Mumbai, Sep 22 (PTI) Commercial vehicle maker and Hinduja Group flagship Ashok Leyland on Wednesday announced signing an initial pact with private sector lender Federal Bank for a strategic partnership for vehicle financing.

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The tie-up will enable both Ashok Leyland and Federal Bank to offer tailor-made financial solutions to customers, a release said.

Ashok Leyland vehicle portfolio ranges from intercity light commercial vehicles to 49-tonne long haul trucks and a wide range of buses, to safe transport and driver-friendly choices.

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Under this partnership, Federal Bank will provide end-to-end financial solutions to Ashok Leyland customers, catering to their needs through auto loans with easy monthly repayment plans, according to the requirement.

Moreover, the bank will leverage technology for enhancing customer experience, it said.

Ashok Leyland CFO and Whole-Time Director Gopal Mahadevan said, "This association will help the company gain an edge in the market.”

Ashok Leyland products come with differentiated technology that offer its customers total cost of ownership, thereby providing profitability to their business, he said, adding, Ashok Leyland has embraced future-ready technology to offer digital platforms and services that are ahead of the curve.

"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,” said Harsh Dugar, Group President, Federal Bank.

Funding to commercial vehicles at the Federal Bank is offered through dedicated RMs and a wide network of branches, he said.

"We always try to offer customised solutions to the end-user along with attractive commercials combined with better TAT (Turn Around time) matching the industry standards," Dugar added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)