Tata Motors inks MoU with Axis Bank for exclusive financing program

Hyderabad, July 28: In a bid to make this festive season special, Tata Motors, India’s leading automotive manufacturer on Thursday announced it has entered into a partnership 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.
The MoU for this partnership was signed by Mr Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Limited and Tata Passenger Electric Mobility Limited and Mr. Sumit Bali, Group Executive and Head Retail Lending and Payments, Axis Bank .
Under this scheme, dealers can avail inventory funding over and above their ICE finance limit with attractive pricing linked to Repo Linked Lending Rate (RLLR), the company said in a release.
The repayment tenure will range from 60 to 75 days and the bank will also offer additional limits to cater to high demand phases, which will be available to dealers 3 times in a year.
Commenting on this finance scheme offer, Mr Ramesh Dorairajan, Senior General Manager Network Management & EV Sales, Tata Motors Passenger Vehicles Limited said, We are extremely elated to associate with Axis Bank for this exclusive financing program for our authorized electric passenger vehicle dealers.
Our dealers have been lock-step with us in our journey for enabling widespread EV adoption in the country. We are positive that this initiative will further support our vision to achieve the goal of green mobility and bolster sustainability in the mobility sector in the country, Dorairajan said.
Speaking of this partnership, Mr. Sumit Bali, Group Executive and Head Retail Lending and Payments, Axis Bank said, We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicles dealers.
This industry first solution will help the bank to expand its base into newer consumer segments and address their financial requirements. We believe that the EV market will grow exponentially, and this partnership will go a long way in significantly contributing to this growth, Bali said.
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 percent in FY ’22 and over 30,000 Tata EVs on road till date in personal and fleet segments. (UNI)