India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader of the Indian electric passenger vehicle market is to offer Electronic Dealer Finance Solution (e-DFS) to its authorised passenger EV dealers.
Managing Director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, Shailesh Chandra was present on the occasion. He 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 authorised electric passenger vehicle dealers, who will play an important role in driving the green mobility mission.”
SBI Chairman Dinesh Khara 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.”
While Tata Motors currently has three models– the Nexon EV, Tigor EV and fleet-only XPres-T EV – it is expected that no less than 10 new models will feature in its EV fleet in the coming years. On the other hand, its competitor Mahindra & Mahindra will launch five new electric SUVs this independence day.