Ashok Leyland, the flagship commercial vehicle manufacturer of the Hinduja Group, has signed a Memorandum of Understanding (MoU) with Tamilnad Mercantile Bank (TMB) to provide customised vehicle financing solutions to customers purchasing its trucks and buses. The partnership aims to improve access to finance for transport operators, fleet owners and businesses looking to purchase commercial vehicles. Through this arrangement, customers will be able to access financing options designed to meet their individual requirements, supported by the banking network and lending capabilities of TMB.
The MoU was signed by Neelakantan, Vice President–Finance at Ashok Leyland, and RAnanda Ganesan, Executive Vice President and Country Head–Credit at Tamilnad Mercantile Bank. The signing ceremony was attended by senior representatives from both organisations, including Salee S Nair, Managing Director and CEO of TMB, and KM Balaji, Whole-Time Director and Chief Financial Officer of Ashok Leyland.
Under the agreement, TMB will offer end-to-end financing solutions to Ashok Leyland customers. The partnership will focus on providing flexible repayment options and convenient lending processes to support customers in acquiring commercial vehicles for their businesses.
KM Balaji, Whole-Time Director and Chief Financial Officer of Ashok Leyland, said, “We are pleased to partner with Tamilnad Mercantile Bank (TMB) to provide accessible and convenient financing solutions to our customers. Financing plays an important role in enabling customers to invest in commercial vehicles and grow their businesses. This partnership will further strengthen our customer-centric approach by facilitating greater access to finance for customers purchasing Ashok Leyland trucks and buses. We look forward to a meaningful and long-term association with Tamilnad Mercantile Bank (TMB).”
Madhavi Deshmukh, Senior Vice President–National Head, Sales, Medium & Heavy Commercial Vehicles, Ashok Leyland, said the partnership would provide customers with another financing option and help them access timely credit with repayment terms suited to their operational needs. She added that the initiative could support wider vehicle adoption and improve financing turnaround times.
Salee S Nair, Managing Director and CEO of Tamilnad Mercantile Bank, said, “We are delighted to partner with Ashok Leyland, a leading name in India’s commercial vehicle industry. Through this partnership, TMB will offer tailored financing solutions backed by seamless processes and customer-centric service. By leveraging the combined strengths of TMB’s robust banking network and Ashok Leyland’s extensive market presence, we aim to support business growth and drive greater mobility for transport operators and fleet owners.”
Founded in 1921, TMB operates more than 600 branches, with a strong presence in rural and semi-urban markets. The bank has established relationships with micro, small and medium enterprises, traders and agricultural customers, particularly in Tamil Nadu and other southern states.
Ashok Leyland Limited is one of India’s leading commercial vehicle manufacturers and a flagship company of the Hinduja Group. Headquartered in Chennai, the company manufactures a wide range of medium and heavy commercial vehicles, light commercial vehicles, buses, defence mobility solutions and power solutions.
With a strong presence in domestic and international markets, Ashok Leyland serves customers across more than 50 countries through an extensive sales and service network. The company is actively investing in alternative fuel technologies, including electric, LNG, CNG and hydrogen-powered vehicles, while advancing connected mobility and digital solutions to support sustainable transportation. Through continuous product innovation, manufacturing excellence and a focus on customer-centric solutions, Ashok Leyland remains a key contributor to India’s commercial vehicle industry and infrastructure development.
