Tata Motors and South Indian Bank launch EV dealer financing program

Tata Motors, a foremost automotive manufacturer in India, has forged a partnership with South Indian Bank, a renowned private sector bank in the nation. Their joint initiative aims to introduce an exclusive Electric Vehicle (EV) Dealer Financing Program and provide comprehensive retail financing solutions for consumers.

Details of the Partnership

The Memorandum of Understanding (MoU) marking this collaboration was penned by Ramesh Dorairajan, the Senior General Manager – Network Management & EV Sales from Tata Motors Passenger Vehicles Ltd., and Praveen Joy, the Head of Transaction Banking Group at South Indian Bank.

Tata Motors Partners with South Indian Bank for EV Dealer Financing Program. Photo courtesy of Tata Motors.

Leadership Insights on the Collaboration

Ramesh Dorairajan expressed his enthusiasm about the collaboration, stating that promoting EV adoption in India is crucial for Tata Motors’ strategy. This exclusive financing program, tailored for authorized electric passenger vehicle dealers, advances that vision. Dorairajan emphasized the crucial role of dealer partners in fostering extensive EV adoption in India.

On the other hand, Murali Ramakrishnan, the MD & CEO of South Indian Bank, conveyed his delight about the association with Tata Motors. He believes that this program will not only amplify the bank’s asset base but also tap into new consumer sectors. He looks forward to more synergistic endeavors with Tata Motors, ensuring both dealers and consumers benefit from various initiatives.

Snapshot of Tata Motors and South Indian Bank

Taking the lead in India’s e-mobility wave, Tata Motors boasts an impressive 71% market share, with a record of producing over 90,000 EVs for both personal and fleet segments. Meanwhile, South Indian Bank is recognized for its innovative technology-driven banking, housing a dynamic range of digital products and services. With one of the youngest teams in India’s banking sector, their Vision 2024 prioritizes the 6 Cs, including capital, CASA, cost-to-income, and more.