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HSBC India partners with Tata Motors to promote mass adoption of Electric Vehicles

HSBC India partners with Tata Motors to promote mass adoption of Electric Vehicles

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HSBC India today announced that it has partnered with Tata Motors, India’s leading automobile manufacturer and the pioneer of EV revolution in the country, for a corporate employee financing solution to accelerate the adoption of zero emission Electric Vehicles. This partnership is in line with the shared vision of the two conscientious organizations to promote sustainability and de-carbonize road transport, paving the way for a greener and cleaner future.

Key Highlights:

  • Personal loan for purchase of passenger Electric Vehicles from Tata Motors
  • No hypothecation
  • Zero down payment
  • Low processing fees
  • No documentation charges

Consumers holding a salaried account with HSBC India will get a chance to apply for this one-of-a-kind tailor made loan to purchase an electric vehicle of their choice from Tata Motors’ EV portfolio. As a part of this scheme, customers will be able to apply for a loan with zero down payment, no hypothecation, low processing fee and no documentation charges, amongst others, making the overall EV buying procedure not only simple but highly attractive for all prospective customers. Furthermore, as an added advantage, customers opting for this loan will also get a special accessory kit for their Tata EVs.

Commenting on the partnership, Shri Suman Bery, Hon’ble Vice Chairman, NITI Aayog said, “De-carbonization is a key agenda for our Government which is reflected in the country’s updated Nationally Determined Contributions. In line with the Panchamrit Goals articulated by the Hon’ble Prime Minister Narendra Modi, the Government has taken significant measures to promote Electric Vehicles (EVs) as well as other clean mobility solutions. India has the capability of becoming the number one EV manufacturing hub in the world. We are focused on growing this ecosystem across the country which, in turn, will provide a fillip to the adoption of EVs and propel our transition towards clean and green mobility. While we are focused on building momentum and creating enabling infrastructure, we look forward to the support of corporates in this endeavour. We welcome the efforts of HSBC India and Tata Motors in creating awareness and promoting access to EVs, along with their commitment to India’s larger vision of transitioning towards green mobility solutions.”

Commenting on this partnership, Mr. Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said, “We are delighted to partner with HSBC India as we work towards accelerating the mass adoption of sustainable mobility in the country. With over 85,000 EVs on road, Tata Motors is the leader in this fast-growing segment. Our new age vehicles offer customers with the choice to select the EV that best meets their purpose. This partnering with HSBC India will further expand the appeal and reach of customers preferring to Go.ev” 

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Commenting on this new offering, Hitendra Dave, CEO, HSBC India said, “The road transportation sector in India is a significant contributor to the overall quantum of carbon emissions in the country. It is therefore, imperative that we move quickly and support the mass adoption of electric vehicles. For this to happen, all the stakeholders in the ecosystem need to come together as a unifying force and support this transition. Our partnership with Tata Motors, India’s leading EV maker, will help leverage the synergies of vision and help drive a sustainable transition towards a net zero economy.”

Tata Motors has been revolutionizing the Indian automotive market with its pioneering efforts and is leading the e-mobility wave in India. The product portfolio currently consists of the ‘Fastest Booked EV in India’ – the Tiago.ev, which also recently became the fastest EV to reach 10k deliveries, the Nexon EV – India’s highest selling EV and the Tigor EV.

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