Last week, Tesla launched its Model Y in India, starting at ₹59.89 lakh (ex-showroom). Initially available in Mumbai, Delhi, and Gurugram, the SUV is offered in two battery variants -- a 60 kWh version with a WLTP range of 500 km and a 75 kWh long-range version offering 622 km. Despite higher pricing due to import duties and logistics, the buzz around Tesla's entry remains strong.
For those planning to own a Tesla, it's worth noting that lenders and insurers have already stepped forward to offer financing and insurance solutions.
Financing Options
Kotak Mahindra Prime (KMPL) has positioned itself as Tesla's preferred financier in India. KMPL has stated its intention to offer specially curated car finance schemes for Tesla EV buyers. While specific details of these financing options are reportedly still being finalised, KMPL has integrated dedicated car financing options directly into Tesla India's online portal and mobile app, aiming to enhance accessibility to Tesla ownership.
Shahrukh Todiwala, MD & CEO of KMPL, remarked, “Tesla has redefined mobility with its cutting-edge technology. Its entry into India marks a pivotal moment for the country's automobile sector as it shifts toward greener alternatives.”
Although other banks and lenders have not yet publicly announced specific Tesla financing options, it's important to remember that several banks already provide special EV car loans. Generally, financing options are available for both salaried and self-employed individuals. Salaried individuals can typically avail EV loans up to three times their annual salary, while for self-employed individuals, the amount can extend up to six times their annual earnings.
Insurance Options
On the insurance front, key players such as ACKO, Zurich Kotak, and Liberty General Insurance have unveiled strategic collaborations tailored for Tesla buyers.
Zurich Kotak General Insurance has introduced EV Protect, a specialized add-on available under its existing 'Car Secure' policy, specifically designed for electric vehicles. EV Protect is crafted to address the evolving needs of the mobility landscape and the unique concerns of EV owners, providing coverage for essential components like the battery, motor, and charger, including fixed charging units.
In addition to providing the mandatory Third-Party Protection (as per the Motor Vehicles Act, 1988), the policy offers comprehensive coverage. It is specifically designed to cover the EV’s Battery Management System (BMS), motor, and charger against unforeseen issues such as power surges, short circuits, water damage, and even damage to charging equipment caused by theft or rodent attacks. Personal Accident cover is also included as part of the policy.
Liberty General Insurance states it has developed a suite of precisely calibrated protection plans that 'complement Tesla’s engineering and performance excellence while anticipating the distinct needs of EV users.'
Its insurance policy offers comprehensive coverage for essential charging infrastructure, including cables, wall-mounted units, and adaptors. They provide an add-on cover to safeguard the battery with specialized coverage supporting repair and replacement, ensuring long-term battery performance and peace of mind throughout the customer’s ownership journey. Additional features include customizable add-on options to further enhance the protection experience. These comprise a full depreciation shield, gap value protection, coverage for consumables and tires, key replacement cover, personal belongings protection, EMI support, and passenger assistance benefits—all designed to seamlessly complement the brand’s superior ownership experience.