Ashok Leyland and TMB to Provide Vehicle Finance Facilities
Ashok Leyland, the Indian flagship of the Hinduja Group and a prominent commercial vehicle manufacturer, has entered into a Memorandum of Understanding (MoU) with Tamilnad Mercantile Bank (TMB) to establish a strategic partnership for vehicle financing for its customers.
This MoU will allow both Ashok Leyland and Tamilnad Mercantile Bank (TMB) to provide tailored financial solutions to customers purchasing Ashok Leyland’s buses and trucks.
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Through this collaboration, TMB will offer comprehensive financial solutions to Ashok Leyland’s customers. The collaboration seeks to utilize these advantages to improve customer convenience by providing vehicle loans that feature flexible, manageable repayment choices designed to suit personal needs and preferences.
K.M. Balaji, Whole-Time Director and Chief Financial Officer, Ashok Leyland says, “We are pleased to partner with Tamilnad Mercantile Bank (TMB) to provide accessible and convenient financing solutions to our customers. Financing plays an important role in enabling customers to invest in commercial vehicles and grow their businesses. This partnership will further strengthen our customer-centric approach by facilitating greater access to finance for customers purchasing Ashok Leyland trucks and buses. We look forward to a meaningful and long-term association with Tamilnad Mercantile Bank (TMB)”.
Madhavi Deshmukh, Senior Vice President-National Head Sales Medium & Heavy Commercial Vehicles, Ashok Leyland says, "Our customers are at the heart of everything we do, and ensuring easy access to financing is an important part of supporting their business journeys. By joining hands with Tamilnad Mercantile Bank (TMB), we are extending another avenue for customers to access timely financing support".
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"The partnership will help improve vehicle penetration across regions and ensure that customers can benefit from faster turnaround times and tailored financing offerings that suit their operational requirements”.
Salee S Nair, Managing Director and CEO, Tamilnad Mercantile Bank (TMB) says, "We are delighted to partner with Ashok Leyland, a leading name in India’s commercial vehicle industry. Through this partnership, TMB will offer tailored financing solutions backed by seamless processes and customer-centric service".
"By leveraging the combined strengths of TMB’s robust banking network and Ashok Leyland’s extensive market presence, we aim to support business growth and drive greater mobility for transport operators and fleet owners".
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Ashok Leyland now provides an extensive selection of trucks and buses to satisfy the complete range of commercial vehicle requirements, spanning from light commercial vehicles for intercity use to long-distance trucks and an array of buses.
The MoU was signed by Neelakantan, Vice President of Finance at Ashok Leyland, and R Ananda Ganesan, Executive Vice President and Country Head – Credit at Tamilnad Mercantile Bank (TMB), in the presence of Salee S. Nair, MD & CEO of TMB, MD Vincent, Executive Director of TMB, Vijaya Kumar, Vice President of Credit at TMB, and DS Madhusudhan, Head of Sales Finance at Ashok Leyland.