ChargeZone, an EV charging company, has signed an MoU with the State Bank of India (SBI) under the EV Mitra scheme to accelerate the deployment of charging infrastructure across the country. The tie-up will provide financing of ₹10 lakh to ₹10 crore with flexible repayment options of up to seven years for individuals, businesses, and institutions to set up EV charging stations under ChargeZone’s Dealer Owned, Company Operated (DoCo) model.
The loans will be offered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), reducing collateral requirements for eligible borrowers, according to the company’s statement. The move aims to address the financing gap in EV infrastructure, which has grown fivefold in three years to over 26,000 public charging stations by early 2025.
ChargeZone CEO Kartikey Hariyani said the partnership will empower entrepreneurs and businesses to participate in building the EV ecosystem, combining SBI’s financial reach with the company’s technology and operations. The initiative is aligned with ChargeZone’s mission to deploy one million charging points across India, building on its existing network of 13,500 points at over 1,200 locations.
