Ashok Leyland, flagship of the Hinduja Group, the second largest commercial vehicle manufacturer in India with their complete range of BS6 vehicles, signed a Memorandum of Understanding (MoU), with Bank of Baroda, India’s premium public sector bank, to enter into a strategic financing partnership for 3 years. This MoU will enable both Ashok Leyland and Bank of Baroda to offer customised financial solution to customers.
Under this partnership, Bank of Baroda will be able to provide end to end financial solutions to the customers of Ashok Leyland. The Bank will work towards catering to the customers’ needs through auto loans with easy monthly repayment plans best suited for the customers. Moreover, the bank will leverage technology for enhancing customer experience.
Commenting on the partnership, Mr. Gopal Mahadevan, Whole Time Director and CFO, Ashok Leyland, said, “Ashok Leyland is delighted to partner with Bank of Baroda that has over 45,000 touchpoints across 19 countries spread over 5 continents, and hence comes with good banking infrastructure that would help Ashok Leyland service its customers by offering customised solutions that cater to their needs. Ashok Leyland products come with differentiated technology that offer our customers best-in-class total cost of ownership, thereby providing profitability to their business. Ashok Leyland has embraced future-ready technology to offer digital platforms and services that are ahead of the curve, thereby living by its brand promise of ‘Aapki Jeet. Hamari Jeet’”.
Speaking on the tie-up, Mr. Dhrubashish Bhattacharya, Head-MSME New Business, Baroda Corporate Centre, Bank of Baroda, Mumbai said, “The Bank is having contemporary Commercial Vehicle product at very competitive pricing which can be made available within Best- in- Class TAT (Turnaround Time) to foster higher growth in Business volume for both the companies.”
Speaking on the partnership, Mr. S Rengarajan, Genaral Manager & Zonal Head, Chennai Zone, Bank of Baroda said, “This tie-up opens up multiple opportunities for both institutions. The bank will finance ALL’s customer for purchase of vehicles as well as provide any other financial services required by them.”
Ashok Leyland today offers a comprehensive range of trucks and buses catering to an entire gamut of day-to-day commercial vehicle needs – from intercity light commercial vehicle to 49-tonne long haul trucks and wide range of buses, to safe transport and driver-friendly choices. Ashok Leyland has pioneered technological innovations in the truck and bus segment, and is fully equipped with a range of buses powered by alternate fuels aimed at reducing pollution and promoting an eco-friendly transport system in India. The company has also developed a range of mobility solutions to meet the future transportation needs of the ‘Envisaged Smart Cities’. In addition, Ashok Leyland offers digital solutions to its customers that will address breakdown issues immediately, thereby minimising down time.