Tata Motors has joined hands with Axis Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers. 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 automaker said in a release.
The repayment tenure will range from 60 to 75 days. The bank will also offer additional limits to cater to the high demand phases, which will be available to dealers 3 times in a year, it added.
“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,” Ramesh Dorairajan, Senior General Manager, Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd, said.
The MoU for this partnership was signed by Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Ltd, and Tata Passenger Electric Mobility Ltd and Sumit Bali, Group Executive and Head – Retail Lending and Payments, Axis Bank in the presence of other senior executives from both companies.
“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,” Bali said. Tata Motors claims to hold 87% market share in FY22 and over 30,000 Tata EVs on road till date in personal and fleet segments.