Tata Motors Collabs With HDFC Bank For EV Dealer Financing Program
In a bid to increase EV adoption in the country, Tata Motors has joined hands with HDFC Bank to offer an Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers. Under this scheme, Tata Motors will provide its dealers additional inventory funding over and above their ICE finance limit with attractive pricing linked to Repo Linked Lending Rate (RLLR). The repayment tenure will range from 60 to 75 days. Furthermore, the bank will also offer additional limit to cater to high demand phases, which will be available to dealers three times in a year.
The MoU for this partnership was signed by Aasif Malbari, CFO, Tata Passenger Electric Mobility and Director, Tata Motors Passenger Vehicles and Arvind Kapil, Group Head -Retail Assets, HDFC Bank.
“We are extremely delighted to associate with HDFC Bank, India’s largest private sector bank, for this financing programme for our authorized electric passenger vehicle dealer partners. Our dealers have provided constant support to us for faster adoption of EVs, and this association with HDFC Bank will further help us in our vision of achieving green mobility. We are optimistic that through this tie-up, we will make the EV buying experience much easier for our customers and this will positively impact their overall buying experience of Tata cars,” said Aasif Malbari, CFO, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles.
“We at HDFC Bank are delighted to be associated with this programme. This will help us tap new consumer segments through a customised financing programme as well as promote the EV culture in the country. This is one more step in our journey towards becoming carbon neutral by 2031-32,” said Arvind Kapil, Group Head-Retail Assets-HDFC Bank.
Tata Motors has been revolutionizing the Indian automotive market with its pioneering efforts and is leading the e-mobility wave in India with a commanding market share of 89 per cent in FY’22, with over 50,000 Tata EVs produced till date in personal and fleet segments.
