Commercial vehicle maker Ashok Leyland has entered into a strategic partnership with UCO Bank to offer customised vehicle financing solutions for its truck and bus customers, a move aimed at improving access to credit and supporting business expansion across India.
The Hinduja Group flagship signed a memorandum of understanding (MoU) with the public sector lender to provide end-to-end financing solutions for customers purchasing Ashok Leyland’s commercial vehicles.
Under the partnership, UCO Bank will offer customised vehicle loans with flexible repayment options tailored to the requirements of fleet operators, transporters and businesses.
Enhancing vehicle affordability
Ashok Leyland Whole-Time Director & Chief Financial Officer K M Balaji said the partnership would make the company’s commercial vehicles more accessible to customers across the country.
“Ashok Leyland is delighted to partner with UCO Bank to offer attractive and accessible financing solutions to our customers. This strategic partnership will further strengthen our market presence by making our innovative range of commercial vehicles more accessible to businesses across the country,” he said.
Balaji added that the company’s technologically advanced vehicles deliver an industry-leading total cost of ownership, helping customers improve profitability while benefiting from a superior ownership experience.
Supporting fleet operators
Ashok Leyland Senior Vice President & National Head, Sales, Medium & Heavy Commercial Vehicles Madhavi Deshmukh said the collaboration aligns with the company’s strategy of supporting customer growth through innovative products and ownership solutions.
“Our partnership with UCO Bank is a significant step towards making our industry-leading commercial vehicles more accessible with attractive and convenient financing solutions. Together, we aim to empower fleet operators and businesses with greater financial flexibility while delivering superior value,” she said.
UCO Bank eyes stronger commercial vehicle portfolio
UCO Bank Deputy General Manager & Zonal Head (Chennai) R. S. Ajith said the bank’s partnership with Ashok Leyland reinforces its commitment to providing accessible and tailored financial solutions to businesses.
“We aim to make commercial vehicle ownership simpler, more accessible and more rewarding for our customers,” he said.
Wider financing network
The agreement is expected to strengthen Ashok Leyland’s retail financing ecosystem by expanding the availability of credit through one of the country’s leading public sector banks.
Ashok Leyland offers a comprehensive portfolio of trucks, buses and light commercial vehicles catering to applications ranging from intra-city transport to long-haul logistics. The company has also been expanding its range of alternative fuel-powered buses and commercial vehicles as part of its focus on sustainable mobility.