Under this scheme, dealers can avail inventory funding over and above their ICE-vehicles finance limit with attractive pricing linked to Repo-linked lending rate.
The repayment tenure will range from 60 to 75 days. Furthermore, the bank will also offer additional limits to cater to high demand phases, which will be available to dealers 3 times in a year.
The MoU for this partnership was signed by Shailesh Chandra, MD, Tata Motors Passenger Vehicle and Tata Passenger Electric Mobility and Sumit Bali, Group Executive and Head – Retail Lending and Payments, Axis Bank in the presence of other senior executives from both companies.
Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles said, “We are extremely elated to associate with Axis Bank for this exclusive financing program for our authorised electric passenger vehicle dealers. Our dealers have been lock-step with us in our journey to enabling widespread EV adoption in the country.”
Sumit Bali, Group Executive and Head – Retail Lending and Payments, Axis Bank said, “We at Axis Bank are deeply committed towards the objective of driving green mobility financing solutions. We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicles dealers.”
The carmaker is leading the EV wave in India with a market share of 87 per cent in FY’22, which translates to over 30,000 Tata EVs on road till date in personal and fleet segments.