EV Loan Schemes by Indian Banks You Should Know

EV Loan Schemes by Indian Banks You Should Know
As India pushes toward greener transportation, many banks offer attractive loan schemes specifically for electric vehicles (EVs). These schemes help buyers afford EVs with lower interest rates, flexible terms, and other benefits.

Here are some key EV loan schemes from popular Indian banks in 2025:

1. State Bank of India (SBI) – Green Car Loan
Special loan for electric and hybrid vehicles

Interest rates starting as low as 7.5% per annum

Loan tenure up to 7 years

Minimal processing fees

Option to include charging station financing

2. HDFC Bank – Eco Vehicle Loan
Loan for new and used electric vehicles

Attractive interest rates with easy EMI options

Flexible repayment tenure up to 84 months

Prepayment without penalty

Quick online application process

3. ICICI Bank – Electric Vehicle Loan
Competitive interest rates starting around 8%

Loan amount up to 90% of the vehicle’s on-road price

Tenure up to 6 years

Special offers during festive seasons and EV expos

4. Axis Bank – EV Smart Loan
Designed exclusively for electric and hybrid vehicles

Interest rates linked to credit score, starting from 7.75%

EMI calculators and easy online approvals

Option to bundle with EV charger loans

5. Kotak Mahindra Bank – EV Loan
Flexible financing for new and used EVs

Competitive interest rates and longer tenures

Pre-approved offers for existing customers

Digital application with quick disbursal

Additional Benefits to Look For
Government subsidy pass-through

Zero or low processing fees

Insurance tie-ups for better premiums

Charging infrastructure loans

Final Tip
Before choosing an EV loan, compare interest rates, processing fees, tenure options, and customer service. Take advantage of government incentives like FAME II (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) to further reduce costs.