.
The Indian ride-hailing market is burgeoning with growth in smartphone and internet users using ride-sharing services for daily commute. It is is expected to reach around USD 7 billion by 2020.
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