Top 7 Banks with Low-Interest Loans for EV Charging Stations

 

India's shift to electric mobility is driving demand for EV charging infrastructure. To support this growth, leading banks and financial institutions offer low-interest loans with flexible repayment options for setting up EV charging stations.

In this blog, we highlight the best banks providing EV charging station loans, covering interest rates, loan features, and eligibility criteria to help businesses, MSMEs, and property owners make informed financing decisions.

1. State Bank of India (SBI) – SBI EV Mitra Loan

SBI, India's largest public sector bank, offers EV Mitra, a financing scheme designed for businesses and enterprises planning to set up EV charging stations.

Feature	Details
Loan Amount	₹10 lakh to ₹5 crore.
Interest Rate	Competitive rates based on the borrower's profile
Repayment Period	Up to 8 years (including a moratorium period of up to 9 months)
Eligibility	MSMEs, commercial property owners, fuel stations, hotels, and fleet operators
Key Benefit	The project cost can include additional facilities such as cafeterias and restrooms (up to 25% of the total project cost or ₹1 crore, whichever is lower).

To know more, visit: SBI EV Mitra Loan

2. Bank of India (BOI) – EV Charging Loan

BOI offers financing solutions for EV charging stations, making it easier for businesses to establish their infrastructure.

Feature	Details
Loan Amount	Up to ₹30 crore for MSMEs
Interest Rate	Starts from 9.35% per annum
Collateral-Free Loans	Available for eligible borrowers
Repayment Tenure	Up to 10 years
Eligibility	UDYAM-registered MSMEs, housing societies, and businesses setting up EV charging stations
Key Benefit	Flexible financing solutions for MSMEs, making it easier for small businesses to enter the EV sector

To know more, visit: Bank of India (BOI)

3. Lendingkart – Business Loan for EV Charging Stations

Lendingkart is a fintech company that provides quick and hassle-free business loans, including those for EV charging station setups.

Feature	Details
Loan Amount	Flexible, based on business requirements
Interest Rate	Low rates with customized EMI options
Approval Time	Fast processing with minimal paperwork
Eligibility	MSMEs and startups looking to set up EV charging stations
Key Benefit	No collateral required, making it an ideal choice for new business owners

To know more, visit: Lendingkart EV Charging Station Loan

4. HDFC Bank – Green Infrastructure Financing

HDFC Bank provides sustainable project financing, including funding for EV charging infrastructure.

Feature	Details
Loan Type	Project-based green financing
Interest Rates	Competitive, based on borrower profile
Collateral Requirement	Case-by-case basis
Application Process	Requires direct consultation with HDFC Bank

To know more, visit: HDFC Bank Green Loan

5. ICICI Bank – Sustainable Project Financing

ICICI Bank supports green infrastructure projects, including EV charging stations, under its sustainability loan programs.

Feature	Details
Loan Type	Infrastructure financing for sustainable projects
Interest Rates	Varies based on creditworthiness
Repayment Tenure	Flexible, subject to project requirements
Eligibility	Businesses focused on clean energy solutions

To know more, visit: ICICI Bank EV Financing

6. SIDBI – EV Charging & Battery Swapping Finance

SIDBI (Small Industries Development Bank of India) provides lending schemes for the EV ecosystem, including charging stations and battery swapping infrastructure.

Feature	Details
Loan Coverage	EV charging stations, battery swapping units, and related infrastructure
Loan Amount	Based on project requirements
Interest Rates	Competitive rates for MSMEs
Repayment Tenure	Flexible with government support programs
Special Benefit	Tailored for startups and small businesses

To know more, visit: SIDBI EV Lending Scheme

7. Punjab National Bank (PNB) – Renewable Energy & Green Loans

PNB offers green financing initiatives under its Renewable Energy Schemes, which may include funding for EV charging stations.

Feature	Details
Loan Type	Renewable energy financing
Loan Amount	Depends on project evaluation
Interest Rates	Based on borrower profile and creditworthiness
Collateral Requirement	May vary by loan size

To know more, visit: PNB Green Loan Schemes

Final Thoughts

Setting up an EV charging station is now easier with low-interest loans and flexible financing options from banks like SBI, BOI, HDFC, ICICI, and fintech lenders. With government incentives and green energy initiatives, businesses and entrepreneurs can seamlessly invest in sustainable infrastructure.

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FAQsFrequently Asked Questions:

1. Which banks offer low-interest loans for EV charging stations in India?

Leading banks such as SBI, HDFC Bank, ICICI Bank, PNB, BOI, and SIDBI provide financing options with competitive interest rates and flexible repayment terms.

2. What is the typical loan amount available for EV charging stations?

Loan amounts vary based on the lender and borrower profile, typically ranging from ₹10 lakh to ₹30 crore, depending on business needs and project size.

3.What are the interest rates for EV charging station loans?

Interest rates start from around 9% per annum, but they vary based on factors such as borrower creditworthiness, loan tenure, and bank policies.

4.Who can apply for an EV charging station loan?

MSMEs, startups, commercial property owners, fleet operators, fuel stations, hotels, and housing societies are eligible to apply for EV charging station loans.

5.Do banks provide collateral-free loans for EV charging stations?

Some lenders, like Lendingkart and SIDBI, offer collateral-free loans for eligible MSMEs and startups. However, traditional banks may require collateral for larger loan amounts.

6.How can I apply for an EV charging station loan?

You can apply online through the bank’s website or visit a branch to discuss loan terms and eligibility. Some banks also have dedicated green financing programs for sustainable projects.