India’s leading automotive manufacturer Tata Motors has joined hands with Axis Bank, India’s third largest private sector 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. The repayment tenure will range from 60 to 75 days. The bank will also offer additional limit to cater to high demand phases, which will be available to dealers 3 times in a year.
The MoU for this partnership was signed by Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Ltd. and Tata Passenger Electric Mobility Ltd and Mr. Sumit Bali, Group Executive and Head – Retail Lending and Payments, Axis Bank in the presence of other senior executives from both companies. Tata Motors has been revolutionizing the Indian automotive market with its pioneering efforts and is leading the e-mobility wave in India with a commanding market share of 87% in FY’22 and over 30,000 Tata EVs on road till date in personal and fleet segments.
Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd, said, “We are positive that this initiative will further support our vision to achieve the goal of green mobility and bolster sustainability in mobility sector in the country.”
