In a groundbreaking collaboration, the State Bank of India (SBI) has partnered with electric vehicle (EV) charging network provider Statiq to introduce a pioneering funding scheme aimed at expanding EV charging infrastructure across India. This initiative will provide structured financing options for businesses looking to establish EV charging stations, addressing a significant gap in the country’s electric vehicle ecosystem.
The financing program is designed to offer a wide range of companies the ability to set up charging stations with favorable loan terms. SBI will provide term loans, with amounts ranging from Rs 10 lakh to Rs 5 crore, and up to 2% interest subvention on loans of up to Rs 2 crore. This initiative is targeted at diverse investors, including MSMEs, gas station operators, hotel chains, and commercial real estate owners, who are interested in joining the EV revolution.
A key feature of the program is its inclusivity. In a bid to encourage more female entrepreneurs in the sector, the program offers a 10-basis point reduction in interest rates for businesses owned by women. Furthermore, the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) will provide coverage for loans up to Rs 5 crore, enhancing security for investors.
The financing program supports various types of charging infrastructure, such as public charging stations and battery swapping facilities. In addition to these core offerings, the initiative ensures that essential amenities, like cafeterias and restrooms, are integrated into charging stations, making the experience more user-friendly for consumers.
In line with safety regulations set by the Ministry of Power, the program ensures that all infrastructure complies with necessary fire safety and operational standards. This collaboration between SBI and Statiq marks a significant step towards fostering a sustainable and accessible EV ecosystem in India, promoting the growth of green mobility infrastructure nationwide.
