Tata Motors, India’s leading commercial vehicle producer, has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI), the country’s leading public sector bank.
This agreement establishes a partnership to provide exceptional financial support for the acquisition of Tata Motors’ ACE EV, a commercial vehicle introduced in May 2022. This alliance aims to stimulate demand for Tata Motors’ Ace EV and, at the same time, time, generate employment opportunities.
How will the MoU help?
To ensure fast and efficient financing procedures, the two entities will take advantage of SBI’s banking technology, which guarantees consistency, transparency, and reduced response time. The MoU will not only help the economy but will also help the EV revolution in India.
How to obtain the financing option?
To secure the financing option, following the terms and conditions established during the MoU
- Collateral is not required to secure the loan.
- The term of the loan is up to six years.
- The bank will finance 90% of the road cost of the vehicle. Since the vehicle costs around 9.99 lakhs, you can get a loan of 8.99 lakhs by opting for financing.
- The loan can be digitally secured.
Official statement of the two entities
Mr. Pravin Raghavendradeputy director general of SBI said:
“We are proud to partner with Tata Motors in an effort to offer attractive financing options for the Ace EV. We are sure that the new financing scheme will help individuals and MSMEs to buy the latest generation and eco-friendly electric mini truck.”
To commemorate the occasion, Vice President of Tata Motor sales and marketing Mr. Rajesh Kaul He said: “The collaboration with SBI will accelerate efforts towards sustainable mobility and support the nation’s net-zero aspirations.”
Tata ACE EV specifications
| Powertrain | EVOGEN |
| Range | 154km |
| Engine capacity | 27kW |
| maximum power | 36hp |
| maximum torque | 130Nm |
| Price | Starting price of 9.99 lakhs |
The Ace EV is used by a variety of B2B and B2C companies. This will help them earn more and along with that introduce the sustainability factor.
Tata ACE EV deliveries
The company has started deliveries of the vehicle from January 2023 and you can reserve your vehicle by visiting the Tata Motors website.
