India-based automotive manufacturing company Tata Motors has partnered with South Indian Bank partner to expand an exclusive electric vehicle (EV) dealer financing programme.

In this regard, both parties have signed a memorandum of understanding (MoU).

As part of the collaboration, Tata Motors and South Indian Bank aim to deliver extensive retail financing solutions to all customers.

According to the Indian automotive firm, it is leading the e-mobility wave in the country with a market share of 71% with more than 90,000 EVs produced to date in personal and fleet segments.

The firm is said to pioneer India’s EV transition and facilitate the shift towards sustainable mobility solutions by preparing a tailor-made product strategy.

Tata Motors Passenger Vehicles network management and EV sales senior general manager Ramesh Dorairajan said: “Driving EV adoption in India is an integral part of our strategy and we are happy to have collaborators who are aligned to the same.

“This partnership with South Indian Bank for an exclusive financing program for our authorised electric passenger vehicle dealers is a step forward in this direction.

“Our dealer partners form an integral part in our journey towards enabling widespread EV adoption in India, and we are positive that this initiative will further allow us to democratise electric vehicles in the country.”

Based in Kerala, South Indian Bank offers a range of digital products and services.

South Indian Bank managing director and CEO Murali Ramakrishnan said: “We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicle dealers.

“This programme will help the bank to expand its asset base and expand into newer consumer segments. We look forward to continuing our association with Tata Motors with various programs and offers to meet their dealers’ and consumers’ needs.”

Last month, Tata Motors announced a partnership with HSBC India for a corporate employee financing solution to expedite the adoption of zero emission EVs.

Customers holding a salaried account with HSBC India are offered a chance to apply for a custom-made loan to purchase an EV of their choice from Tata Motors’ EV portfolio.