November 29, 2022
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(From left to right) Mr. Sanjeev Anand, Head – Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank Ltd. with Mr. Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. at the signing of the MoU between IndusInd Bank and Tata Motors to offer exclusive electric vehicle dealer financing to authorized passenger electric vehicle dealers
Key Highlights:
- Unique electric vehicle inventory financing program for Tata Motors dealers
- The extended limits for electric vehicles will exceed the usual dealer financing limits for internal combustion engines (ICEs)
- Attractive special prices
- Additional limit to serve in peak season, can be extended 2 times in a year
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 provide an additional limit to meet 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 offer, Mr. Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, 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 – Corporate, Commercial, Rural & 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 currently leads the wave of electric mobility in India with a major market share of 89% with over 50,000 electric vehicles produced till date across personal and fleet segments .
About Tata Motors
Part of the USD 128 billion Tata Group, Tata Motors Limited (NYSE: TTM; BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 37 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, SUVs, trucks and buses, offering a wide range of integrated, intelligent and electric mobility solutions. With ‘Connecting Aspirations’ at the heart of its brand promise, Tata Motors is the Indian market leader in commercial vehicles and among the top three in the passenger vehicle market.
Tata Motors strives to bring new products that spark the imagination of GenNext customers, fueled by cutting-edge design and R&D centers located in India, UK, USA, Italy and South Korea. Focusing on engineering and technology-based automotive solutions that address the future of mobility, the company’s innovation efforts are focused on developing pioneering technologies that are sustainable as well as adapted to evolving market and customer aspirations. The company is pioneering India’s transition to electric vehicles (EVs) and is leading the shift towards sustainable mobility solutions by preparing a customized product strategy, leveraging synergy between Group companies and playing an active role in liaising with the Government in developing the policy framework.
With operations in India, UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors vehicles are sold in Africa, the Middle East, South and Southeast Asia, Australia, South America, Russia and other CIS countries . As at 31 March 2022, Tata Motors’ operations include 86 consolidated subsidiaries, two joint ventures, four joint ventures and 10 equity-accounted associates, including their subsidiaries, over which the company exercises significant influence.
Media Contact Information:
Tata Motors Corporate Communications: [email protected] / 91 22-66657613 / www.tatamotors.com
About IndusInd Bank:
IndusInd Bank Limited commenced operations in 1994, catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporates. As of September 30, 2022, IndusInd Bank has a customer base of approx. 33 crores with 2320 Branches/Bank Bridges and 2807 ATMs spread across geographical locations of the country and covering 1,33,000 villages. The bank has offices in London, Dubai and Abu Dhabi. The bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BVB and NSE and settlement bank status for NCDEX. He is also an empaneled banker for MCX. IndusInd Bank was included in the benchmark NIFTY 50 index on April 1, 2013.
ratings
Internal evaluations:
- CRISIL AA + for Infrastructure Bonds/Tier 2 Bonds programme
- CRISIL AA for Tier 1 Supplemental Bond Programme
- CRISIL A1+ for certificate of deposit program / short term FD program
- IND AA+ for Senior/Tier 2 Bonds program by India Ratings and Research
- IND AA for Tier 1 Supplemental Bond Program of India Ratings and Research
- IND A1+ for short-term debt instruments from India Ratings and Research
International ratings:
- Ba1 for the Senior Unsecured MTN program from Moody’s Investors Service
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