Toyota Financial Services launches 30-minute car loan approvals

TusharK · 21st November 2019, 17:08

Toyota Financial Services has launched a fast track car loan service called 'Tatkal Loan'.

Toyota Financial Services launches 30-minute car loan approvals-2018toyotayaris01.jpg

The service offers loan up to 85% of the vehicle's ex-showroom price. According to Toyota, once the necessary documents are submitted, customers can get the loan approved within 30 minutes. The loan process is completely automated and takes into consideration the customer's bank statement and CIBIL score.

Tatkal Loan service is available for all new and existing Toyota customers who own a house and are purchasing the vehicle for personal use. Customers are required to submit a photograph, ID proof, bank statement and residence ownership proof at the time of application.

This loan service is available for the Etios series, Glanza, Yaris and Innova.

Link to Team-BHP News

DieselAddikt · 21st November 2019, 17:34

What is the big deal here? All banks happily give loans if you have the necessary documents in place, right? Are they giving a 0% interest loan ? I don't see that mentioned anywhere. So how will it help a customer? OR, how does it lure customers into a Toyota showroom ? Am I missing something? The only thing I see it that if you have finalized a Glanza/Innova, you can go the showroom and get things done. But most dealers have agents from banks who do the same !!

TheHelix0202 · 21st November 2019, 20:13

Toyota's fighting a losing battle here. They should pull the plug on the Yaris, tbh.

Anyway, what are the Glanza's sales figures like? Anyone on the forums who's purchased one?

mrinalnanda · 21st November 2019, 23:14

The difference here is that the process and the time taken for loan processing is automated and quick.
Currently, if you have a bank account in HDFC Bank and want to take a loan from HDFC itself, it takes you at least 2 days for the bank to disburse the amount (based on experience).

What TFS is trying to solve is two things:
1. Eliminate bank documentation at the bank branch and/or trips to the bank to secure loan
2. Reduce take time of loan disbursement from 2 days to 30 minutes

How Toyota can leverage this? They can get customers to buy vehicles with the assurance in mind that their loan process is taken care of at the dealership, under one umbrella (i.e. Toyota), instead of having to deal with another stakeholder i.e. bank.
Had they got exciting vehicles, they could package this into a sweet deal especially in metro cities where people working in offices really won't want to spend hours or even a day in getting their loan documentation process sorted.

sandhyab · 21st November 2019, 23:30

Quote:

Originally Posted by TheHelix0202;4697370)

Anyway, what are the Glanza's sales figures like? Anyone on the forums who's purchased one?

They are doing pretty good, last i checked they are selling 2-3k units a month

GTO · 22nd November 2019, 14:14

Pretty cool, and something every bank should offer IMHO. After all, the CIBIL score & bank statement should be enough to tell you if the person is loan-worthy or not.

That said, I doubt anyone will select a loan company based on 30-minute approvals. We are Indians & will happily wait a week for another bank giving a 0.25% lower rate

.

21st November 2019, 17:08	#1
TusharK Senior - BHPian Join Date: Jul 2017 Location: Pune Posts: 6,266 Thanked: 55,817 Times	Toyota Financial Services launches 30-minute car loan approvals Toyota Financial Services has launched a fast track car loan service called 'Tatkal Loan'. The service offers loan up to 85% of the vehicle's ex-showroom price. According to Toyota, once the necessary documents are submitted, customers can get the loan approved within 30 minutes. The loan process is completely automated and takes into consideration the customer's bank statement and CIBIL score. Tatkal Loan service is available for all new and existing Toyota customers who own a house and are purchasing the vehicle for personal use. Customers are required to submit a photograph, ID proof, bank statement and residence ownership proof at the time of application. This loan service is available for the Etios series, Glanza, Yaris and Innova. Link to Team-BHP News
	(6) Thanks

21st November 2019, 17:34	#2
DieselAddikt BHPian Join Date: Sep 2009 Location: Harrisburg, PA Posts: 588 Thanked: 952 Times View My Garage	Re: Toyota Financial Services launches 30-minute car loan approvals What is the big deal here? All banks happily give loans if you have the necessary documents in place, right? Are they giving a 0% interest loan ? I don't see that mentioned anywhere. So how will it help a customer? OR, how does it lure customers into a Toyota showroom ? Am I missing something? The only thing I see it that if you have finalized a Glanza/Innova, you can go the showroom and get things done. But most dealers have agents from banks who do the same !!
	(8) Thanks

21st November 2019, 20:13	#3
TheHelix0202 BHPian Join Date: Sep 2019 Location: BLR Posts: 989 Thanked: 2,629 Times	Re: Toyota Financial Services launches 30-minute car loan approvals Toyota's fighting a losing battle here. They should pull the plug on the Yaris, tbh. Anyway, what are the Glanza's sales figures like? Anyone on the forums who's purchased one?
	() Thanks

21st November 2019, 23:14	#4
mrinalnanda Newbie Join Date: Jan 2019 Location: Pune Posts: 17 Thanked: 74 Times	Re: Toyota Financial Services launches 30-minute car loan approvals The difference here is that the process and the time taken for loan processing is automated and quick. Currently, if you have a bank account in HDFC Bank and want to take a loan from HDFC itself, it takes you at least 2 days for the bank to disburse the amount (based on experience). What TFS is trying to solve is two things: 1. Eliminate bank documentation at the bank branch and/or trips to the bank to secure loan 2. Reduce take time of loan disbursement from 2 days to 30 minutes How Toyota can leverage this? They can get customers to buy vehicles with the assurance in mind that their loan process is taken care of at the dealership, under one umbrella (i.e. Toyota), instead of having to deal with another stakeholder i.e. bank. Had they got exciting vehicles, they could package this into a sweet deal especially in metro cities where people working in offices really won't want to spend hours or even a day in getting their loan documentation process sorted.
	(1) Thanks

22nd November 2019, 14:14	#6
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 70,534 Thanked: 300,737 Times View My Garage	Re: Toyota Financial Services launches 30-minute car loan approvals Pretty cool, and something every bank should offer IMHO. After all, the CIBIL score & bank statement should be enough to tell you if the person is loan-worthy or not. That said, I doubt anyone will select a loan company based on 30-minute approvals. We are Indians & will happily wait a week for another bank giving a 0.25% lower rate .
	() Thanks