In a bid to increase EV adoption in the country, Tata Motors has joined hands with HDFC Bank to offer an Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers.
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 limits to cater to high-demand phases, which will be available to dealers 3 times 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. Arvind Kapil, Group Head - Retail Assets, HDFC Bank.
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 89% in FY’22, with over 50,000 Tata EVs produced till date in personal and fleet segments.
