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

This EV financing deal between Tata Motors and ICICI Bank aims to assist authorized passenger EV dealers with inventory funding and flexible repayment options.

Tata Motors has partnered with ICICI Bank to offer an Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers. The MoU for this partnership was signed by Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd., and Mr. Rakesh Jha, Executive Director, ICICI Bank Ltd.

Under this scheme, ICICI Bank will provide inventory funding to the authorised passenger EV dealers of Tata Motors. This inventory funding is in addition to the Bank’s funding to dealers for diesel and petrol models. Under this facility, EV dealers can avail of flexible repayment tenures.

Before this, Tata Motors has also formed similar EV financing partnerships with Axis Bank, SBI, HDFC Bank, and IndusInd Bank.

Commenting on the partnership, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “As the pioneers of EVs in the country, we take responsibility for their successful adoption. In our aim towards achieving complete electrification and promoting green mobility, we are happy to partner with ICICI Bank to assist our authorized passenger electric vehicle dealer partners with an exclusive financing program. Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India. We are confident that through this tie-up, we will make EVs more accessible and the EV purchase process a seamless and memorable experience for our customers.”

Speaking on this partnership, Mr. Rakesh Jha, Executive Director, ICICI Bank, said, “Electric vehicle industry is growing at a rapid pace with the rising consumer demand for environment-friendly electric vehicles. The launch of EVs is one of the significant innovations in the automobile space. ICICI Bank has a legacy of supporting innovative technological initiatives. In line with this philosophy, we are delighted to partner with Tata Motors to offer an electric vehicle financing program for the authorised dealers of the country’s leading automotive company. This reflects our continued participation in India’s journey towards a sustainable future.”

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