Helping increase EV adoption in the country is a focus area for both manufacturers and lenders.
29 Nov 2022 | 3465 Views | By Autocar Professional Bureau
Automajor Tata Motors on Tuesday announced that it has joined hands with IndusInd Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorised passenger EV dealers.
Under the scheme, IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata ...
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Automajor Tata Motors on Tuesday announced that it has joined hands with IndusInd Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorised passenger EV dealers.
Under the scheme, IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors.
This additional inventory funding would be over and above the ICE finance limit of the dealers and payment tenure will range from 60 to 75 days. IndusInd Bank will also offer additional limits to cater to high demand phases, which will be available to dealers 2 times in a year.
“As we move along towards our aim of electrification and green mobility, we are ecstatic to partner with IndusInd Bank to assist our authorized electric passenger vehicle dealer partners with an exclusive financing program. Our dealer network is one of our core support pillars and through their constant efforts we have been able to ride the electrification wave in India. We are positive that through this tie-up, we will make EVs more accessible and the EV buying process, a seamless and a memorable experience for our customers," Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. said.
Tata Motors currently commands market share of 89 percent in the e-mobility space with over 50,000 EVs produced till date in personal and fleet segments.
“As a bank with sustainability at our core, we are extremely delighted to partner with Tata Motors to offer an exclusive electric vehicle dealer financing programmw for authorized passenger EV dealers of Tata Motors. Through this tie-up, we are also looking forward to expanding our base into new consumer segments and be a bank of choice providing solutions to meet all banking requirements of the customers," Sanjeev Anand, Head – Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank said.