Business Loan
What is EV Loan? Best EV Loan Providers Companies in India

EV Loan: As the global community intensifies its focus on sustainable transportation, electric vehicles (EVs) have emerged as a pivotal solution to reduce carbon emissions. In India, the government has set an ambitious target of achieving 30% electric vehicle penetration by 2030.
To support this transition, various financial institutions offer specialized EV loans, making the adoption of electric vehicles more accessible to consumers.
What is EV Loans
An Electric Vehicle (EV) loan is a financing option specifically designed to assist individuals in purchasing electric vehicles. These loans function similarly to traditional car loans, where the lender provides funds to the borrower to acquire the vehicle, and the borrower repays the loan in monthly installments over a predetermined period.
However, EV loans often come with added benefits such as lower interest rates, higher financing margins, and extended repayment tenures to encourage the adoption of eco-friendly transportation.
Top EV Loan Providers in India
Several financial institutions in India offer attractive EV loan options:
- ICICI Bank: ICICI Bank provides up to 100% funding on electric car loans with interest rates starting at 9.1%.
- HDFC Bank: HDFC Bank offers up to 100% financing on select EVs, with flexible repayment tenures, catering to both salaried and self-employed individuals.
- State Bank of India (SBI): SBI’s ‘Green Car Loan’ scheme provides loans for electric four-wheelers with competitive interest rates and flexible repayment options.
- Mufin Green Finance: As a Non-Banking Financial Company (NBFC) focusing on EV financing, Mufin Green Finance has financed EV assets worth more than 300 crore inr, covering electric two-wheelers, three-wheelers, and four-wheelers.
- Revfin: Revfin is a digital lending platform offering loans to underserved communities for purchasing electric vehicles, particularly in Tier 2 and Tier 3 towns. They provide financing for electric two-wheelers and three-wheelers, focusing on last-mile connectivity.
- OTO: OTO offers flexible financing solutions for electric two-wheelers, including leasing options that allow consumers to pay lower EMIs and trade in the vehicle when desired.
- Alt Mobility: Alt Mobility provides comprehensive solutions for fleet lifecycle management, including leasing, insurance, and service management for electric two-wheelers and three-wheelers.
- Ascend Capital: Jaipur-based Ascend Capital offers financing solutions for electric commercial vehicles, providing end-to-end support throughout the financing process with competitive interest rates and flexible repayment option.
- Ecofy: Ecofy focuses on providing affordable and accessible financing options for electric vehicles, offering hassle-free loan approvals, minimal documentation, and attractive interest rates.
- Greaves Finance: A subsidiary of Greaves Cotton Limited, Greaves Finance provides customized finance solutions for a wide range of electric vehicles, including e-rickshaws, e-carts, and e-bikes, with attractive loan terms and simplified documentation processes.
Conclusion
As India accelerates towards a greener future, EV loans play a crucial role in making electric vehicles more affordable and accessible. By offering attractive interest rates, flexible repayment options, and tax incentives, financial institutions are encouraging consumers to embrace sustainable transportation solutions.
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Prospective EV buyers should explore the various loan options available and choose the one that best aligns with their financial goals and preferences.
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