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Tata Motors and SBI sign MoU to offer financing solutions for Ace EV

Mumbai, 1 March 2023: Tata Motors has signed a Memorandum of Understanding with State Bank of India to offer unique financing solutions for the purchase of the Tata Ace EV four-wheel commercial vehicle. Through this partnership, Tata Motors will leverage SBI’s strong network to make these solutions accessible to customers.


 – 90% funding of on-road price of the vehicle
 – Loan tenure up to six years
 – Digitally-enabled loan sanction process
 – No collateral security required for a loan

On the occasion, Mr 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.”

Commenting on this partnership, Mr. Rajesh Kaul, Vice President, Sales & Marketing, Commercial Vehicle Business, 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 new Ace EV comes with a 5-year comprehensive maintenance package. As per Tata Motors, Ace EV’s supporting ecosystem includes development and deployment of charging infrastructure, setting up of dedicated Electric Vehicle Support Centres for maximum fleet uptime, deployment of Tata Fleet Edge – Tata’s fleet management solution, support of Tata UniEVerse – the enabling eco-system of relevant Tata Group companies, and partnerships with the country’s leading financiers for availing funding.

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