Tata Motors, SBI Sign MoU To Offer Financing For Ace EV

Mobility Outlook Bureau
02 Mar 2023
05:09 PM
1 Min Read

The partnership will introduce easy loan-structured schemes for the purchase of the all-new Tata Ace EV

Memorandum of Understanding signing

Tata Motors has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI), to offer financing solutions for the purchase of the all-new Tata Ace EV. Through this partnership, the OEM ISwill leverage SBI’s strong network to make these solutions accessible to customers.

Rajesh Kaul, Vice President, Sales & Marketing, Commercial Vehicle Business, Tata Motors, said, “We are delighted to join hands with the largest bank in the country, the State Bank of India, to offer unique, seamless financing schemes for the Tata Ace EV customers. The MoU has further strengthened our aim to make Tata Ace EV more accessible to customers. We are confident that our collaboration will fast-track our efforts towards sustainable mobility and support the nation’s net-zero aspirations.”

The Ace EV’s supporting ecosystem includes the development and deployment of charging infrastructure, setting up of dedicated electric vehicle support centres for maximum fleet uptime, deployment of Tata Fleet Edge – the next-gen optimal fleet management solution, support of Tata UniEVerse, the proven enabling eco-system of relevant Tata Group companies, and partnerships with the country’s leading financiers for availing funding.Pravin Raghavendra, Deputy Managing Director (Retail - Agri, SME & FI), State Bank of India, said, “We are proud to partner with Tata Motors in an endeavor to offer attractive financing options for the Ace EV. We are confident that the new financing scheme will help individuals and MSMEs in purchasing the state-of-the-art, eco-friendly electric mini-truck.”

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