Updated on 1 November 2026. Bank terms change, so check the latest at the branch before you apply.
If you're planning an EV charging station, money is usually the first question. A proper DC station isn't cheap, and not many people want to put the whole amount in from their own pocket. The good news is that banks in India now have loans made just for charging stations. Two of them stand out right now: SBI EV Mitra and Indian Bank's brand new IND Green Charge.
In this post we'll go through both, what you have to bring yourself, the papers the bank will want, and where subsidies fit in (and where they don't).
Quick summary
- SBI EV Mitra lends from above ₹10 lakh up to ₹5 crore, paid back over 8 years, with up to 9 months before the first instalment.
- With SBI you put in at least 25% of the project cost yourself.
- Indian Bank's IND Green Charge was announced on 1 November 2026. It goes up to ₹10 crore for up to 8 years. The interest rate and other terms aren't public yet.
- Both cover a station you own yourself. You don't need a franchise to get the loan.
- The paper that matters most is the project report. The bank wants to see how the station will pay back the loan.
SBI EV Mitra and IND Green Charge at a glance
| SBI EV Mitra | Indian Bank IND Green Charge | |
|---|---|---|
| Who can apply | New and existing businesses of any size, like petrol pumps, hotels, restaurants and offices | Small businesses and entrepreneurs |
| Type of station | Public, captive (only for your own vehicles, guests or staff), and battery charging or swapping | Public, captive and fleet, AC or DC, including high-power DC |
| Own station or franchise | Both | Both |
| Loan amount | Above ₹10 lakh, up to ₹5 crore | Up to ₹10 crore |
| Repayment | 8 years, including up to 9 months before instalments start | Up to 8 years |
| Your share | At least 25% of the project cost | Not out yet |
| Interest rate | Depends on your credit rating | Not out yet |
| Good to know | Can also pay for a café, restrooms and similar amenities | Smaller cities and semi-urban sites are considered too |
Where it says "not out yet", that's because Indian Bank only announced the scheme on 1 November 2026 and hasn't put the full terms online. We'll update this post when it does.
SBI EV Mitra: how it works
SBI EV Mitra is State Bank of India's term loan for EV charging. It doesn't matter whether your chargers are open to everyone on the road or only for your own vehicles, hotel guests or staff (banks call that a captive station). New businesses can apply, and so can existing ones. So a petrol pump adding a couple of DC chargers, a dhaba or hotel on the highway, a restaurant or an office building can all use it.
Here's what SBI's own page says:
- You can borrow more than ₹10 lakh and up to ₹5 crore.
- You put in at least 25% of the project cost. So for every ₹1 lakh of cost, SBI lends up to ₹75,000 and at least ₹25,000 comes from you.
- Repayment is over 8 years, and that includes up to 9 months before you start paying instalments.
- The interest rate depends on your credit rating, so it won't be the same for everyone.
- There's a processing fee as per SBI's current charges.
The 9-month gap is the part we like most. A new station takes a while to get found by drivers, and a few months before the EMIs start takes a lot of pressure off. Do ask the branch how interest works in those months, though. "No instalment" doesn't always mean "no interest".
There's one more thing a lot of people miss. The loan can also cover a café, restrooms and similar facilities, as long as they stay within 25% of the project cost or ₹1 crore, whichever is lower. On a highway this really helps, because someone charging for half an hour or more wants somewhere to sit and have a chai.
To apply, use the Apply Now button on SBI's EV Mitra page (it takes you to SBI's business loan enquiry form), or just walk into your SBI branch.
Indian Bank IND Green Charge: what we know so far
This one is brand new. Indian Bank announced IND Green Charge on 1 November 2026, and the details so far come from what the bank's MD and CEO told PTI:
- It's for small businesses and entrepreneurs.
- It covers public stations, captive stations and fleet charging, AC or DC, including high-power DC.
- You can borrow up to ₹10 crore. That's double SBI EV Mitra's limit, which matters if you're planning a big highway hub or a depot for a fleet.
- Repayment goes up to 8 years.
- Both your own station and franchise stations are covered.
The bank has also said it will look at proposals from smaller cities and semi-urban areas, judging each one on local demand, the site, how much the chargers are likely to be used, and whether you can repay. It says it stress-tested AC, DC and high-power DC projects at different usage levels before launching. Our reading of that: they'll want realistic numbers. Don't send in a project report that assumes your chargers will be busy all day from the first week.
What's not out yet: the interest rate, how much you need to put in, the security they want, and the fees. Ask for all four in writing at the branch.
A quick heads-up on the name. Indian Bank also has a fixed deposit called IND Green. That's a deposit, not a loan, so a search can land you on the wrong page. The charging station loan is IND Green Charge.
Other banks you can try
Central Bank of India has a similar scheme called Cent EV Connect. It lends from ₹11 lakh to ₹10 crore to small and medium businesses, and like SBI, you put in at least 25%. One nice thing is that it lists housing societies as eligible, so if your society wants shared chargers in the parking, it's worth a look (we've also written about charging for housing societies). It wants ARAI-certified chargers. For security it takes the assets the loan pays for, plus property worth at least 30% of the loan. Loans up to ₹5 crore can be covered fully or partly by the government guarantee we explain below.
Apart from these, any bank can fund a charging station through its regular business term loan. The special schemes just make it easier, because the branch already knows what a charging project looks like.
Do you need to give property as security?
Not always. If you're a micro or small business with Udyam registration, the bank can put your loan under CGTMSE. That's the government's credit guarantee scheme, and since 1 April 2025 it covers loans up to ₹10 crore. The guarantee backs the loan instead of your property. There's a yearly guarantee fee, which usually ends up being paid by the borrower. Whether your loan goes under CGTMSE is the bank's call, so bring it up in your very first meeting.
