Your Complete Guide to Getting Loans for Electric Trucks & Fleets
With India accelerating its shift toward sustainable transportation, commercial electric vehicles (EVs) are gaining massive traction in logistics, e-commerce, and fleet operations. But the upfront cost of electric trucks remains a barrier for many small businesses and fleet owners.
That’s where commercial EV financing platforms come in.
In this guide, we explore the Top EV Loan and Financing Platforms in India (2025) that are helping businesses easily switch to electric commercial vehicles — with flexible EMIs, low interest rates, and green incentives.
⚡ Why Specialized EV Financing is Crucial
Commercial EVs often have a higher initial cost than their diesel counterparts due to advanced batteries and EV components. However, the long-term savings on fuel and maintenance make them a better investment.
That said, you need financing options that understand the unique needs of EVs, such as:
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Battery value depreciation
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Faster ROI on EVs due to lower operating cost
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Government subsidies & FAME II schemes
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Charging infrastructure funding
🔟 Top Commercial EV Financing Platforms in India (2025)
1. Revfin – EV Loan Platform for Commercial Fleets
Why It Stands Out:
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100% digital loan process
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Focus on commercial 3W, LCVs, and EV trucks
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Also offers driver verification, telematics-based EMI scoring
Loan Features:
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No income proof required for small operators
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Loan tenure up to 36 months
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High approval rate for fleet drivers
Best For: Small fleet owners, EV cargo vehicle buyers
Website: www.revfin.in
2. Greaves Finance (evfin)
Why It Stands Out:
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Backed by Greaves Cotton, manufacturer of EVs like Ampere
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Custom loan products for LCVs and electric trucks
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EV-first platform with charging & servicing add-ons
Loan Features:
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Down payments starting from ₹10,000
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Vehicle + charger bundled loans
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Pre-approved options for B2B buyers
Best For: First-time commercial EV buyers
Website: www.evfin.in
3. Ecofy – Green Vehicle Finance
Why It Stands Out:
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NBFC focused entirely on sustainable mobility
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Covers electric trucks, vans, and loaders
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Offers financing for both new and used EVs
Loan Features:
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Low EMI options
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Green score-based approvals
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Corporate leasing for fleet owners
Best For: Logistics companies, delivery startups
Website: www.ecofy.in
4. Mufin Green Finance
Why It Stands Out:
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Specializes in Tier 2/3 city EV financing
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Partnered with OEMs like Etrio, Euler Motors, Piaggio Electric
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Fast-growing loan disbursement network
Loan Features:
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48-hour loan approval
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75%–90% on-road funding
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Battery + vehicle bundled loans
Best For: EV loader buyers, rural and semi-urban fleets
Website: www.mufinfinance.com
5. SIDBI – EV Ecosystem Financing (Government-Backed)
Why It Stands Out:
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Public sector bank offering direct EV loans to MSMEs
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Covers entire EV ecosystem: vehicle, charger, infra
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Lower interest rates due to green initiative focus
Loan Features:
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Loans up to ₹1 crore for commercial EV use
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Interest subsidies under various state schemes
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Tie-ups with EV OEMs and state nodal agencies
Best For: Registered MSMEs, EV transport startups
Website: www.sidbi.in
Bonus: Bank Tie-Ups & NBFC Offers (2025)
In addition to EV-first platforms, several banks and NBFCs now offer specialized green auto loans for electric trucks:
| Bank/NBFC | Interest Rate (Approx) | Max Tenure | Special Feature |
|---|---|---|---|
| SBI Green Auto Loan | 7.2% – 9.5% | Up to 7 yrs | Discount on EVs via FAME-II |
| HDFC Green Loan | 8% – 11% | 3–6 yrs | Fast approval for business owners |
| Tata Capital EV Loan | 9% – 12% | 5 yrs | EV charger financing included |
💼 What Do You Need to Apply?
To get a loan for your commercial EV, here’s what you typically need:
✅ Valid KYC documents (Aadhaar, PAN, GST cert if applicable)
✅ Bank statements or UPI transaction history (for income proof)
✅ EV quotation or proforma invoice from the dealer
✅ Down payment (usually 10%–25%)
✅ Business registration for fleets/MSMEs (optional)
💰 EV Subsidies That Lower Your Loan Burden
Several Indian states (Delhi, Maharashtra, Tamil Nadu, Gujarat) offer:
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₹30,000–₹1,50,000 subsidy per electric truck
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Road tax & registration fee waivers
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Interest subvention under EV policies
Pro Tip: Always ask your lender if they’ve integrated state EV schemes in their loan pricing.
📊 Quick Comparison Table
| Platform Name | Focus Area | Key Benefit | Ideal For |
|---|---|---|---|
| Revfin | EV Fleets & Drivers | No income proof required | Driver-partner model |
| Greaves Finance | EV Trucks & LCVs | Low down payment + charger loan | First-time buyers |
| Ecofy | EV Commercial Use | New & used EVs financed | Logistics businesses |
| Mufin Finance | Tier 2/3 Locations | OEM tie-ups + quick approvals | Rural buyers |
| SIDBI | MSMEs & Startups | Govt-backed, low interest | Businesses with GST |
❓ FAQ – EV Loans for Commercial Vehicles
Q1. Can I get a loan without business registration?
Yes. Platforms like Revfin and Mufin allow loans based on Aadhaar, driving license, and UPI history.
Q2. How much subsidy can I get on an EV truck?
Depends on your state. For example, Delhi offers up to ₹1.5 lakh per vehicle, while Maharashtra offers ₹1 lakh.
Q3. Is collateral required?
Not usually. These are unsecured loans, especially under ₹10–15 lakhs.
Q4. Can I finance both the truck and the charger?
Yes. Platforms like Greaves Finance and Tata Capital offer vehicle + charging bundle financing.
🔚 Final Thoughts
If you’re planning to invest in an electric truck or scale your EV fleet in India, now is the time. With dedicated financing platforms, low interest rates, and state subsidies, the road to going electric has never been smoother.
Whether you’re a logistics startup, e-commerce fleet, or a single-truck owner — explore these platforms, compare options, and go electric with confidence.
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