SBI join hands with Statiq to Launch EV Charging Station Financing Program

State Bank of India (SBI) in collaboration with electric vehicle charging network provider Statiq has introduced a first-of-its-kind funding scheme for the development of EV charging infrastructure throughout India.

The comprehensive financing plan offers structured finance choices for companies wishing to set up charging stations, filling a significant vacuum in India's EV ecosystem. SBI would offer term loans with attractive terms, including a 2% interest subvention on loans up to Rs 2 crore, with amounts ranging from Rs 10 lakh to Rs 5 crore.

Akshit Bansal, CEO and Founder of Statiq said, “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. Statiq is proud to collaborate on this initiative and drive wider adoption to strengthen India’s EV ecosystem,” Autocar reported.

The program is aimed at a wide range of possible investors, such as MSMEs, owners of commercial real estate, gas station operators, and hotel enterprises. The program includes a range of charging infrastructure types, such as battery-swapping facilities and public charging stations.

The program provides extra incentives for female entrepreneurs to encourage inclusive participation. Interest rates will be lowered by 10 basis points for companies owned by more than 50% women. Additionally, the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) covers loans up to Rs 5 crore.

The program complies with the Ministry of Power's regulations, including required safety precautions and fire safety measures. The program promotes the construction of user-friendly amenities, such as cafeterias and restrooms, near charging stations in addition to the most basic charging infrastructure.