Tata Motors, India’s largest commercial vehicle manufacturer, has partnered with the State Bank of India (SBI) to offer attractive financing options for the Ace electric vehicle, the company announced. Tata Motors said it has signed a memorandum of understanding (MoU) with the government lender that will offer ‘easy loan structured schemes’ for the Tata Ace EV. According to details shared by the automotive giant, the SBI finance policy for the Tata Ace EV will include:
a) 90% funding of the vehicle’s on-road price.
b) Loan period of up to six years
c) A loan approval process that is digitally enabled
d) There is no need for collateral security for a loan.
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