SBI and Statiq Unveil its EV Charging Station Financing Program

Under the program, SBI will extend term loans ranging from INR 10 lakh to INR 5 crore, with favorable terms including a 2 percent interest subvention on loans up to INR 2 crore.

February 12, 2025. By Aishwarya

The State Bank of India (SBI) has teamed up with Statiq to launch first-of-its-kind financing program for EV charging infrastructure development across India.

The comprehensive financing scheme addresses a critical gap in India's EV ecosystem by providing structured funding options for businesses looking to establish charging stations. Under the program, SBI will extend term loans ranging from INR 10 lakh to INR 5 crore, with favorable terms including a 2 percent interest subvention on loans up to INR 2 crore.

“A strong EV charging network is crucial for India's clean energy transition. This partnership with SBI empowers businesses to contribute to sustainable transport. Competitive financing will accelerate charging station deployment, and user-friendly amenities like restrooms and cafeterias will make charging stops more convenient. Statiq is proud to collaborate on this initiative and drive wider adoption to strengthen India’s EV ecosystem.” said Akshit Bansal, CEO and Founder of Statiq.

The initiative targets a broad spectrum of potential investors, including MSMEs, fuel station operators, hospitality businesses, and commercial property owners. The program encompasses various charging infrastructure types, from public charging stations to battery-swapping facilities.

To promote inclusive participation, the scheme offers additional incentives for women entrepreneurs. Businesses with over 50 percent women ownership will receive a 10-basis-point reduction in interest rates. Furthermore, loans up to INR 5 crore qualify for coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).

The program adheres to the Ministry of Power's guidelines, incorporating mandatory safety protocols and fire protection measures. Beyond basic charging infrastructure, the initiative encourages the development of user-friendly facilities including restrooms and cafeterias at charging locations.

Tags:

Sustainable Transport

Electric vehicle infrastructure

Electric vehicle chargers

Electric vehicle adoption

Charging technology