India has asked lenders to give Tesla owners a guaranteed monthly payment of about Rs 4,000, an insurance official said.
In a letter to lenders, the state government has asked them to consider the financial impact on borrowers if a borrower defaults on the loan.
“We have written to all lenders and will continue to do so in future, the official said in a statement.
Tesla Motors, which is in the process of selling its flagship electric car, has already announced that it will offer a payment of at least Rs 4 lakh per month.
The company is expected to announce the price of the vehicle in April.
The government wants to force banks and insurance companies to make a payment to Tesla customers.
As of now, it does not have a plan to take this step, a senior government official told Reuters.
Lenders have so far been reluctant to take on the responsibility, even though the loan can be taken off the books for a maximum of 10 years.
Insurance companies, which have already taken on the financial burden for the first time, are reluctant to provide a guaranteed payment of Rs 4 million a month for the next decade.
It is understood the government may ask the central bank to lend the banks a loan for the amount, or even issue a special note.
A statement from the state Insurance Department said that lenders are in discussions with Tesla and the government to resolve the matter.
State Finance Minister Sudip Mishra has proposed the issue of a special special note for the loan of Rs 8 crore to the lender, the statement said.
The bank said the issue is on its agenda.
Last month, the finance ministry said it had sought proposals from lenders to cover the cost of Tesla’s vehicle charging.