Toyota has launched financial services in India to provide loans to vehicle buyers at dealerships.

Toyota Financial Services India, established with an investment of INR2.6bn (US$46.3m), has set up headquarters in Bangalore and an operations office in New Delhi, Kyodo News reported.

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It will offer car purchasers financing at a lower rate than they can get at national and private banks.

”We are extremely happy to be in India,” Kazuki Ogura, the subsidiary’s managing director and CEO, said in a statement.

”The Indian automobile industry is destined to be one of the largest in the world. This calls for special attention to our customers to whom we will offer unique finance services,” he said.

The company is a wholly owned subsidiary of Nagoya-based Toyota Financial Services which has 33 overseas affiliates – 11 in the Asia-Pacific region including China – with 8,400 employees worldwide and assets of over $150bn.

Toyota began its international finance operations in 1982 in Australia and the United States.

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