Ashok Leyland Signs MoU with Tamilnad Mercantile Bank for Vehicle Financing

Ashok Leyland signed a Memorandum of Understanding (MoU) with Tamilnad Mercantile Bank (TMB) on 12 October 2026 to form a vehicle financing partnership, under which both companies will offer customised financial solutions to buyers of Ashok Leyland trucks and buses.

The MoU was signed by Neelakantan, Vice President – Finance, Ashok Leyland, and R. Ananda Ganesan, Executive Vice President and Country Head – Credit, TMB. It was signed in the presence of Salee S. Nair, MD & CEO, TMB; M. D. Vincent, Executive Director, TMB; Vijaya Kumar, Vice President – Credit, TMB; and D. S. Madhusudhan, Head – Sales Finance, Ashok Leyland.

Under the partnership, TMB will provide end-to-end financial solutions to Ashok Leyland customers. The partnership will offer vehicle loans with flexible repayment options tailored to individual needs.

K.M. Balaji, Whole-Time Director and Chief Financial Officer, Ashok Leyland, said, “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.”

Madhavi Deshmukh, Senior Vice President – National Head Sales Medium & Heavy Commercial Vehicles, Ashok Leyland, said, “By joining hands with Tamilnad Mercantile Bank (TMB), we are extending another avenue for customers to access timely financing support. The partnership will help improve vehicle penetration across regions and ensure that customers can benefit from faster turnaround times and tailored financing offerings that suit their operational requirements.”

Salee S Nair, Managing Director and CEO, TMB, said, “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.”

TMB was founded in 1921 and has more than 600 branches, with a significant presence in rural and semi-urban centres. It has relationships with MSMEs, traders and agricultural customers, particularly in Tamil Nadu and other South Indian markets. The partnership aims to use these strengths to improve customer convenience.