Tata Motors partners with HDFC Bank to provide financing solutions to its EV dealers
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Tata Motors partners with HDFC Bank to provide financing solutions to its EV dealers.

After Axis Bank and SBI, Tata Motors partners with HDFC Bank to offer exclusive financing to its EV dealers.

Tata Motors has partnered with HDFC Bank to offer an Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers. Mr. Arvind Kapil, Group Head-Retail Assets of HDFC Bank, and Mr. Aasif Malbari, Chief Financial Officer of Tata Passenger Electric Mobility Ltd., signed the MoU for the EV dealer financing Programme.

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 3 times a year.

Commenting on the rollout of this finance scheme 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 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.”

Speaking of this partnership, Mr. Arvind Kapil, Group Head-Retail Assets-HDFC Bank, said, 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.”

Also Read: Ather inaugurates a new manufacturing plant in Hosur, Tamil Nadu.

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