Ashok Leyland inks pact with Bank of Baroda for vehicle financing

Commercial vehicles major Ashok Leyland on Monday said it has tied up with public sector lender Bank of Baroda for vehicle finance. The bank will finance Ashok Leylands 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.

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 the 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 customized 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 vehicles to 49-tonne long-haul trucks and a wide range of buses.

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

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