Tata Motors has signed an MoU with State Bank of India (SBI) to offer unique financing solutions for the purchase of the all-new Tata Ace EV – one of India’s most advanced, zero-emission, four-wheel commercial vehicles. Through this partnership, Tata Motors will leverage SBI’s strong network to make these solutions accessible to customers.
According to Pravin Raghavendra, Deputy Managing Director (Retail – Agri, SME & FI) at SBI, the new financing scheme will aid individuals and MSMEs in buying the state-of-the-art, environmentally friendly electric mini-truck.
The major highlights of the SBI finance policy for Tata Ace EV include; 90 per cent funding of on-road price of the vehicle, loan tenure up to six years, and digitally-enabled loan sanction process with no collateral security required for a loan.
Rajesh Kaul, Vice President of Sales & Marketing for the Commercial Vehicle Business at Tata Motors, expressed delight in partnering with the largest bank in the country to offer seamless financing schemes for the Tata Ace EV customers. He added that the MoU has further strengthened their aim of making Tata Ace EV more accessible to customers and that he was confident that the collaboration would accelerate efforts toward sustainable mobility and help the country achieve its net-zero aspirations.
Ace EV is co-developed in collaboration with its stakeholders, and has successfully completed stringent real-world market trials with its customers. Supported by a diligently curated ecosystem, the vehicle comes with a holistic solution for hassle-free e-cargo mobility and five-year comprehensive maintenance package. The Ace EV’s supporting ecosystem includes development and deployment of charging infrastructure, setting up of dedicated electric vehicle support centres for maximum fleet uptime, deployment of Tata Fleet Edge – the next-gen optimal fleet management solution, support of Tata UniEVerse, the proven enabling eco-system of relevant Tata Group companies, and partnerships with the country’s leading financiers for availing funding.