Tata Motors joins hands with HDFC Bank for Electric Vehicle Dealer Financing Prog

NL Correspondent
Tawi: In a bid to increase EV adoption in the country, Tata Motors, ’s leading automotive manufacturer has joined
hands with HDFC Bank, India’s largest private sector 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 limit to cater to high demand phases, which will be available to dealers 3 times in 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. Speaking of this
partnership, Mr. Arvind Kapil, Group Head-Retail Assets-HDFC Bank said, “We at HDFC Bank are delighted to be associated with
this programme. This will help us tap new consumer segments through a customised financing programme as well as promote the
EV culture in the country. This is one more step in our journey towards becoming carbon neutral by 2031-32.” Commenting on the
rollout of this finance scheme Mr. Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata
Motors Passenger Vehicles Ltd. said, “We are extremely delighted to associate with HDFC Bank, India’s largest private sector bank,
for this financing programme for our authorized electric passenger vehicle dealer partners. Our dealers have provided constant
support to us for faster adoption of EVs, and this association with HDFC Bank will further help us in our vision of achieving green
mobility. We are optimistic that through this tie-up, we will make the EV buying experience much easier for our customers and this
will positively impact their overall buying experience of Tata cars.”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.