- First-of-its-kind EV inventory financing program for authorised dealers
- Attractive special pricing linked to Repo rates
Tata Motors has signed an MoU with HDFC Bank to increase EV adoption in India. It is done with the aim to provide an electric vehicle dealer financing solution to its authorised passenger EV dealers.
Under this scheme, Tata Motors will provide its dealers with additional inventory funding, which will be 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, and it will be available to dealers three times a year.
Speaking on the occasion, Mr Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd., and Director, Tata Motors Passenger Vehicles Ltd., said, “We are extremely delighted to associate with HDFC Bank, India’s largest private sector bank, for this financing programme for our authorised 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.”
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