EV Financing Companies & Banks in India – Best Companies for EV 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	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/