Given the upcoming festive season, Tata Motors has announced its partnership with Axis Bank to offer an exclusive support for electric vehicle dealer financing solution to its authorised passenger EV dealers.
Under the scheme, dealers can avail of inventory funding over and above their ICE finance limit with attractive pricing linked to Repo Linked Lending Rate (RLLR) with a repayment tenure ranging between 60 to 75 days, a press release from the company said.
The bank will also offer additional limits to cater to high-demand phases, which will be available to dealers thrice a year.
The MoU was signed by Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle and Tata Passenger Electric Mobility 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 General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles, said, “We are positive that this initiative will further support our vision to achieve the goal of green mobility and bolster sustainability in mobility sector in the country.”
Bali said this solution would help the bank to expand its base into newer consumer segments and address their financial requirements.