Tata Motors has collaborated with Axis Bank to offer an Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers.
Under this scheme, dealers can avail of inventory funding over and above the ICE finance limit with 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 Shailesh Chandra, MD, TMPV & TPEM, and Sumit Bali, Group Executive, and Head – Retail Lending and Payments, Axis Bank in the presence of other senior executives from both companies.
Ramesh Dorairajan, Senior GM, Network Management & EV Sales, TMPV 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 in lock-step with us in our journey to 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.”
Axis Bank said, “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.”
Tata Motors aims to sell about 50,000 electric vehicles (EVs) in the fiscal year to March 31, and double that in the 2023/24 period, Chairman N Chandrasekaran told a shareholders’ meeting last week.
In 2021/22, Tata Motors sold 19,105 EVs, a growth of 353 percent from the previous fiscal year. At present, Tata Motors retails Tata Tigor EV and Tata Nexon EV in the Indian market.