HSBC India announced today a collaboration with Tata Motors on a corporate employee financing solution to encourage the uptake of zero-emission electric vehicles. This collaboration aligns with the two concerned groups’ shared objective of promoting sustainability and decarbonizing road transport.
Customers with a salary account with HSBC India will be able to apply for this tailored loan to acquire an electric vehicle from Tata Motors’ EV portfolio.
Customers will be able to apply for a loan with zero down payment, no hypothecation, a modest processing fee, and no documentation expenses as part of this programme, making the total EV purchasing procedure not only straightforward but also highly appealing to all prospective customers.
Suman Bery, Chairman of NITI Aayog, expressed his thoughts on the partnership, highlighting the government’s strong commitment to de-carbonization, as evident in India’s updated Nationally Determined Contributions. The government has implemented significant measures to foster the adoption of electric vehicles (EVs) and other sustainable mobility solutions.
This aligns perfectly with Prime Minister Narendra Modi’s vision outlined in the Panchamrit Goals. Bery firmly believes that India possesses the capability to emerge as the global leader in EV manufacturing, reflecting the country’s immense potential in this sector.
Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, shared his perspective on the partnership, underscoring Tata Motors’ position as a frontrunner in the rapidly expanding electric vehicle (EV) sector. With an impressive fleet of over 85,000 EVs already on the road, Tata Motors leads the way in this dynamic market. Chandra emphasized that their innovative lineup of next-generation vehicles offers customers the flexibility to select the perfect EV that aligns with their individual preferences and usage requirements.
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