Tata Motors and HSBC India Join Forces to Accelerate Electric Vehicle Adoption in the Corporate Sector
HSBC India and Tata Motors Offer Streamlined Financing for Electric Vehicles
9 June 2023
HSBC India and Tata Motors collaborate to enable corporate employees to purchase electric vehicles (EVs) through tailored loans.
Customers with a salaried account at HSBC India can enjoy zero down payment, low processing fees, and no documentation charges when financing an EV from Tata Motors' portfolio.
The partnership aims to accelerate the adoption of sustainable mobility, leveraging Tata Motors' position as a leader in the EV market and HSBC India's commitment to driving a sustainable transition towards a net-zero economy.
HSBC India and Tata Motors have allied to facilitate the acquisition of electric vehicles (EVs) by employees in the corporate sector. The primary objective of this partnership is to expedite the adoption of sustainable transportation in the nation. As part of this endeavor, individuals with a salaried account at HSBC India can apply for a custom-tailored loan explicitly designed for the purchase of a Tata Motors EV. This financing solution aims to simplify acquiring a vehicle by offering enticing benefits such as no down payment, minimal processing fees, and zero documentation charges. Moreover, those who avail themselves of this loan will receive an exclusive accessory kit to enhance their ownership experience with a Tata Motors EV.
Tata Motors, a trailblazer in India's electric mobility revolution, boasts an extensive range of products, including the Tiago. EV, which holds the distinction of being the fastest EV to reach 10,000 deliveries, the Nexon EV (India's top-selling EV), and the Tigor EV. With an impressive fleet of over 85,000 EVs already on the roads, Tata Motors stands at the forefront of the rapidly expanding EV market. Shailesh Chandra, the Managing Director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, expressed his enthusiasm for the collaboration with HSBC India, which will widen the availability and appeal of their EVs to customers seeking sustainable transportation solutions.
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The partnership between HSBC India and Tata Motors offers numerous advantages to prospective EV buyers. Through HSBC India's financing options, customers gain access to loans without the need for a down payment, hypothecation, or documentation charges. This streamlined approach eliminates barriers and simplifies the selection of eco-friendly vehicles for consumers. Furthermore, customers opting for the loan will receive a specialized accessory kit accompanying their Tata Motors EV, augmenting their overall ownership experience.
Highlighting the significance of the partnership in driving a sustainable transition towards a net-zero economy, Hitendra Dave, the CEO of HSBC India, emphasized the alignment between HSBC India's vision and Tata Motors' leadership in the EV sector. This collaboration aims to promote green mobility solutions and contribute to India's broader objective of transitioning to a sustainable transportation ecosystem. Suman Bery, the Vice Chairman of NITI Aayog, lauded the efforts of HSBC India and Tata Motors, recognizing the importance of corporate support in raising awareness and improving accessibility to EVs.