India’s leading Private Sector Bank, Federal Bank signed a Memorandum of Understanding (MoU), with the flagship of the Hinduja Group, Ashok Leyland. Hinduja Group is the second-largest commercial vehicle manufacturer in India with a complete range of BS6 vehicles.
The MoU was signed by Mr Gopal Mahadevan Whole Time Director and CFO, Ashok Leyland and Mr Harsh Dugar Group President, Federal Bank. This MoU will enable both companies to offer customised financial solutions to their customers. Through Commercial Vehicle loans with easy monthly repayment plans best suited for the customers, the Bank will work towards catering to the customers’ needs. Moreover, the bank will enhance customer experience through leveraging technology.
With its ‘Digital at the Fore and Human at the Core” mantra, Federal Bank aims at becoming the Most Admired Bank of every stakeholder and the signing of the MoU with the automobile giant is a step towards this end.
Speaking on the partnership, Mr Harsh Dugar, Group President, Federal Bank said, “In our Bank, funding to Commercial Vehicles is offered through dedicated RMs and wide network of branches. We always try to offer customised solutions to the end-user along with attractive commercials combined with faster turnaround. With this partnership, we will be able to offer our financial solutions by leveraging the bank’s extensive physical and digital reach to the customers of Ashok Leyland and its dealers”.
The flagship of the Hinduja Group offers a comprehensive range of buses and trucks, that caters to an entire gamut of day-to-day commercial vehicle needs – from 49-tonne long haul trucks and a wide range of buses to intercity light commercial vehicles, to safe transport and driver-friendly choices.
Commenting on the partnership, Mr. Gopal Mahadevan, Whole Time Director and CFO, Ashok Leyland said, “Ashok Leyland is delighted to partner with Federal Bank to offer customised financial solutions to its customers. This association will help Ashok Leyland gain an edge in the market. Ashok Leyland products come with differentiated technology that offer our customers best-in-class total cost of ownership, thereby providing profitability to their business. Ashok Leyland has embraced future-ready technology to offer digital platforms and services that are ahead of the curve, thereby living by its brand promise of ‘Aapki Jeet. Hamari Jeet”