Tata Motors and IndusInd Bank partner to offer exclusive EV financing to the automaker’s dealers. This move comes as Tata Motors aims to increase electric vehicle adoption in India.
The exclusive EV Dealer Financing solution will be available to Tata Motors’ authorized passenger electric vehicle dealers.
IndusInd Bank to offer additional inventory funding
According to Business Today, IndusInd Bank will offer additional inventory funding with attractive pricing to authorized Tata Motors’ passenger EV dealers. This funding will exceed the dealer’s ICE finance limit.
“Repayment tenure will range from 60 to 75 days,” said the company. Additional limits to cater to high-demand phases will be available to dealers twice 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,” said Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd., and Director.
“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.”
“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.” said the Head – Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank, Sanjeev Anand.
89% market share
Tata Motors commands a market share of 89% in the e-mobility category, with over 50,000 electric vehicles in personal and fleet segments produced to date.
