Ashok Leyland partners with Bank of Baroda

CHENNAI: Ashok Leyland, the flagship of Hinduja Group, has signed a memorandum of understanding (MoU) with Bank of Baroda to enter into a strategic financing partnership for three 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 Baroda that 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. Ashok Leyland products come with differentiated technology that offer our customers best-in-class total cost of ownership, thereby providing profitability to their business.”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(turn around time) to foster higher growth in business volume for both the companies.Speaking on the partnership, 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 ALL’s customer for purchase of vehicles as well as provide any other financial services required by them.”