HSBC India partners with Tata Motors to promote mass adoption of electric vehicles

HSBC India announced that it has partnered with Tata Motors, India’s leading automobile manufacturer and the pioneer of EV revolution in the country, for a corporate employee financing solution to accelerate the adoption of zero-emission Electric Vehicles. 

HSBC India has partnered with Tata Motors for a corporate employee financing solution, to bolster the adoption of zero-emission electric vehicles.  Consumers holding a salaried account with HSBC India will get a chance to apply for this loan to purchase an electric vehicle of their choice from Tata Motors’ EV portfolio. As a part of this scheme, customers will be able to apply for a loan with zero down payment, no hypothecation, low processing fee, and no documentation charges, among other factors including a special accessory kit for their Tata EVs.

Suman Bery, Vice Chairman, NITI Aayog said that they were focused on growing this ecosystem across the country, which would provide a fillip to the adoption of electric vehicles. While we are focused on building momentum and creating enabling infrastructure, we look forward to the support of corporates in this endeavour. We welcome the efforts of HSBC India and Tata Motors in creating awareness and promoting access to EVs, along with their commitment to India’s larger vision of transitioning towards green mobility solutions, Bery added.

Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said, "With over 85,000 EVs on the road, Tata Motors is the leader in this fast-growing segment. Our new age vehicles offer customers with the choice to select the EV that best meets their purpose. This partnering with HSBC India will further expand the appeal and reach of customers preferring to Go.ev.” 

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