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India

HSBC, Tata Motors Join Hands For EV Financing

 

HSBC India has partnered with Tata Motors for a corporate employee financing solution to accelerate the adoption of zero-emission Electric Vehicles (EVs). 

Consumers holding a salaried account with HSBC India can apply for this one-of-a-kind tailor-made loan to purchase an EV of their choice from Tata Motors’ EV portfolio. As a part of this scheme, customers can apply for a loan with zero down payment, no hypothecation, low processing fee, and no documentation charges, amongst others. 

As an added advantage, customers opting for this loan will also get a special accessory kit for their Tata EVs. Suman Bery, Vice Chairman, NITI Aayog, said, “While we are focused on building momentum and creating enabling infrastructure, we look forward to the support of corporates in this endeavour. We welcome the efforts of HSBC India and Tata Motors in creating awareness and promoting access to EVs, along with their commitment to India’s larger vision of transitioning towards green mobility solutions.” 

Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said, “We are delighted to partner with HSBC India as we work towards accelerating the mass adoption of sustainable mobility in the country. With over 85,000 EVs on road, Tata Motors is the leader in this fast-growing segment. Our new-age vehicles offer customers the choice to select the EV that best meets their purpose. This partnering with HSBC India will further expand the appeal and reach of customers preferring to Go.ev.”  

Hitendra Dave, CEO, HSBC India, said, “The road transportation sector in India is a significant contributor to the overall quantum of carbon emissions in the country. Therefore, we must move quickly and support the mass adoption of electric vehicles. For this to happen, all the ecosystem stakeholders need to unite as a unifying force and support this transition. Our partnership with Tata Motors, India’s leading EV maker, will help leverage the synergies of vision and help drive a sustainable transition towards a net zero economy.”