Ashok Leyland partners with HDFC Bank for vehicle finance
Published On Dec 23, 2019
HDFC Bank to be the preferred financier for providing finance to the customers buying Ashok Leyland vehicles.
Expanding its partnerships to make the vehicle buying easy for its customers, Ashok Leyland today signed a Memorandum of Understanding (MoU) with HDFC Bank for a strategic tie-up on vehicle financing, for a period of two years. This MoU will enable both Ashok Leyland and HDFC Bank to offer customized financial solutions to customers across India, with a specific focus on semi-urban and rural area customers.
With this MoU, HDFC Bank will be a preferred financier for providing finance to the customers buying Ashok Leyland vehicles. The Bank will work in close coordination with the authorized dealers of Ashok Leyland to provide financial solutions to the customers. Ashok Leyland is the first manufacturer in India to be ready with the complete range of BS-VI vehicles which have been developed specifically for Indian conditions and this tie-up will further help customers to own and derive the benefits of Ashok Leyland’s industry-first and industry-leading technologies.
Commenting on the partnership, Anuj Kathuria, Chief Operating Officer, Ashok Leyland, said, “Customers will be benefitted with a preferred product and financial solutions from both the organizations. The joint initiative will enable both the organizations to effectively leverage the combined strengths of Ashok Leyland’s best-in-class products and HDFC Bank’s significant distribution reach in India. With HDFC as one of our preferred partners for customised financial solutions, our combined pan-India reach will help customers to choose the financial solution they desire. Ashok Leyland products represent differentiated technology with a best-in-class total cost of ownership, thereby providing better profitability to our customers. Our tie-up with HDFC will further enhance this and thereby also delivering on our brand promise of ‘Aapki Jeet. Hamari Jeet’”.
Speaking on the partnership, Ashok Khanna, Group Head – Vehicle Loans, HDFC Bank said, “This partnership is a win-win for both. At HDFC Bank, we take pride in offering our customers not just a convenience but also an experience. Our customised product offerings are complemented by digital platforms and a wide network of branches thus enabling us to reach customers; be it in a metro city or semi-urban, rural location. Our endeavour is to bridge the Bharat-India divide by offering the entire bouquet of products and services to customers even in semi-urban and rural markets.”
Ashok Leyland reported a domestic sale of 9,377 units in November, down 25% YoY. The total domestic sales for FY20 reported by Ashok Leyland is 82,706 units a drop of 27% as compare to FY’19 when the company sold 1,13,941 units.