Bengaluru, November 30, 2022: In its effort to increase the adoption of electric vehicles in the country, Tata Motors, India’s leading automobile manufacturer, today announced that it has joined hands with IndusInd Bank to offer an exclusive financing solution to electric vehicle dealers to its authorized dealers of electric passenger vehicles. Under this scheme, IndusInd Bank will provide additional inventory financing at attractive prices to authorized dealers of Tata Motors’ electric passenger vehicles. This additional financing for the stock would be above the dealer’s ICE financing limit. The repayment period will vary from 60 to 75 days. In addition, IndusInd Bank will also offer additional limits to cater to high demand phases which will be available to dealers 2 times a year.
The MoU for this partnership was signed by Mr. Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd., and Mr. Sanjeev Anand, Head – Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank Ltd.
Commenting on the launch of this financing scheme, Mr. Aasif Malbari, Chief Financial Officer of Tata Passenger Electric Mobility Ltd. and Director of Tata Motors Passenger Vehicles Ltd., “As we move towards our goal of electrification and green mobility, we are excited to partner with IndusInd Bank to help our authorized dealer partners of passenger electric vehicles with an exclusive financing program. Our dealer network is one of our core pillars of support and it is through their constant efforts that we have been able to ride the wave of electrification in India. We are convinced that through this connection we will make electric vehicles more accessible and the process of buying electric vehicles a seamless and memorable experience for our customers.”
Speaking about this partnership, Mr. Sanjeev Anand, Head of Corporate, Commercial, Rural and Inclusive Banking, IndusInd Bank Ltd. said: “As a bank with sustainability at our core, we are extremely excited to partner with Tata Motors, one of India’s leading automotive brands, to offer an exclusive Electric Vehicle Dealer Financing Program for Tata’s authorized passenger electric vehicle dealers Engines. We are proud to partner with the segment leader on the journey to a sustainable future. Through this tie-up, we look forward to expanding our base into new consumer segments and being a bank of choice, offering solutions to meet all customer banking requirements.”
Tata Motors pioneered the Indian automotive market with its innovative efforts and is currently leading the electric mobility wave in India with a major market share of 89% with over 50,000 electric vehicles produced till date across the personal and utility segments. the fleet.