Toyota Opens Finance Arm in India

Toyota Motor Co.'s finance unit will start offering loans next week to buyers of the carmaker's vehicles through dealerships in Bangalore and New Delhi, India.

Toyota plans to invest 2.6 billion rupees ($46 million) to launch Toyota Financial Services Corp.'s India business, which will expand to other big urban markets.

The Japanese carmaker sells vehicles in India through its Toyota Kirloskar Motor Pvt. Ltd. joint venture with India's Kirloskar Group. The venture's two plants near Bangalore build the Etios and Etios Livia subcompacts, Corolla compact, Innova MPV and Fortuner SUV. Toyota also imports Camry midsize sedans, Prius hybrids and Land Cruiser SUVs.