Tata Motors partners with IndusInd Bank to boost EV adoption - Details

Tata Motors-IndusInd Bank Partnership:  Domestic automaker Tata Motors on Tuesday announced that it has joined hands with IndusInd Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorised passenger EV dealers. This partnership is an effort towards increasing EV adoption in the country, the company said in a release.

The MoU was signed by the Chief Financial Officer of Tata Passenger Electric Mobility Ltd. Aasif Malbari and Sanjeev Anand, Head – Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank Ltd.

It should be noted that the company is currently leading the e-mobility wave in India with a commanding market share of 89%, with over 50,000 EVs produced till date in personal and fleet segments.

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“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," Chief Financial Officer of Tata Passenger Electric Mobility Ltd. and Director of Tata Motors Passenger Vehicles Ltd. Aasif Malbari said.

"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,” he added.

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Under this scheme, IndusInd Bank will provide additional inventory funding with attractive pricing to authorized passenger EV dealers of Tata Motors. This additional inventory funding would be over and above the ICE finance limit of the dealers.

Repayment tenure will range from 60 to 75 days. Furthermore, IndusInd Bank will also offer additional limit to cater to high-demand phases, which will be available to dealers 2 times in a year.