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Tata Motors, India’s largest automotive manufacturer, has teamed up with Axis Bank to offer an exclusive Electric Vehicle Dealer Financing option to its authorized passenger electric vehicle dealers. This scheme allows dealers to access inventory financing beyond their ICE finance limit, with attractive pricing tied to Repo Linked Lending Rat (RLLR). The repayment term will be between 60 and 75 days. Dealers will have access to additional limits from the bank to meet high-demand periods.
In the presence of other executives from both companies, Mr Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Ltd. and Tata Passenger Electric Mobility Ltd, and Mr Sumit Bali (Group Executive and Head – Retail Lending and Payments at Axis Bank) signed the MoU.
Mr Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd said, “We are extremely elated to associate with Axis Bank for this exclusive financing program for our authorized electric passenger vehicle dealers. Our dealers have been in lock-step with us in our journey to enabling widespread EV adoption in the country. We are positive that this initiative will further support our vision to achieve the goal of green mobility and bolster sustainability in the mobility sector in the country.”
Mr 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 vehicle dealers. This industry-first solution will help the bank to expand its base into newer consumer segments and address their financial requirements. We believe that the EV market will grow exponentially, and this partnership will go a long way in significantly contributing to this growth.
Tata Motors has been revolutionizing the Indian automotive market with its pioneering efforts and is leading the e-mobility wave in India with a commanding market share of 87% in FY’22 and over 30,000 Tata EVs on road to date in personal and fleet segments.