Chennai, September 5, 2024: In a strategic move to enhance financial accessibility for commercial vehicle buyers, Ashok Leyland, the flagship company of the Hinduja Group and a prominent player in India’s commercial vehicle sector, has entered into a partnership with Bandhan Bank. The two companies signed a Memorandum of Understanding (MoU) that aims to offer tailored vehicle financing solutions for Ashok Leyland’s customers, providing them with a range of loan options and flexible repayment schemes.
The MoU was formalized by K.M. Balaji, CFO of Ashok Leyland, and Rajinder Babbar, Executive Director and Chief Business Officer of Bandhan Bank, in the presence of Ashok Leyland’s President of M&HCV, Sanjeev Kumar. This collaboration empowers Bandhan Bank to provide end-to-end financial support, enabling smoother access to vehicle loans for both small and large-scale commercial vehicle buyers.
Commenting on the partnership, K.M. Balaji, CFO of Ashok Leyland, emphasized the company’s commitment to offering robust financial solutions. “This strategic alliance with Bandhan Bank will bolster our efforts to provide customers with customized financing options. With our innovative technology and customer-centric products, we aim to deliver maximum profitability and ease of ownership.”
Sanjeev Kumar, President of Ashok Leyland’s Medium and Heavy Commercial Vehicle segment, echoed similar sentiments, stating, “Our customers are at the heart of everything we do. With this partnership, we’re able to offer more comprehensive financing solutions, providing them with easy-to-manage repayment plans.”
From Bandhan Bank’s side, Rajinder Babbar underscored the significance of this collaboration in expanding the bank’s commercial vehicle financing segment. “We are excited to work alongside Ashok Leyland in providing seamless vehicle financing. This partnership will help us meet the diverse financial needs of businesses across India, empowering their growth and expansion.”
Ashok Leyland, known for its wide range of commercial vehicles, from light trucks to long-haul buses, continues to innovate in the sector. With a focus on eco-friendly solutions, the company is also a leader in developing vehicles powered by alternative fuels. Bandhan Bank, on the other hand, is steadily expanding its loan portfolio, which includes SME loans, gold loans, personal loans, and vehicle financing, making this partnership a significant step forward in serving the commercial transport industry.
Together, Ashok Leyland and Bandhan Bank aim to provide a seamless financing experience that addresses the evolving needs of India’s commercial vehicle market, enhancing access and affordability for buyers.
