To increase the penetration of electric vehicles (EVs) in the country, Tata Motors on Tuesday announced that it had joined hands with IndusInd Bank to offer exclusive EV dealer financing solutions to its authorised EV passenger car dealers. Under the scheme, IndusInd Bank will provide additional inventory funding to Tata Motors’ authorised passenger vehicle EV dealers at attractive interest rates.

This additional inventory funding will exceed the reseller’s ICE financing limit. The repayment period is 60 to 75 days. In addition, Industrial Bank said in a regulatory filing that it would also provide additional quotas during periods of high demand, with dealers able to get quotas twice a year.

Commenting on the launch of the offer, Aasif Malbari, CEO of Tata Passenger Electric Mobility Ltd and Director of Tata Motors Passenger Vehicles Ltd, said: “We firmly believe that through this partnership, we will make electric vehicles more accessible and the electric vehicle buying process will be a seamless and memorable experience for our customers.”

Sanjeev Anand, Head of Corporate, Commercial, Rural and Inclusive Banking at IndusInd Bank Ltd, said of the partnership: “Through this partnership, we also look forward to expanding our base into new consumer segments and becoming a bank chose to provide a solution to meet all the banking needs of its customers.”

Tata Motors is pioneering the Indian automotive market in a pioneering manner, is now leading the electric vehicle wave in India with an absolute market share of 89% and has produced over 50,000 electric vehicles in the personal and fleet segment so far, the company said.