Hinduja Group flagship Ashok Leyland has signed a Memorandum of Understanding with the Bank of Baroda
to enter into a strategic financing partnership for three years. Accordingly, the vehicle maker and the bank will offer a customised financial solution to customers.
Under this partnership, the Bank of Baroda will be able to provide end-to-end financial solutions to the customers of Ashok Leyland. It will cater 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, a press release from Ashok Leyland said.
Gopal Mahadevan, Whole Time Director and CFO, Ashok Leyland, said Bank of Baroda has over 45,000 touchpoints across 19 countries spread over five 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. In addition, Ashok Leyland products come with differentiated technology that offers its customers a better total cost of ownership, thereby providing profitability to their business. He added that the company has embraced future-ready technology to provide digital platforms and services ahead of the curve.
Dhrubashish Bhattacharya, Head-MSME New Business, Bank of Baroda, said the bank has contemporary commercial vehicle products at competitive pricing that can be made available within the improved turnaround time to foster higher growth in Business volume for both companies.
Sharing his views, S Rengarajan, General Manager & Zonal Head, Chennai Zone, Bank of Baroda, said this tie-up opens up multiple opportunities for both institutions. The bank will finance Ashok Leyland’s customers for the purchase of vehicles and provide any other financial services required by them.