HSBC India teams up with Tata Motors for EV financing solutions

HSBC India has teamed up with Tata Motors for financing the purchase of the latter's electric vehicles by the employee working in the corporate sector. Under the collaboration, consumers holding a salaried account with HSBC India can apply for a tailor-made loan to purchase an electric vehicle from Tata Motors' EV portfolio, the domestic auto major said in a statement. Besides, the customers will be able to apply for a loan with zero down payment, no hypothecation, low processing fee and no documentation charges, among others, making vehicle financing simple and easier, it added.

Moreover, as an added advantage, customers opting for this loan will also get a special accessory kit for the EV purchased from Tata Motors, the company said. "We are partnering with HSBC India as we work towards accelerating the mass adoption of sustainable mobility in the country. With over 85,000 EVs on the road, Tata Motors is the leader in this fast-growing segment.

"Our new-age vehicles offer customers the choice to select the EV that best meets their purpose," Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said.

"Our partnership with Tata Motors will help leverage the synergies of vision and help drive a sustainable transition towards a net zero economy," HSBC India CEO Hitendra Dave said.

Also Read: Indian startup layoffs: Amid all the gloom, there is a silver lining

Also Read: Forex reserves jump USD 5.9 billion to USD 595 billion