Tata Motors has collaborated with Axis Bank to launch an EV Dealer Financing Program. Under this scheme, dealers can avail 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 limits to cater to high-demand phases, which will be available to dealers 3 times a year.
The MoU for this partnership was signed by Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Ltd. and Tata Passenger Electric Mobility Ltd and Mr. Sumit Bali, Group Executive and Head – Retail Lending and Payments, Axis Bank in the presence of other senior executives from both companies.
Commenting on the rollout of this finance scheme offer, Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd said:
We are extremely elated to associate with Axis Bank for this exclusive financing program for our authorized 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 mobility sector in the country.
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 87% in FY’22 and over 30,000 Tata EVs on road till date in personal and fleet segments.
