In a bid to increase EV adoption in the country, Tata Motors, India’s leading automotive manufacturer has joined hands with HDFC Bank, India’s largest private sector bank, to offer an Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers. Under this scheme, Tata Motors will provide its dealers additional inventory funding over and above their ICE finance limit with attractive pricing linked to Repo Linked Lending Rate (RLLR). 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 a year.
The MoU for this partnership was signed by Mr Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. and Mr Arvind Kapil, Group Head -Retail Assets, HDFC Bank.
Commenting on the rollout of this finance scheme Mr Aasif Malbari, Chief Financial Officer, of Tata Passenger Electric Mobility Ltd. and Director, of Tata Motors Passenger Vehicles Ltd. said, “We are extremely delighted to associate with HDFC Bank, India’s largest private sector bank, for this financing programme for our authorized electric passenger vehicle dealer partners. Our dealers have provided constant support to us for faster adoption of EVs, and this association with HDFC Bank will further help us in our vision of achieving green mobility. We are optimistic that through this tie-up, we will make the EV buying experience much easier for our customers and this will positively impact their overall buying experience of Tata cars.”
Speaking of this partnership, Mr Arvind Kapil, Group Head-Retail Assets-HDFC Bank said, “We at HDFC Bank are delighted to be associated with this programme. This will help us 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.”
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 89% in FY’22, with over 50,000 Tata EVs produced to date in personal and fleet segments.