IndusInd Bank to provide EV financing solutions to Tata Motors

The private lender announced that it has partnered with Tata Motors to offer an exclusive Electric Vehicle (EV) Dealer Financing solution to its authorized passenger EV dealers.

Under this scheme, IndusInd Bank will provide additional inventory funding with attractive authorized passenger EV dealers of Tata Motors. This additional inventory funding would be over and above the internal combustion engines (ICE) finance limit of the dealers. Repayment tenure will range from 60 to 75 days. Furthermore, it will also offer additional limit to cater to high demand phases, which will be available to dealers 2 times in a year.

Tata Motors is a automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions.

Commenting on this offer, Aasif Malbari, Chief Financial Officer, Tata Passenger Electric Mobility and director, 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. 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.

Speaking of this partnership, Sanjeev Anand, Head - corporate, commercial, rural & inclusive banking, IndusInd Bank, said, 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 program for authorized passenger EV dealers of Tata Motors. We are proud to partner with the segment leader in the journey toward a sustainable future. Through this tie-up, we are also looking forward to expanding our base into new consumer segments and be a bank of choice providing solutions to meet all banking requirements of the customers.

Shares of IndusInd Bank was down 0.69% at Rs 1189.70 and Tata Motors shed 0.09% at Rs 432.80 on the BSE.

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