Tata Motors joins hands with SBI to offer loan structured schemes for new Ace EV
Notable because
India’s transition to EVs will be led by categories such as e-2W and commercial vehicles, that are most amenable to electrification. The availability of easy finance for these vehicles is key to their mass adoption. The State Bank of India (SBI), one of the first movers in EV financing, through its ‘green car loan’, has extended the contours of its EV portfolio beyond passenger vehicles. This can be expected to have ripple effects among other financiers.
What to look out for in the months ahead
The growing popularity of EVs, especially for commercial use, may encourage more industry players to come together and forge such partnerships. Innovative financing that is jointly made available by original equipment manufacturers (OEMs) and financiers could play a key role in combating the inherent cost disadvantage of EVs, thus making them more accessible to the end consumer.