Financial Institutions in India Form Alliances with Tesla for Lending and Insurance Services
Tesla, the American electric vehicle (EV) manufacturer, has made its entry into India with the unveiling of its Model Y electric SUV. The first Tesla showroom in the country is located in Mumbai's Bandra Kurla Complex, and the Model Y is designed for the top-end customer in Mumbai, Delhi, and Gurugram.
In a significant move, Kotak Mahindra Prime Limited (KMPL) has been appointed as Tesla's preferred financer in India. KMPL offers specially curated car finance schemes tailored for Tesla EV buyers, integrated directly into Tesla India's online portal and mobile app for a seamless and accessible buying experience.
As Tesla's designated preferred financer, KMPL provides dedicated financing products for Tesla customers. Buyers can view and apply for KMPL's financing plans directly via Tesla India’s website or app. Typical EV loan norms apply—salaried individuals may get loans up to three times their annual salary, while self-employed may qualify for up to six times annual earnings, consistent with EV financing norms in India.
While KMPL is the official partner, other banks and lenders also provide special EV loans, but none have publicly announced specific Tesla financing deals as of now.
The Model Y retails for ₹59.89 lakh (ex-showroom) in India. For those looking to finance a Model Y, an EMI payment of about ₹85,259 for a total of about ₹61.07 lakh (on road, Mumbai), with a 5-year term and a 9% interest rate, can be expected.
The Indian EV financing market is projected to grow from USD 2.37 billion in 2025 to USD 19.97 billion by 2030, at a CAGR of 53.16%. This growth is in line with the country's objective of having a 30% EV market share by 2030.
Tesla's entry into India is expected to boost the EV market, with lenders and insurers lining up to partner with Tesla to support the growth of the EV market in India. Acko and Liberty General Insurance are among the insurers offering digital insurance experiences and EV-specific coverage for Tesla vehicles.
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In conclusion, if you are planning to finance a Tesla in India today, Kotak Mahindra Prime is the prominent and officially recognized financier offering EV car loans designed for Tesla buyers integrated into Tesla’s purchase process.
[1] Tesla India's Official Website [2] Business Standard [3] Financial Express [4] The Economic Times [5] LiveMint
- The entry of Tesla into India has attracted significant attention from the financial sector, with Kotak Mahindra Prime Limited (KMPL) announced as Tesla's preferred financer.
- Interested buyers can now view and apply for KMPL's EV financing plans directly via Tesla India’s website or app, catering to the lifestyle of the premium customer in urban areas.
- As the Indian EV financing market expands, lenders like Kotak Mahindra Prime are positioning themselves to support this growth, capitalizing on the trend and government objectives for electric vehicle (EV) adoption.
- In the rapidly evolving EV market, technology and business brands, such as insurers Acko and Liberty General Insurance, are pursuing partnerships with manufacturers like Tesla, offering digital and specialized insurance for electric vehicles.
