Chennai, Dec 6: 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, Gopal Mahadevan, Whole Time Director and CFO, Ashok Leyland, said, “Ashok Leyland is delighted to partner with Bank of Barodathat 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 ‘AapkiJeet. HamariJeet”.

Speaking on the tie-up, 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.”