What the bank will ask you for
Here's the usual list. Having it all ready on day one saves a lot of back and forth.
- A project report. This is the big one. It should show what you're building, what it costs, how many cars a day you expect, your price per unit, your running costs, and how the loan gets paid back.
- Quotations for the chargers, electrical work, civil work, and anything else like a canopy or café.
- Power papers. The DISCOM's sanction or feasibility for your connection, or at least proof that you've applied. Not sure whether you need LT or HT? Read our guide on LT and HT connections for DC stations.
- Site papers. Ownership documents, or a registered lease that runs longer than the loan. A bank won't be comfortable giving an 8-year loan on a site you only have for 5 years.
- Business papers. PAN, GST registration, Udyam registration, KYC of the owners or partners, bank statements and ITRs. If the business is new, they'll ask for the promoters' own ITRs.
- Your share of the money, sitting in your bank account.
- Charger certificates, because some banks only fund certified chargers.
- Insurance for the station with the bank's name on the policy, once the loan is sanctioned.
You'll also need a few approvals before the station opens. Our approvals checklist has all of them, and you can work on them while the bank processes the loan.
Where subsidies fit in (and where they don't)
A loan and a subsidy are not the same thing. A loan gives you money upfront that you pay back. A subsidy, if you get one, pays part of the cost back to you later. The two can work together, but we'd plan the loan as if no subsidy is coming.
PM E-DRIVE is where most of the confusion is. The central scheme does support charging stations, but the ones who apply are government ministries, state governments, public sector companies and the public sector oil companies. A private owner can't apply directly. A private operator only gets in by winning one of their tenders. Even then, for a site like a street, mall, market or highway, the scheme pays 80% of the supply-side cost (the transformer, cables and civil work) and nothing towards the chargers. So if someone offers to "arrange" a PM E-DRIVE subsidy for your private plot for a fee, be very careful.
State EV policies are a better bet for private owners. Maharashtra, for example, offers up to 15% of the cost of a DC fast-charging station, capped at ₹5 lakh per charger for 50 to 250 kW and ₹10 lakh above 250 kW. Every state has its own rules and they change often, so check your state's current policy. Our EV charging subsidies guide goes state by state.
A quick word on tax
Chargers come with 5% GST, and the charging you sell to drivers has 18% GST. If you're GST registered, you can usually set off the GST you paid on the chargers against the GST you collect. The chargers are also a business asset you can depreciate. Ask your CA which rate applies to you.
Mistakes to avoid
- Building as big as the loan allows. Size the station for the site and the traffic it actually gets, not for the most the bank will give you.
- A lease shorter than the loan. Sort this out before you apply, not after the bank points it out.
- Not asking about prepayment charges. If the station does well, you may want to close the loan early.
- Wasting the months before the EMIs start. Use them to get the station on maps, put up good signs, and make sure drivers can pay by UPI from day one. Here's how UPI charging works.
- Thinking you need a franchise to get a loan. You don't. Both SBI EV Mitra and IND Green Charge fund stations you own yourself. We've written more on whether you need a franchise at all.
And if you have land but don't want a loan at all, you can host a charging station on your land and earn from it that way.
What we'd do
If we were in your place, we'd take it one step at a time. First, get a rough idea of what the site could cost and earn. Then get a proper project report done, with real power, layout and cost numbers. Only after that, walk into two banks, an SBI branch for EV Mitra and an Indian Bank branch for IND Green Charge, with the full file in hand. Two written offers side by side are the easiest way to get fair terms.
You can start right now with our cost and earnings calculator. When you're ready for the bank, book a site survey with the Project report. An engineer visits and measures your site, and you get drawings and costs for your actual plot, plus the demand study, expected revenue and years to break even, with every assumption written down. That's the kind of file a bank wants to see. You can also look at a sample proposal first.
Frequently asked questions
Can I get a bank loan for an EV charging station in India?
Yes. SBI EV Mitra and Indian Bank's IND Green Charge are made for charging stations, Central Bank of India has Cent EV Connect, and any bank can fund one through a regular business term loan.
How much can I borrow under SBI EV Mitra?
From above ₹10 lakh up to ₹5 crore, paid back over 8 years, with up to 9 months before the first instalment. You need to put in at least 25% of the project cost, and the interest rate depends on your credit rating.
What is Indian Bank IND Green Charge?
It's Indian Bank's loan scheme for public, captive and fleet charging stations, AC or DC, announced on 1 November 2026. It lends up to ₹10 crore for up to 8 years, for your own station or a franchise. The interest rate and your share weren't public at launch, so ask the branch.
Do I need to give property as security for a charging station loan?
Not always. For micro and small businesses with Udyam registration, the bank can cover the loan under the government's CGTMSE guarantee, up to ₹10 crore, instead of asking for property. It's the bank's decision, so ask early.
Can I get the PM E-DRIVE subsidy for a charging station on my own land?
Not directly. Under PM E-DRIVE, government bodies, public sector companies and the public sector oil companies apply, and private operators only take part by winning their tenders. Some state EV policies have subsidies that private owners can claim.
Do I need a franchise to get an EV charging station loan?
No. SBI EV Mitra and IND Green Charge both fund stations you own and run yourself, as well as franchise stations.
What documents does a bank ask for?
A project report, quotations, the DISCOM sanction or your application, ownership papers or a registered lease longer than the loan, PAN, GST and Udyam registration, KYC, bank statements, ITRs and proof of your own share.
