In its effort towards increasing EV adoption in the country, Tata Motors, India’s leading automotive manufacturer, today announced that it has joined hands with IndusInd Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers. Under this scheme, IndusInd Bank will provide additional inventory funding with attractive pricing to authorize passenger EV dealers of Tata Motors.
This additional inventory funding would be over and above the ICE finance limit of the dealers. Repayment tenure will range from 60 to 75 days. Furthermore, IndusInd Bank will also offer additional limit to cater to high demand phases, which will be available to dealers 2 times in a year.
The MoU for this partnership was signed by Mr. Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. and Mr. Sanjeev Anand, Head – Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank Ltd. Speaking of this partnership, Mr. Sanjeev Anand, Head – Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank Ltd., said, “ Through this tie-up, we are also looking forward to expanding our base into new consumer segments and be a bank of choice providing solutions to meet all banking requirements of the customers.”