Electric trucks are revolutionizing commercial transport across India. But while these eco-friendly vehicles offer long-term savings, the initial cost can still be high — especially for startups, small transporters, and fleet operators.
To support clean mobility adoption, several Indian banks and NBFCs now offer specialized EV truck loans with low interest rates, flexible EMIs, and even government-backed subsidies.
In this guide, we explore:
- Top 5 banks offering EV truck financing
- Interest rates, loan tenure, eligibility
- EV loan benefits and government support
- FAQs on documentation and EMI plans
🚛 Why Take a Loan for an EV Truck?
Electric trucks like Tata Ace EV, Eicher Pro 2055 EV, and Omega Seiki Rage+ range between ₹3 lakh to ₹25 lakh. A commercial EV loan helps you:
- ✅ Avoid large upfront payments
- ✅ Maintain cash flow for operations
- ✅ Benefit from EV-specific subsidies
- ✅ Claim depreciation and tax benefits
🏦 Top 5 Banks Offering EV Truck Loans in India (2025)
🔹 1. State Bank of India (SBI) – Green Vehicle Loan Scheme
India’s largest public sector bank offers Green Vehicle Loans for electric commercial vehicles.
| Feature | Details |
|---|---|
| Interest Rate | Starts at 8.85% p.a. (floating) |
| Loan Tenure | Up to 7 years |
| LTV (Loan-to-Value) | Up to 90% of on-road price |
| Processing Fee | 0.20% of loan amount (min ₹2,000) |
| Eligible Models | Tata Ace EV, Mahindra Treo Zor, Piaggio Ape EV, etc. |
🔹 2. HDFC Bank – EV Commercial Auto Loan
A trusted choice for fleet buyers, HDFC Bank provides customized EV truck loan solutions.
| Feature | Details |
|---|---|
| Interest Rate | 9.5% to 11.5% (based on profile) |
| Tenure | Up to 6 years |
| Loan Amount | ₹2 lakh to ₹30 lakh |
| Pre-closure Charges | 2–4% depending on contract |
| Special Features | Pre-approved offers for HDFC account holders |
🔹 3. Axis Bank – Green Vehicle Commercial Loan
Axis Bank is among the few private banks offering EV-specific commercial loans for fleet vehicles and SMEs.
| Feature | Details |
|---|---|
| Interest Rate | Starts at 9.25% p.a. |
| LTV | Up to 85–90% of invoice value |
| Repayment Tenure | 12 to 72 months |
| Eligibility | Individuals, proprietors, logistics firms |
| Insurance Tie-up | Axis offers bundled EV insurance |
🔹 4. IDFC FIRST Bank – Fleet EV Loan
IDFC FIRST Bank specializes in fleet-level financing for EV trucks, targeting bulk buyers and logistics startups.
| Feature | Details |
|---|---|
| Loan Type | Term loan & lease-based funding |
| Rate | Starts at 8.99% |
| Tenure | Up to 5 years |
| Fleet Size Support | 5 to 100 EV trucks |
| Special Benefit | Moratorium of 3–6 months for new fleet owners |
🔹 5. Mufin Green Finance (NBFC)
Mufin is an RBI-registered NBFC offering dedicated EV loans to small fleet operators, self-employed drivers, and women entrepreneurs.
| Feature | Details |
|---|---|
| Loan Amount | ₹1 lakh to ₹10 lakh |
| Interest Rate | 10%–14%, depending on credit |
| Repayment Tenure | 12 to 60 months |
| Speedy Disbursal | Within 48 hours |
| Documentation | Minimal KYC & bank statement only |
🔌 Government Support for EV Loans
The Indian government supports EV adoption with several schemes:
✅ FAME II Subsidy (Until March 2026)
- Up to ₹50,000 for electric 3-wheelers
- ₹2.5 lakh+ for electric trucks (depending on GVW)
✅ Interest Subvention Schemes (State-wise)
- Delhi, Gujarat, Maharashtra offer additional interest subsidies
- EV loans qualify for GST input credit (if applicable)
📑 Documents Required for EV Truck Loan
| For Individuals | For Business / Fleet Owners |
|---|---|
| PAN Card, Aadhaar | PAN, GST, Company Registration |
| ITRs / Bank Statements (6 months) | ITRs (2 years), Bank CA Statements |
| Quotation / Proforma Invoice | Quotation + Fleet Plan Document |
| Address Proof | Business Address Proof |
💹 Sample EMI Calculation
Let’s say you take a loan of ₹5,00,000 for a Tata Ace EV at 9.5% for 5 years:
- EMI: ₹10,500 approx
- Total Interest Paid: ₹1.3 lakh
- Total Repayment: ₹6.3 lakh
(Actual figures vary by bank and applicant profile.)
🧠 Tips Before Applying
- Compare interest rates + processing fees
- Look for zero foreclosure or early repayment options
- Choose tenure based on your expected ROI per trip
- Opt for bundled insurance and AMC if available
- Apply for FAME II subsidy immediately after purchase
❓ FAQ – EV Truck Financing in India
Q1. Can I get an EV loan for a used electric truck?
Answer: Most banks only finance new electric trucks. NBFCs like Mufin may consider used EVs in some cases.
Q2. What is the minimum credit score for an EV loan?
Answer: A CIBIL score of 650+ is usually required. For fleet owners, business income and GST records are evaluated.
Q3. Are there any zero-interest EV truck loans?
Answer: No, but state subsidies and low-interest NBFC loans reduce your cost significantly.
Q4. Can I apply for a loan without ITR?
Answer: Yes, NBFCs like Mufin accept alternate documents like bank statements and Aadhaar for small loan amounts.
Q5. Can I finance multiple EV trucks together?
Answer: Yes, banks like IDFC and HDFC support fleet financing with special terms.
🏁 Conclusion
Electric trucks are no longer just a green trend—they are smart business investments. And with top banks like SBI, HDFC, Axis, IDFC FIRST, and NBFCs like Mufin, financing your EV truck is now simpler and more affordable than ever.
Whether you’re a fleet operator, delivery startup, or independent driver, taking a well-structured EV loan will help scale your business while supporting India’s green mission.
💰 Ready to switch? Compare, choose the right bank, and finance your electric truck journey today!
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