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Tata Motors and SBI MoU
Tata Motors, the foremost commercial vehicle producer in India, has entered into a memorandum of understanding (MoU) with the State Bank of India (SBI), the preeminent public sector bank in the country.
This agreement establishes a partnership to provide unique financial support for the acquisition of Tata Motors’ ACE EV a commercial vehicle that was unveiled in May 2022. This alliance aims to stimulate demand for Tata Motors’ Ace EV while also generating employment opportunities.
How will the MoU help?
To ensure streamlined and efficient financing procedures, the two entities will leverage SBI’s banking technology, which guarantees uniformity, transparency, and reduced turnaround time. The MoU will not only aid the economy but will also help the EV revolution in India.
How to get the financing option?
To secure the financing option, following the terms and conditions laid down during the MoU
- No collateral is required for securing the loan
- The loan term is up to six years
- The bank will finance 90% of the vehicle’s on-road cost. Since the vehicle costs around 9.99 lakhs, by opting for finance, you can get a loan of 8.99 lakhs.
- The loan can be secured digitally.
Official statement from the two entities
Mr. Pravin Raghavendra, the deputy managing director of SBI said, “We are proud to partner with Tata Motors in an endeavor 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.”
To commemorate the occasion, Tata Motor’s Vice president of sales and marketing Mr. Rajesh Kaul said, “The collaboration with SBI will fast-track the efforts towards sustainable mobility and support the nation’s net-zero aspirations.”
Tata ACE EV specifications
| Powertrain | EVOGEN |
| Range | 154km |
| Motor capacity | 27kW |
| Max power | 36hp |
| Peak Torque | 130Nm |
| Price | 9.99 lakh starting price |
The Ace EV is used by a variety of B2B and B2C businesses. This will help them in earning more and along with that introduce the sustainability factor.
Tata ACE EV deliveries
The company has started the deliveries of the vehicle from January 2023 and you can book your vehicle by visiting the Tata Motors website.
Read More: Tata Motors Signs MoU With Uber India to Deliver 25,000 Units of Xpres-T EV
