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IndusInd Bank to offer EV financing to Tata Motors dealers

IndusInd Bank to offer EV financing to Tata Motors dealers

IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors.

Tata Motors joins hands with IndusInd Bank Tata Motors joins hands with IndusInd Bank

Tata Motors and IndusInd Bank have partnered to offer exclusive electric vehicle financing to the auto company’s dealers. This move comes as Tata Motors aims to increase EV adoption in the country. The exclusive Electric Vehicle Dealer Financing solution will be made available to Tata Motors’ authorised passenger EV dealers. 

IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This additional inventory funding will be over and above the ICE finance limit of the dealers. 

Repayment tenure will range from 60 to 75 days, said the company. Additional limits to cater to high demand phases will be made available to dealers two times a year. 

Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd who signed the MoU with Sanjeev Anand, Head – Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank, said, “As we move along towards our aim of electrification and green mobility, we are ecstatic to partner with IndusInd Bank to assist our authorized 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. 

Sanjeev Anand, thanking Tata Motors, said, “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 commands a market share of 89 per cent in the e-mobility category, with over 50,000 EVs produced till date in personal and fleet segments. 

Also read: Tata Motors launches new Tigor.ev with range of 315 km, new colour; check price, other details

Published on: Nov 29, 2022, 12:20 PM IST
Posted by: anwesha madhukalya, Nov 29, 2022, 12:12 PM IST