Tata Motors and SBI sign MoU to offer financing solutions for the Ace EV

Tata Motors has signed a Memorandum of Understanding (MoU) with State Bank of India (SBI) with an am to offer unique financing solutions for the purchase of the all-new Tata Ace EV. Through this partnership, Tata Motors will leverage SBI’s strong network to make these solutions accessible to customers.

Highlights of SBI finance policy for Tata Ace EV includes 90% funding of on-road price of the vehicle, loan tenure up to six years, digitally-enabled loan sanction process and no collateral security required for a loan.  

Pravin Raghavendra– Deputy Managing Director (Retail – Agri, SME & FI), State Bank of India, said, “We are proud to partner with Tata Motors in an endeavour to offer attractive financing options for the Ace EV. We are confident that the new financing scheme will help individuals and MSMEs in purchasing the state-of-the-art, eco-friendly electric mini-truck.”

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Rajesh Kaul, Vice President, Sales & Marketing, Commercial Vehicle Business, Tata Motors, said that the MoU has further strengthened their aim to make Tata Ace EV more accessible to customers. “We are confident that our collaboration will fast-track our efforts towards sustainable mobility and support the nation’s net-zero aspirations.”