MUMBAI, NOV 29 : Tata Motor, a prominent automaker, announced on Tuesday that it has teamed up with IndusInd Bank to provide its approved passenger EV dealers with an exclusive Electric Vehicle Dealer Financing solution.

As part of this programme, IndusInd Bank will offer authorised Tata Motors passenger EV dealers extra inventory funding at competitive rates. This extra money for inventories would go above and beyond the dealers’ ICE finance cap. The repayment period will be between 60 and 75 days. Additionally, IndusInd Bank will provide dealers with an additional quota that is accessible twice a year to accommodate periods of strong demand.

Mr. Aasif Malbari, Chief Financial Officer of Tata Passenger Electric Mobility Ltd. and Director of Tata Motors Passenger Vehicles Ltd., and Mr. Sanjeev Anand, Head of Corporate, Commercial, Rural & Inclusive Banking at IndusInd Bank Ltd., signed the Memorandum of Understanding for this relationship.

As we move closer to our goal of electrification and green mobility, we are thrilled to partner with IndusInd Bank to support our authorised electric passenger vehicle dealer partners with an exclusive financing programme, said Mr. Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. One of our main support pillars is our dealer network, and because to their tireless efforts, we have been able to ride India’s electrification wave. We are certain that this partnership will increase consumer access to EVs and make the EV purchasing process simple and enjoyable.

‘As a bank with sustainability at our core, we are extremely delighted to partner with Tata Motors, one of India’s leading automotive brands, to offer an exclusive electric vehicle dealer financing programme for authorised passenger EV dealers of Tata Motors,’ said Mr. Sanjeev Anand, Head Corporate, Commercial, Rural & Inclusive Banking, IndusInd Bank Ltd. In the effort to create a sustainable future, we are honoured to collaborate with the market leader. Through this partnership, we also hope to broaden our customer base and establish ourselves as a bank of choice by offering services that satisfy all of their financial needs.(PHN)