Tata Motors and HDFC Bank have announced their partnership to offer an Electric Vehicle Dealer Financing solution to the former’s passenger EV dealers. As a part of this collaboration, Tata Motors will provide its dealers additional inventory funding over and above their ICE finance limit with pricing linked to Repo Linked Lending Rate (RLLR). The repayment tenure will range from 60 to 75 days and on top of that, the bank will also offer an additional limit to cater to high-demand phases, which will be available to dealers 3 times a year.
The Memorandum of understanding (MoU) for this partnership was signed by Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. and Arvind Kapil, Group Head -Retail Assets, HDFC Bank.
Aasif Malbari commented on the rollout of this finance scheme and said that their dealers have provided constant support to them for faster adoption of EVs, and this association with HDFC Bank will further help them in their vision of achieving green mobility. Malbari is optimistic that through this tie-up, the duo will make EV buying experience much easier for customers and positively impact their overall buying experience of Tata cars.
Arvind Kapil also expressed his delight to be associated with the programme and believes that they will tap new consumer segments through a customised financing programme as well as promote the EV culture in the country. “This is one more step in our journey towards becoming carbon neutral by 2031-32,” he added.
Tata Motors is set to lead and accelerate EV adoption in India. The homegrown conglomerate is leading the e-mobility wave in India with a commanding market share of 89% in FY’22, and claims that over 50,000 Tata EVs have been produced till date in personal and fleet segments.