Ashok Leyland inks pact with Bank of Baroda for vehicle financing, Auto News, ET Auto


Ashok Leyland currently 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.
Ashok Leyland currently 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.

New Delhi: Commercial vehicles major Ashok Leyland on Monday said it has tied up with public sector lender Bank of Baroda for vehicle finance. The company said it has signed a Memorandum of Understanding (MoU) with Bank of Baroda to enter into a strategic financing partnership for a period of three years. Under this partnership, Bank of Baroda will be able to provide end to end financial solutions to the customers of Ashok Leyland, it added.

“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 Whole Time Director and CFO Gopal Mahadevan stated.

Ashok Leyland currently 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.

“This tie-up opens up multiple opportunities for both institutions. The bank will finance Ashok Leyland’s customer for purchase of vehicles as well as provide any other financial services required by them,” Bank of Baroda Genaral Manager and Zonal Head Chennai Zone S Rengarajan said.

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TKM has signed a memorandum of understanding (MoU) with Karnataka Bank, making the bank one of the preferred financiers for the entire range of vehicles sold by it, the company said.

Medium and heavy commercial vehicles (M&HCV) sales in the domestic market were, however, up by 5% to 4,661 units last month compared to 4,422 units in the year-ago period. Total sales were at 10,480 units last month compared to 10,659 units in November 2020, down 2%, the company said.





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Author: Shirley