Tata Motors ties up with Axis Bank to finance EV dealers

Earlier, Tata Motors joined hands with Indian Bank to facilitate financing for its passenger vehicle customers.

Autocar Pro News Desk By Autocar Pro News Desk calendar 28 Jul 2022 Views icon22594 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

Tata Motors has teamed up with Axis Bank to provide an exclusive electric vehicle dealer financing solution to its authorized passenger EV dealers. As part of this scheme, dealers can obtain inventory financing above and beyond their ICE finance limit at attractive rates based on repo indexed lending rates (RLLRs). The repayment period will be between 60 and 75 days. To accommodate high demand phases, the bank will also offer additional limits three times a year for dealers.

In the presence of other senior executives from both companies, Shailesh Chandra, managing director, Tata Motors Passenger Vehicle and Tata Passenger Electric Mobility, and Sumit Bali, group executive and head of retail lending and payments, Axis Bank, signed the Memorandum of Understanding.

Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles said, “We are extremely elated to associate with Axis Bank for this exclusive financing programme for our authorised electric passenger vehicle dealers. Our dealers have been 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.”

Bali also added, “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 vehicles 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.  

Earlier, Tata Motors joined hands with Indian Bank to facilitate financing for its passenger vehicle customers. This strategic partnership aims to provide customised loans from across over 5,700 branches of Indian Bank across the country, the company said in a statement.

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