Union Bank has signed a partnership with Toyota Lanka (Pvt) Ltd to offer vehicle leasing and loan facilities to Toyota customers, Hiru News reported.
Under the agreement, prospective Toyota buyers can access financing through Union Bank Leasing, with what the bank describes as low monthly rentals and repayment periods of up to seven years, alongside a range of value-added benefits.
Who signed
The Memorandum of Understanding was exchanged between Dilshan Rodrigo, Director/CEO of Union Bank, and Masaaki Kawabata, Chairman of Toyota Lanka.
Also present were Asanka Ranhotty, Chief Business Officer of Union Bank, and Manohara Atukorala, Managing Director/CEO of Toyota Lanka, together with other representatives of the two organisations.
The collaboration is aimed at making vehicle financing more accessible for Toyota customers while supporting the growth of what the parties call sustainable transportation.
Context
The agreement is one of several dealer-financing tie-ups announced in the Sri Lankan motor trade this quarter, as lenders compete for business following the reopening of vehicle imports. Toyota Lanka has announced arrangements with more than one financial institution in recent weeks; LankaNewz has not independently verified the terms of those earlier agreements, and readers should not assume the terms described here apply to them.
Not reported
Neither the interest rate nor the loan-to-value ratio on offer is disclosed, and no minimum or maximum facility size is given. The report does not say whether the arrangement covers commercial vehicles as well as passenger vehicles, whether it extends to used or reconditioned Toyotas, or when the facility becomes available to customers. No duration is given for the MoU.
