HSBC India today announced that it has partnered with Tata Motors for a corporate employee financing solution to accelerate the adoption of zero-emission Electric Vehicles. This partnership is in line with the shared vision of the two conscientious organisations to promote sustainability and de-carbonise road transport.
Consumers holding a salaried account with HSBC India will get a chance to apply for this tailor-made loan to purchase an electric vehicle of their choice from Tata Motors’ EV portfolio. As a part of this scheme, customers will be able to apply for a loan with zero down payment, no hypothecation, low processing fee and no documentation charges, amongst others, making the overall EV buying procedure not only simple but highly attractive for all prospective customers.
Commenting on the partnership, Suman Bery, Chairman, NITI Aayog said, “De-carbonisation is a key agenda for our Government which is reflected in the country’s updated Nationally Determined Contributions. In line with the Panchamrit Goals articulated by Prime Minister Narendra Modi, the Government has taken significant measures to promote Electric Vehicles (EVs) as well as other clean mobility solutions. India has the capability of becoming the number one EV manufacturing hub in the world.”
He added, “We are focused on growing this ecosystem across the country which, in turn, will provide a fillip to the adoption of EVs and propel our transition towards clean and green mobility. While we are focused on building momentum and creating enabling infrastructure, we look forward to the support of corporates in this endeavour. We welcome the efforts of HSBC India and Tata Motors in creating awareness and promoting access to EVs, along with their commitment to India’s larger vision of transitioning towards green mobility solutions.”
Commenting on this partnership, Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said, “With over 85,000 EVs on the road, Tata Motors is the leader in this fast-growing segment. Our new age vehicles offer customers the choice to select the EV that best meets their purpose.”
Commenting on this new offering, Hitendra Dave, CEO, HSBC India said, “The road transportation sector in India is a significant contributor to the overall quantum of carbon emissions in the country. It is, therefore, imperative that we move quickly and support the mass adoption of electric vehicles. For this to happen, all the stakeholders in the ecosystem need to come together as a unifying force and support this transition.”
