New Delhi: Amidst the increasing number of electric vehicles (EV) in the country, now the way is opening for those starting charging station business to get financial help from banks. Public sector Indian Bank has launched a special loan scheme to strengthen the electric vehicle charging infrastructure. Under this, businessmen willing to set up charging stations will be able to get a maximum loan of up to Rs 10 crore. The bank has set a target of disbursing loans of Rs 100 crore under this scheme in the remaining five months of the current financial year.
The name of this scheme of the bank is 'Ind Green Charge'. Its objective is to expand the EV charging network in the country and provide new business opportunities to small businessmen and entrepreneurs. Indian Bank's Managing Director and Chief Executive Officer (MD and CEO) Binod Kumar told PTI that the bank is providing financing in view of the rapidly growing opportunities in this sector.
How much loan will be given to open an EV charging station?
Under Indian Bank's 'Ind Green Charge' scheme, a maximum loan of up to Rs 10 crore will be given to eligible applicants. The maximum period of this loan has been fixed at eight years.
Under this scheme, financial assistance will be available for setting up charging stations as per different needs. These include:
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Public Charging Station: Charging point for use by the general public and all EV drivers.
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Private Charging Station: Charging facilities for personal use.
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Fleet Charging Station: Charging system for taxis, delivery vehicles and other commercial vehicle fleets.
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Business Model: Facility to set up charging stations independently or under franchise model.
Target to distribute Rs 100 crore in current financial year, Rs 250 crore next year
Indian Bank has set the target of loan distribution under this scheme in a phased manner. According to the bank's MD and CEO Binod Kumar, there is a plan to disburse a loan of Rs 100 crore in the remaining five months of the current financial year. At the same time, a target of loan distribution of Rs 250 crore has been set under this scheme in the next financial year.
The bank believes that this initiative will provide an opportunity to Micro, Small and Medium Enterprises (MSME) to start new businesses. Besides, operation and maintenance of charging stations can also open new avenues of employment.
Why is the demand for charging stations increasing in EV business?
The sales of electric vehicles are continuously increasing in the country. According to available data, sales of electric vehicles in India increased by 29.7 percent to 26.59 lakh units in the financial year 2025-26.
With the increasing number of vehicles, the need for charging stations is also increasing. It is estimated that the market for electric vehicle charging stations in India may grow from Rs 6,139 crore by 2025 to Rs 21,940 crore by 2030.
In such a situation, this sector can create new opportunities for entrepreneurs starting the business of setting up charging stations. However, before starting the business, it will be necessary to assess the space, electricity connection, equipment, operating costs and local demand.
According to the bank, the environment will also benefit along with business.
Indian Bank MD and CEO Binod Kumar said that the bank considers EV charging infrastructure as a commercially viable area for lending. This initiative will also promote green financing.
Through the bank's scheme, on the one hand, there is an effort to expand the EV charging network, and on the other hand, the aim is to encourage entrepreneurship and employment in the MSME sector.
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