Ashok Leyland signs MOU with Bajaj Finance for Vehicle Finance

Bangalore, 28 June 2024: Ashok Leyland Limited, the Indian flagship of the Hinduja Group and country’s leading commercial vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with Bajaj Finance Limited, part of Bajaj Finserv, one of the country’s largest financial services groups, to enter into a strategic vehicle financing partnership for its customers across India. This MoU will enable both Ashok Leyland and Bajaj Finance to offer customized and seamless financial solutions to their customers.

The MoU was signed by Mr. K.M. Balaji, CFO, Ashok Leyland and Mr. Harjeet Toor, President – Bharat Lending and Strategic Partnerships, Bajaj Finance in the presence of Mr. Sanjeev Kumar, President and Head- MHCV, Ashok Leyland. Through this partnership, Bajaj Finance will offer comprehensive financial solutions to Ashok Leyland’s customers. The partnership will focus on meeting customer needs by providing vehicle loans with convenient monthly repayment plans tailored to their preferences.

Mr. K.M. Balaji, Chief Financial Officer, Ashok Leyland said, “Ashok Leyland is delighted to partner with Bajaj Finance to provide customized finance solutions to our customers. This strategic partnership will strengthen Ashok Leyland’s market position. Our products, featuring innovative technology, offer industry-leading total cost of ownership, ensuring maximum profitability for our customers. We remain committed to delivering exceptional customer experiences.”

Mr. Sanjeev Kumar, President-M&HCV, Ashok Leyland said, “At Ashok Leyland, we are dedicated to continuously enhancing our customers’ experience and delivering greater value. With the combined strength of Bajaj Finance and Ashok Leyland, our customers will now have access to comprehensive financing solutions with specially curated easy repayment plans.”

Mr. Anup Saha, Deputy Managing Director, Bajaj Finance said, “We are delighted to collaborate with Ashok Leyland to provide commercial vehicle owners access to seamless financing solutions customized to their needs. We are confident that with Bajaj Finance’s best-in-class India stack processes more vehicle owners will gain from this partnership and scale their operations.”

The Sales and Marketing teams of Bajaj Finance and Ashok Leyland will join forces to develop joint marketing and financing programs, mutually enhancing business volumes.

Ashok Leyland today offers a comprehensive range of trucks and buses to meet the full spectrum of commercial vehicle needs, from intercity light commercial vehicles to long-haul trucks and a wide variety of buses. Our vehicles ensure safe transport and driver-friendly options. As a pioneer in technological innovations within the truck and bus segment, Ashok Leyland is fully equipped with a range of buses powered by alternative fuels, dedicated to reducing pollution and promoting an eco-friendly transport system in India.

Bajaj Finance is one of the most diversified NBFCs in India with presence across lending, deposits and payments, serving over 83.64 million customers. As of March 31, 2024, the company’s assets under management stood at ₹3,30,615 crore.