Tata Motors Signs MOU with SBI

A memorandum of understanding (MOU) has been signed with SBI by Tata Motors, for providing financing choices to the buyers of the latest Tata Ace EV. In order to make these solutions available to clients, the OEM IS will benefit from SBI's extensive network through this agreement.

Rajesh Kaul, Vice President, Sales & Marketing, Commercial Vehicle Business, at Tata Motors, said, “We are delighted to join hands with the largest bank in the country, the State Bank of India, to offer unique, seamless financing schemes for the Tata Ace EV customers. The MoU has further strengthened our aim to make Tata Ace EV more accessible to customers. We are confident that our collaboration will fast-track our efforts towards sustainable mobility and support the nation’s net-zero aspirations.”

The development and deployment of charging infrastructure, the establishment of specialised electric vehicle support facilities for maximum fleet uptime, the use of Tata Fleet Edge, the next-generation optimal fleet management solution, the support of Tata UniEVerse, the established enabling eco-system of pertinent Tata Group companies, and collaborations with the nation's top financiers for funding are all included in the ecosystem that supports the Ace EV.

Pravin Raghavendra, Deputy Managing Director (Retail - Agri, SME & FI), State Bank of India, said, “We are proud to partner with Tata Motors in an endeavour to offer attractive financing options for the Ace EV. We are confident that the new financing scheme will help individuals and MSMEs in purchasing the state-of-the-art, eco-friendly electric mini-truck.”