State Bank of India launches financing program with Statiq, offering loans up to Rs 5 crore to accelerate electric vehicle charging station development across multiple business sectors.
11 Feb 2025 | 10376 Views | By Sarthak Mahajan
The State Bank of India (SBI) has partnered with electric vehicle charging network provider Statiq to launch a 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 ...
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The State Bank of India (SBI) has partnered with electric vehicle charging network provider Statiq to launch a 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 Rs 10 lakh to Rs 5 crore, with favorable terms including a 2% interest subvention on loans up to Rs 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% women ownership will receive a 10-basis-point reduction in interest rates. Furthermore, loans up to Rs 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.