Foreign lender HSBC India on Friday, June 9, said it has partnered with Tata Motors for a corporate employee financing solution to accelerate the adoption of zero-emission electric vehicles. Customers holding a salaried account with HSBC India will get a chance to apply for this one-of-a-kind tailormade loan to purchase an EV of their choice from Tata Motors’ EV portfolio.

As a part of this scheme, HSBC India customers will be able to apply for a loan with zero down payment, no hypothecation, low processing fee, and no documentation charges, among others — making the overall EV buying procedure not only simple but highly attractive for all prospective customers.

Suman Bery, Vice Chairman of NITI Aayog, said, "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."

Furthermore, as an added advantage, customers opting for this loan will also get a special accessory kit for their Tata EVs.

Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said with over 85,000 EVs on the road, Tata Motors is the leader in this fast-growing segment.

Hitendra Dave, CEO, HSBC India, said the bank’s partnership with Tata Motors will help leverage the synergies of vision and help drive a sustainable transition towards a net zero economy.

(Edited by : Shoma Bhattacharjee)