As electric vehicles (EVs) become more popular in India, finding the right financial service is key to making your EV purchase affordable and hassle-free. Whether you’re an individual buyer or a fleet owner, several banks and fintech companies now offer EV-specific loan products with competitive interest rates and flexible terms.
Top Banks Offering EV Loans
- State Bank of India (SBI)
SBI’s Green Car Loan offers up to 100% financing with interest rates starting around 8.60% and tenures of up to 8 years. It’s ideal for salaried and self-employed individuals looking for reliable funding. - Union Bank of India
Through its Green Miles Scheme, Union Bank offers EV loans starting at 8.20% p.a., with high LTV ratios and simple documentation. - HDFC Bank – ZipDrive EV Loan
HDFC provides fast, digital loan approvals with up to 100% financing and flexible repayment options of up to 96 months. It also offers top-up green loans and tax benefits under Section 80EEB. - ICICI Bank
ICICI offers competitive rates (~9.10%) and 100% on-road price financing for select EVs with minimal paperwork.
Best Fintech & NBFC Options
- Revfin – Great for buyers with no credit history. Uses alternative data and psychometric testing.
- Turno – Focused on EV three-wheelers with low down payments and buy-back offers.
- Vidyut – Offers battery subscription models, lowering upfront costs by up to 40%.
- Ecofy – Finances both two- and three-wheelers with high approval rates.
Conclusion
Whether you’re buying a personal EV or building a commercial fleet, India now has a robust range of financial services to support your transition to electric. Compare interest rates, processing fees, and loan terms before making a decision—and drive into a greener future with confidence.