Tata Motors signs MoU with SBI to offer attractive financing solutions for new Ace EV
1 min read . Updated: 01 Mar 2023, 06:20 PM IST
Premium- According to the firm, it has signed a MoU with the government lender which will offer 'easy loan structured schemes' for the purchase of its vehicles for customers.
India’s largest commercial vehicle manufacturer Tata Motors has partnered with the State Bank of India (SBI) to offer attractive financing solutions for the Ace electric vehicle, the firm said on 1 March.
Tata Motors said it has signed a memorandum of understanding (MoU) with the government lender which will offer 'easy loan structured schemes' for the purchase of its vehicles for customers.
According to details, shared by the automotive giant, the SBI finance policy for Tata Ace EV will include that SBI would provide:
a) 90% funding of on-road price of the vehicle.
b) Loan tenure up to six years
c) Digitally-enabled loan sanction process
d) No collateral security required for a loan
“We are proud to partner with Tata Motors in an endeavour to offer attractive financing options for the Ace EV. We are confident that the new financing scheme will help individuals and MSMEs in purchasing the state-of-the-art, eco-friendly electric mini-truck," SBI's Deputy Managing Director Pravin Raghavendra said.
Co-developed with rich collaboration with its stakeholders, and has successfully completed stringent real-world market trials with its customers, Tata Ace EV omes with a holistic solution for hassle free e-cargo mobility and 5-year comprehensive maintenance package.
“We are delighted to join hands with the largest bank in the country, the State Bank of India, to offer unique, seamless financing schemes for the Tata Ace EV customers. The MoU has further strengthened our aim to make Tata Ace EV more accessible to customers. We are confident that our collaboration will fast-track our efforts towards sustainable mobility and support the nation’s net-zero aspirations," Tata Motors' Vice President (for Sales & Marketing, Commercial Vehicle Business) Rajesh Kaul said while commenting on the deal.