Tata Motors has announced its partnership with ICICI bank by signing an MoU for providing financing solutions to its authorised passenger electric vehicle dealers. Under this scheme, the ICICI bank will provide one-of-its-kind inventory funding to the EV dealers of the Indian carmaker.
The inventory funding is in addition to the bank’s funding to the dealer for diesel and petrol vehicles. Additionally, under this facility, the authorised EV dealers can avail of flexible repayment tenures.
Commenting on the partnership, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd., said, “As the pioneers of EVs in the country, we take responsibility for their successful adoption. In our aim towards achieving complete electrification and promoting green mobility, we are happy to partner with ICICI Bank to assist our authorized passenger electric vehicle dealer partners with an exclusive financing program. Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India. We are confident that through this tie-up, we will make EVs more accessible and the EV purchase process a seamless and memorable experience for our customers.”