Tata Motors, IndusInd Bank partner to offer EV dealer financing | The Financial Express

Tata Motors, IndusInd Bank partner to offer EV dealer financing

IndusInd Bank will provide additional inventory funding, which would be over and above the existing ICE finance limit, with attractive pricing to authorised electric PV dealers of Tata Motors.

Tata Motors, IndusInd Bank partner to offer EV dealer financing

Tata Motors, the country’s leading electric passenger vehicle manufacturer, has inked a pact with IndusInd Bank to offer electric vehicle dealer financing solution to its authorised passenger EV dealers.

As per the understanding, IndusInd Bank will provide additional inventory funding, which would be over and above the existing ICE finance limit, with attractive pricing to authorised electric PV dealers of Tata Motors. Repayment tenure, on the other hand, will range from 60 to 75 days, the company said. 

Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility and Director, Tata Motors Passenger Vehicles said, “As we move along towards our aim of electrification and green mobility, we are ecstatic to partner with IndusInd Bank to assist our authorised electric passenger vehicle dealer partners with an exclusive financing program,”

“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. We are positive that through this tie-up, we will make EVs more accessible and the EV buying process a seamless and a memorable experience for our customers.” 

Sanjeev Anand, Head, Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank said, “We are proud to partner with the segment leader in the journey toward a sustainable future. 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.” 

Tata Motors is currently leading the e-mobility wave in India with a commanding market share of 89 percent, with over 50,000 EVs produced till date in personal and fleet segments.

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First published on: 29-11-2022 at 11:04 IST