IndusInd Bank, Tata Motors to collaborate for providing electric vehicle financing

29 Nov 2022 , 02:56 PM

Tata Motors Limited announced that it has entered into a collaboration with IndusInd Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers.

As part of the collaboration, IndusInd Bank has agreed to provide additional inventory funding to authorized passenger EV dealers of Tata Motors, at attractive prices. The company highlighted that the additional funding would be on top of the ICE finance limit of the dealers.

The repayment tenure, so far, has been fixed between 60 to 75 days.

In order to cater to the high-demand phases, the Bank will also extend an additional limit twice a year.

The MoU was inked by Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility and Director, Tata Motors Passenger Vehicles, and Sanjeev Anand, Head — Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank.

Tata Motors has positioned itself as a pioneer in the Indian automotive market with its ground-breaking efforts and is currently a leader in the e-mobility wave in India with a terrific market share of 89%. It has produced over 50,000 EVs to date in the personal and fleet segments.

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