Mumbai/Bengaluru, August 07, 2023: In a bid to make this festive season special, Tata Motors, India’s leading automotive manufacturer, has joined hands with South Indian Bank, one of India’s leading private sector banks, to extend an exclusive Electric Vehicle Dealer Financing Program and offering comprehensive retail financing solutions to all customers.
The MoU for this partnership was signed by Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd. and Mr. Praveen Joy, Head, Transaction Banking Group, South Indian Bank.
Commenting on the partnership, Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd. said, “Driving EV adoption in India is an integral part of our strategy and we are happy to have collaborators who are aligned to the same. This partnership with South Indian Bank for an exclusive financing program for our authorized electric passenger vehicle dealers is a step forward in this direction. Our dealer partners form an integral part in our journey towards enabling widespread EV adoption in India, and we are positive that this initiative will further allow us to democratize electric vehicles in the country.”
Speaking on this partnership, Mr. Murali Ramakrishnan, MD & CEO, of South Indian Bank said, “We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicle dealers. This program will help the bank to expand its asset base and expand into newer consumer segments. We look forward to continuing our association with Tata Motors with various programs and offers to meet their dealers’ and consumers’ needs.”
Tata Motors has been pioneering the Indian automotive market with its groundbreaking efforts and is currently leading the e-mobility wave in India with a commanding market share of 71% with over 90,000 EVs produced to date in personal and fleet segments.
South Indian Bank is a pioneer in technology-based banking, offering an array of digital products and services. It has one of the youngest workforces in the banking sector in the country. The Bank’s Vision 2024 focuses on the 6 Cs – capital, CASA, cost-to-income, competency building, customer focus, and compliance.