New Delhi: 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 Federal Bank to enter into a strategic financing partnership. This MoU will enable both Ashok Leyland and Federal Bank to offer customised financial solution to customers.
Under this partnership, Federal Bank 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 Federal Bank to offer customised financial solutions to its customers. This association will help Ashok Leyland gain an edge in the market. 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 partnership, Mr. Harsh Dugar, Group President, Federal Bank said, “In our bank, funding to commercial vehicles is offered through dedicated RMs and wide network of branches. We always try to offer customised solutions to the end user along with attractive commercials combined with better TAT matching the industry standards. With this partnership, we will be able to offer our financial solutions by leveraging the bank’s extensive physical and digital reach to the customers of Ashok Leyland and its dealers.”
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.