EV Financing India: 15 Best Companies for Electric Vehicle Loans

Electric vehicles (EVs) are quickly gaining traction, driven by technological advancements, environmental awareness, and supportive government policies.

However, EVs have a hefty price tag compared to traditional petrol and diesel vehicles. According to Acko Drive, the total cost of owning an electric vehicle for five years amounts to approximately ₹2,72,500, which is a significant sum for an average or middle-class consumer.

Much of this cost stems from the expensive battery pack, which makes up nearly half the vehicle’s price. Coupled with advanced EV technology, this makes electric vehicles more expensive than their conventional counterparts.

Fortunately, several EV financing options have emerged to ease this burden.

Here is a list of the top 15 EV financing companies and Banks in India that are actively supporting the rise of electric mobility, offering loans for electric two-wheelers, three-wheelers, and electric four-wheelers.

List of the Top 15 EV Financing Companies in India

Name of the Company
Electric Vehicle Segment 
Website

ICICI Bank
Electric Four- Wheelers
https://www.icicibank.com/personal-banking/loans/car-loan/ev-car-loan

State Bank of India
Electric Four- Wheelers
https://sbi.co.in/web/personal-banking/loans/auto-loans/green-car-loan

Poonawalla Fincorp Limited
Used Electric Four- Wheelers
https://poonawallafincorp.com/loan-for-used-electric-car.php

Mufin Green Finance
Electric two-wheelers, Electric three-wheelers and Electric four- wheelers 
https://mufingreenfinance.com/product/

Bank of Maharashtra 
Electric Four- wheelers
https://bankofmaharashtra.in/maha-super-green-car-loan-scheme-electric-car 

Shriram General Insurance
Electric two-wheelers and four-wheelers 
https://www.shriramgi.com/electric-car-insurance

Alt Mobility
Electric two-wheelers, Electric three-wheelers and Electric four- wheelers 
https://alt-mobility.com/

Ascend Capital
Electric two-wheelers, Electric three- wheelers
https://www.ascendcap.in/

Credit Fair
Electric Two- Wheelers
https://creditfair.in/

Ecofy
Electric Two-wheelers, Electric Three- Wheelers
https://www.ecofy.co.in/

Greaves Finance
Electric two-wheelers, Electric three-wheelers and Electric four- wheelers 
https://evfin.co/

OTO
Electric two-wheelers
https://www.otocapital.in/

Ruppy
Electric two-wheelers
https://www.rupyy.com/

Revfin
Electric three-wheelers and two-wheeler loan 
https://www.revfin.in/

Vidyuttech
Electric three-wheelers
https://www.vidyuttech.in/

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