"The new service named 'Tatkal' loan enables our customers to get loan approval in 30 minutes of submitting the application," said the city-based Toyota Motor Corp (TMC) in a statement here.
TMC is a joint venture between global auto giant Toyota and the Pune-based Kirloskar Brothers.
With the financial arm touted to be a maiden industry initiative, the Toyota Financial Services India will use an automated system for speeding up the loan approval process.
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.
Offering the loan service to 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.
( With inputs from IANS )