Business News : Tata Motors partners with Axis Bank
The loan repayment period will be 60 to 75 days. Along with this, the bank is also offering additional limits in high demand phases, which will be made available to the dealers thrice in a year.
In an effort to make the festive season special, Tata Motors has partnered with Axis Bank in the private sector. Under this partnership, the company will provide exclusive electric vehicle dealer financing solutions to its authorized passenger electric vehicle 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 (RLLR). The loan repayment period will be 60 to 75 days. Along with this, the bank is also offering additional limits in high demand phases, which will be made available to the dealers thrice in a year.
Commenting on the launch of this finance scheme, Mr. Ramesh Dohrirajan, Senior General Manager, Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd. said, “We are extremely excited to partner with Axis Bank for this exclusive financing program for our authorized EV dealers. Our dealers are walking shoulder to shoulder in our journey to drive mass adoption of electric vehicles in the country. We are quite sure that this initiative of ours will support our vision to achieve the goal of green mobility and promote sustainability in the mobility sector of the country.”
Sumit Bali, Group Executive and Head – Retail Lending & Payments, Axis Bank, said, “At Axis Bank, we are committed to our goal of promoting green mobility financial solutions. We are delighted to associate with Tata Motors and offer their exclusive financing program for passenger electric vehicle dealers. This industry-first solution will allow the bank to expand into a new consumer segment. Along with this, the financial needs of the consumers will also be met. We are confident that the electric vehicle market will grow exponentially and this partnership will go a long way in contributing significantly to this growth.”
Tata Motors is transforming the Indian automotive market with its pioneering efforts and is at the forefront of bringing the wave of e-mobility to the country. The company has a strong market share of 87 per cent in this segment in FY22 and currently has more than 30,000 Tata electrical vehicles plying on the roads in personal and fleet category.