Ashok Leyland has signed a Memorandum of Understanding (MoU) with Union Bank of India to provide customised vehicle financing solutions to customers purchasing its trucks and buses. The partnership will offer vehicle loans with flexible repayment options tailored to individual customer requirements.
Under the agreement, Union Bank of India will provide end-to-end financing facilities to Ashok Leyland customers. The arrangement aims to improve access to commercial vehicle financing for fleet operators and businesses across the country.
The MoU was signed by Neelakantan, Vice President-Finance at Ashok Leyland, and Alok Kumar, General Manager and Zonal Head at Union Bank of India. D. S. Madhusudhan, Head-Sales Finance, and Kapil Pandya, Head-Retail and Inventory Finance-LCV, from Ashok Leyland were also present.
K. M. Balaji, Whole-Time Director and Chief Financial Officer of Ashok Leyland, said the partnership would expand access to the company’s commercial vehicle range by leveraging Union Bank of India’s network. Madhavi Deshmukh, Senior Vice President and National Sales Head-Medium and Heavy Commercial Vehicles at Ashok Leyland, said the arrangement would give fleet operators and businesses greater financial flexibility.
Alok Kumar said Union Bank of India would work with Ashok Leyland to provide accessible financing options designed to simplify commercial vehicle ownership and support business growth.
