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.
| 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/ |
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