Tata Motors Collaborates with State Bank of India to Provide Easy Financing for Tata Ace EV
Tata Motors has announced a partnership with State Bank of India (SBI) to offer “easy loan structured schemes” for the purchase of its latest commercial electric vehicle, the Tata Ace EV. According to the memorandum of understanding (MoU) signed between the two companies, Tata Motors will offer “unique financing solutions” for the Ace EV, while SBI will leverage its strong network to make these solutions accessible to customers.
“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,” said Pravin Raghavendra, SBI’s deputy managing director (retail – agri, SME & FI).
Rajesh Kaul, vice president, sales & marketing, commercial vehicle business, Tata Motors, added that the collaboration with SBI, the country’s largest state-run lender, will fast-track efforts towards sustainable mobility and support the nation’s net-zero aspirations.
The Tata Ace EV, which is India’s most advanced, zero-emission commercial electric vehicle, comes with a holistic solution for hassle-free e-cargo mobility and a five-year comprehensive maintenance package. The vehicle’s supporting ecosystem includes the development and deployment of charging infrastructure, setting up dedicated electric vehicle support centres for maximum fleet uptime, deployment of Tata Fleet Edge – the next-gen optimal fleet management solution, and partnerships with the country’s leading financiers for availing funding.
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