Statiq, an electric vehicle (EV) charging network operator, has partnered with State Bank of India (SBI) to offer financing for EV charging station setups, simplifying investment in EV infrastructure. The initiative aims at accelerating India's clean energy transition by providing accessible funding and promoting wider EV adoption.

SBI will provide term loans with concessional interest rates and additional benefits for smaller businesses and women-led enterprises, thus promoting inclusivity in the EV charging infrastructure sector.

Term loans, ranging from INR 10 lakh to INR 5 crore, will be offered at competitive interest rates. An additional 2% interest subvention will be provided for loans up to INR 2 crore. This partnership will make it financially easier for businesses and individuals to invest in the necessary infrastructure for EVs, aiding the growth of the EV sector in India. The funding covers various types of charging stations and adheres to government safety guidelines.

Who all can apply?

Eligible applicants include MSMEs, fuel stations, hotels, restaurants, commercial spaces, and office buildings. The funding can be utilised for public charging stations (PCS), captive charging stations (CCS), and battery-swapping stations. These stations can be established at both public and private locations.

Loans up to INR 5 crore will be covered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). Women-led businesses with over 50% ownership will receive an additional 10-basis point reduction in interest rates.

“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,” said Akshit Bansal, CEO & Founder of Statiq.

By providing financial support and promoting adherence to safety standards, the partnership is expected to strengthen India’s commitment to a sustainable transportation future.