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The domestic carmaker Tata Motors and Indusind bank have partnered to encourage electric mobility in the country. According to reports, the Indusind bank will offer an Electric Vehicle Dealer Financing solution to the authorised dealers of electric vehicles manufactured by Tata Motors. The Memorandum of Understanding (MoU) was signed recently by Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility and Sanjeev Anand, Head, of Corporate, Commercial Rural & Inclusive Banking, Indusind Bank Ltd.

 

 

Under this joint venture, the Indusink Bank will offer extra inventory funds along with impressive pricing to authorised EV dealers of Tata passenger vehicles. This extra inventory funding would be exclusive and above the ICE finance limit determined for the dealers. The dealers can repay the amount of inventory funding between 60 and 75 days. Moving ahead, the Indusind bank will also offer extra limits during periods of high demand. This facility will be available to dealers twice a year. 

 

At present, Tata Motors is one of the leading manufacturers of electric vehicles in the country and holds 89% per cent of the share in electric mobility. Till now the company has manufactured more than 50,000 EVs in both personal and fleet segments.

 

Commenting on this partnership, Aasif Malbari, Chief Financial Officer, of Tata Passenger Electric Mobility Ltd, and Director of Tata Motors Passenger Vehicles, said, “As we move along towards our aim of electrification and green mobility, we are ecstatic to partner with IndusInd Bank to assist our authorized electric passenger vehicle dealer partners with an exclusive financing program”. Moving ahead, he also added, "Our dealer network is one of our core support pillars and through their constant efforts we have been able to ride the electrification wave in India. We are positive that through this tie-up, we will make EVs more accessible and the EV buying process, a seamless and a memorable experience for our customers”.