Tata Motors team up with Axis Bank to introduce EV dealer financing program
To provide an EV dealer financing option to its approved passenger EV dealers, Tata Motors has partnered with Axis Bank. In accordance with this program, dealers may get inventory funding over their ICE finance limit at a price based on the Repo Linked Lending Rate (RLLR).
This program allows dealers to get inventory credit over their ICE finance limit at enticing rates based on the Repo Linked Lending Rate (RLLR). The period of repayment will be between 60 and 75 days. In addition, the bank will provide dealers with extra limitations three times a year in order to accommodate periods of excessive demand.
In the presence of other senior executives from both organizations, the MoU for this partnership was signed by Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Ltd. and Tata Passenger Electric Mobility Ltd., and Sumit Bali, Group Executive and Head - Retail Lending and Payments, Axis Bank.
Commenting on the rollout of this finance scheme offer, Ramesh Dorairajan, Senior General Manager Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd said, "We are extremely elated to associate with Axis Bank for this exclusive financing program for our authorized electric passenger vehicle dealers. Our dealers have been lock-step with us in our journey to enabling widespread EV adoption in the country. 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."
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