ChargeZone and SBI Join Hands to Boost EV Charging with Easy Loans

India’s EV charging network just got a major push. ChargeZone, the country’s largest EV charging operator, has signed an MoU with the State Bank of India (SBI) under the EV Mitra scheme. Through this, businesses and individuals can now get loans ranging from ₹10 lakh to ₹10 crore, repayable over seven years, with CGTMSE support, removing the need for heavy collateral or big upfront costs.

A key feature here is ChargeZone’s “DoCo” model – Dealer Owned, Company Operated. This means local entrepreneurs own the station, while ChargeZone manages the operations, tech, and upkeep. It’s an opportunity for small businesses, landowners, restaurant owners, and logistics providers to step into the EV space without worrying about the day-to-day running of chargers.

Financing has always been a big roadblock. Public chargers in India grew from around 5,100 in 2022 to more than 26,300 in early 2025, but many aspiring developers still struggled with funds. This partnership changes that, making it easier for more players to join the EV ecosystem.

ChargeZone already operates 13,500 charging points across 1,200 locations in India and the UAE. With SBI’s support, the company is now targeting a massive milestone of 1 million charging stations across India, from highways to city suburbs.