Tata Motors and State Bank of India join hands, offer Electronic Dealer Finance Program to Authorized Tata Passenger Electric Vehicle Dealers

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Tata Motors, India’s leading automotive manufacturer has joined hands with State Bank of India, India’s largest bank, to offer Electronic Dealer Finance solution (e-DFS) to its authorized passenger EV dealers. In the image (L-R) – Mr. Alok Kumar Choudhary, Managing Director (Retail Business & Operations), State Bank of India, Mr. Dinesh Khara, Chairman, State Bank of India and Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd., at the signing of the MoU.

Key Highlights:

• First-of-its kind Electric Vehicle Inventory Financing program by a Public Sector Bank for Tata Motors’ EV dealers
• Dealer finance limits towards Electric Vehicles for Tata Motors authorised Passenger Electric Vehicle dealers

Mumbai, August 12, 2022: In a bid to make this festive season special, Tata Motors, India’s leading automotive manufacturer has joined hands with State Bank of India, India’s largest bank, to offer Electronic Dealer Finance solution (e-DFS) to its authorized passenger EV dealers.

Commenting on the rollout of this finance scheme offer, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “To ensure we have faster EV adoption in the country, it is very important to have a strong network and empowered channel partners. By partnering with State Bank of India, we have taken another step in this direction. They are India’s largest public sector bank with an extensive network and we are delighted to partner with them. We want to provide an exclusive financing program to our authorized electric passenger vehicle dealers, who will play an important role in driving the green mobility mission, bolstering sustainability in the country.”

Speaking of this partnership, Mr. Dinesh Khara, Chairman, State Bank of India said, “We are delighted to enter into this agreement with Tata Motors, as this gives us an opportunity to deepen our longstanding partnership in Dealer Finance program. This also offers us the satisfaction of being able to contribute towards a greener tomorrow, as these lines of credit will be available for financing authorised dealers of Tata Motors’ Passenger Electric Vehicles. We are confident that this would go a long way towards promoting EV culture and adoption in the country,” stated in the press release.

Tata Motors has been revolutionizing the Indian automotive market with its pioneering efforts and is leading the e-mobility wave in India with a commanding market share of 89% in Q1 FY23. India currently has and over 30,000 Tata EVs on road in personal and fleet segments.ends GNI SG