Tata Motors has teamed up with Axis Bank to offer an electric vehicle financing solution to its authorized passenger EV dealers. Under this scheme, dealers can use inventory financing above the ICE financing limit with prices linked to Repo Linked Lending Rate (RLLR). The repayment term varies from 60 to 75 days. In addition, the bank will also offer additional limits to meet the high demand, 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.
Tata Motors Electric Mobility recently updated the Tata Nexon EV with additional features and now calls it Tata Nexon EV Prime.
Also Read: Tata Nexon EV Prime Introduced With New Features And Higher Prices
Ramesh Dorairajan, Senior GM, Network Management & EV Sales, TMPV, said: “We are very pleased to partner with Axis Bank on this exclusive financing program for our authorized dealers of electric passenger cars. Our dealers have been working closely with us to enable widespread EV adoption in the country. We are confident that this initiative will further support our vision to achieve the goal of green mobility and strengthen sustainability in the mobility sector in the country.”
Tata Nexon EV Max is the latest addition to the Nexon EV range in India.
Sumit Bali, Group Executive and Head – Retail Lending and Payments, Axis Bank said: “This solution will help the bank expand its base into newer consumer segments and meet their financial needs. We believe the EV market will grow exponentially, and this partnership will be a major contributor to this growth.”
Also Read: Tata Motors signs MoU with EC Wheels India; Delivery of 1,000 Xpres-T EVs
Tata Motors aims to sell about 50,000 electric vehicles (EVs) in the fiscal year to March 31 and to double that number by 2023/24, 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. Currently, Tata Motors sells Tata Tigor EV and Tata Nexon EV in the Indian market.