HSBC India has announced a partnership with Tata Motors, India's leading automobile manufacturer and pioneer of the electric vehicle (EV) revolution in the country. The collaboration aims to provide a corporate employee financing solution that will promote the adoption of zero-emission electric vehicles and contribute to sustainability and the decarbonization of road transport.
Under this partnership, HSBC India customers with a salaried account will have the opportunity to apply for a tailored loan to purchase an electric vehicle from Tata Motors' EV portfolio. The loan scheme offers attractive benefits, including zero down payment, no hypothecation, low processing fees, and no documentation charges, making the entire EV purchasing process simple and appealing. Additionally, customers opting for this loan will receive a special accessory kit for their Tata EVs.
Shri Suman Bery, Hon'ble Vice Chairman of NITI Aayog, commented on the partnership, highlighting the government's focus on promoting electric vehicles and clean mobility solutions. He expressed his support for corporate initiatives in line with India's vision of transitioning towards green mobility and commended HSBC India and Tata Motors for their efforts in creating awareness and facilitating access to EVs.
Mr. Shailesh Chandra, MD of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility expressed his delight in partnering with HSBC India to accelerate the mass adoption of sustainable mobility in the country. Tata Motors, with over 85,000 EVs on the road, is the leader in this fast-growing segment, offering customers a wide range of EV options to suit their needs.
Hitendra Dave, CEO of HSBC India, emphasized the importance of supporting the mass adoption of electric vehicles to combat carbon emissions in the road transportation sector. He stressed the need for stakeholders to come together and drive a sustainable transition towards a net-zero economy. The partnership with Tata Motors, India's leading EV maker, enables the leverage of shared vision and synergies to achieve this goal.
Tata Motors has been at the forefront of revolutionizing the Indian automotive market with its pioneering efforts in e-mobility. Its product portfolio includes the Tiago. EV, the fastest-booked EV in India, the Nexon EV, India's highest-selling EV, and the Tigor EV.