EV Mitra Scheme to Offer Collateral-Free Loans for Charging Stations

ChargeZone, one of India’s leading electric vehicle (EV) charging networks, has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) under its ‘EV Mitra’ scheme. The collaboration aims to provide easier access to financing for individuals and businesses interested in setting up EV charging stations.

The initiative will follow ChargeZone Dealer Owned, Company Operated (DoCo) model, where private investors own the charging stations while ChargeZone handles operations, maintenance, and technology integration. SBI will provide loans ranging from ₹10 lakh to ₹10 crore with repayment terms of up to seven years. These loans will be offered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), reducing the need for collateral and making funding more accessible for MSMEs.

India’s public EV charging infrastructure has grown rapidly—from around 5,151 stations in 2022 to over 26,367 by early 2025, reflecting a CAGR of 72%. However, access to capital remains a major challenge for many potential developers. This new initiative seeks to bridge that financing gap and encourage broader participation in building the EV ecosystem.

Under the program, ChargeZone will onboard residents, businesses, and institutional investors through a co-investment model, enabling full or partial ownership of charging stations. Target participants include landowners, restaurant operators, logistics companies, and aspiring entrepreneurs.

Currently, ChargeZone operates more than 13,500 charging points across 1,200 locations and aims to install one million charging points nationwide. This partnership aligns with India’s goal of achieving 30% EV adoption in both personal and public transportation by 2030.

Industry estimates suggest that the EV charging sector has attracted over USD 450 million in investments to date. However, sustained growth will depend on scalable financing solutions and strong public-private partnerships. By leveraging SBI’s extensive banking network and ChargeZone’s operational expertise, this collaboration aims to lower entry barriers for new investors and accelerate the rollout of accessible and reliable EV charging infrastructure across the country.