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Toyota Launches Facility For Fast Tracking Car Loans

Toyota India launches fast track loan facility for customers

Toyota India introduces a facility that allows its customers in fast tracking car loans. Pixabay

Japanese car maker Toyota has launched a facility for fast tracking car loans to its customers in India within 30 minutes of their applying.

“The new service named ‘Tatkal’ loan enables our customers to get loan approval in 30 minutes of submitting the application,” Toyota Financial Services India (TFSIN) said in a statement on Thursday.

Touted to be a maiden industry initiative, TFSIN will use an automated system for speeding up the loan approval process.

Toyota car loan
Toyota is extending the loan to any customer owning a house with the intention to buy the car for personal use. Pixabay

Covering up to 85 per cent of a Toyota car’s ex-showroom price, the Tatkal loan offer will take into account a customer’s bank account and CIBIL credit score.

Toyota is extending the loan to any customer owning a house with the intention to buy the car for personal use, and holding an identity card, bank statement, residence ownership proof and a photograph.

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Offering the loan service to its customers without personally being present, Toyota has opened the scheme on all its models to be availed remotely, as well as via tele-verification.

“With Tatkal loan service, we aim to make the car buying process simple, accessible and easy for all our customers. Submit the required documents and get a loan approved within 30 minutes,” Toyota Financial Services Chief Executive Officer (CEO) Tomohei Matsushita said in the statement.  (IANS)

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88% Indian Customers Use Mobile Devices For Online Payment

About 88% of consumers in India use their mobile phones for online payment

Online payment
About 88% of Indian consumers prefer to use their mobile phones for online payment. Pixabay

Around 88 per cent Indian consumers use mobile devices for online payment, according to a joint report by PayPal and IPSOS.

The report further said that bill payments and fashion are the key sectors where app purchases take place and over half the volume of online sales is made through in-app purchases. Around 51 per cent of online sales volume has been made via in-app purchases, it added.

“88 per cent of the surveyed Indians use a mobile device to make payments, way above the global average of 71 per cent,” the report said on Friday.

Online payment through mobiles
81 per cent of the merchants in India are optimised to accept online payments made through mobile. Pixabay

The report is part of a global survey carried out during 23 July and 25 August, 2019.

‘PayPal the IPSOS mCommerce Report’ also said that 81 per cent of the merchants in India are optimised to accept mobile payments to meet the growing demand and responding to consumer preferences, against the the global average of 63 per cent merchants.

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As per the report, social commerce adoption has been increasing in India with about 57 per cent of the consumers having made purchased through this channel in the past six months, with over half of them doing so weekly. (IANS)