Indian Bank set a ₹100 crore lending target for its new EV charging scheme this fiscal year. MD Binod Kumar said, "We have set lending targets of ₹100 crore for the remaining five months." The bank wants to support green mobility by funding charging stations for many small businesses.
Indian Bank has set a lending target of Rs 100 crore for the current fiscal year under its dedicated financing scheme for electric vehicle (EV) charging infrastructure, as the public sector lender seeks to tap business opportunities in the fast-growing green mobility segment.
The bank has launched 'IND Green Charge', a financing scheme for public, captive and fleet charging stations under both standalone and franchise models.
The bank will offer loans of up to Rs 10 crore for a maximum tenure of 8 years, Indian Bank MD and CEO Binod Kumar told PTI.
"We have set lending targets of Rs 100 crore for the remaining five months of the ongoing financial year and Rs 250 crore for the coming financial year under this scheme," he said.
The initiative aims to promote entrepreneurship among micro, small and medium enterprises (MSMEs), generate employment and support India's transition towards sustainable mobility, he added.
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According to reports, EV sales grew 29.7 per cent to 26.59 lakh units in 2025-26, while the Indian EV charging-station market is projected to expand from Rs 6,139 crore in 2025 to Rs 21,940 crore by 2030.
The financing scheme is expected to help the bank tap emerging credit demand for charging infrastructure while supporting the development of the EV ecosystem.
Indian Bank views EV charging infrastructure as both a commercially viable lending opportunity and a green finance initiative, he said.
"We have carried out detailed analysis of various projects across AC, DC, and high-capacity DC charging, including stress testing under different utilisation scenarios, and found that funding under the scheme is commercially viable," he said.
The launch of IND Green Charge enables the bank to pursue sustainable business growth while supporting electric mobility and contributing to carbon emission reduction, he added.
The bank will consider viable proposals in smaller cities and semi-urban areas based on local demand, location suitability, projected utilisation and repayment capacity.
The scheme's standalone and franchise models provide flexibility for SMEs and entrepreneurs seeking to establish charging facilities in diverse markets.