{"id":8264,"date":"2026-05-12T22:16:08","date_gmt":"2026-05-12T16:46:08","guid":{"rendered":"https:\/\/tradebrains.in\/money\/?p=8264"},"modified":"2026-05-12T22:16:12","modified_gmt":"2026-05-12T16:46:12","slug":"top-5-banks-offering-the-lowest-interest-rates-on-ev-2-wheeler-vehicles-in-2026","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/money\/top-5-banks-offering-the-lowest-interest-rates-on-ev-2-wheeler-vehicles-in-2026\/","title":{"rendered":"Top 5 Banks Offering the Lowest Interest Rates on EV 2-Wheeler Vehicles in 2026"},"content":{"rendered":"\n
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Synopsis: <\/strong>With electric scooters and bikes becoming more affordable in India, several banks are offering special EV two-wheeler loan schemes with lower interest rates, flexible EMIs, and higher financing limits.<\/em><\/p>\n<\/blockquote>\n\n\n\n

India\u2019s central government has been promoting EV adoption through many policies. With current geo-political tensions, and rising fuel costs, EVs are considered to be better alternatives. The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme aims to support approx. 5.6 lakh EVs, by Ministry of Heavy Industries.<\/p>

\"scapia<\/a><\/div>\n\n\n\n

5 Banks that Provide Low Interest rates on EV 2-Wheelers<\/strong><\/h2>\n\n\n\n
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  1. Bank of India-<\/strong> Bank of India offers financing of electric vehicles under Star Vehicle Loan scheme. It gives a 50% concession on the applicable processing fee for all electric vehicles purchases. The interest rate for loan starts from ~7.60% p.a.<\/li>\n<\/ol>\n\n\n\n
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    1. Punjab National Bank- <\/strong>Punjab National Bank gives EV loans for two wheelers under PNB Saarthi and PNB Power Ride, and special EV 4-wheeler loan under Green Car Loan scheme. The loans start from ~8.30% to ~10.00% p.a. for 2-wheeler EVs.<\/li>\n<\/ol>\n\n\n\n
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      1. Union Bank of India-<\/strong> Union Bank of India has a dedicated scheme as Union Green Miles for EV loan. The Union Miles are a separate scheme for just non-electric vehicles. The loans for 2-wheelers start from ~10.90% p.a. (Specific EV 2-wheeler interest rates are not publicly listed, please visit the branch for more accurate information.)<\/li>\n<\/ol>\n\n\n\n
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        1. IDFC First Bank-<\/strong> IDFC First Bank provides 100% road funding on selected models and the interest rate for the loan starts from ~8.50% to ~18.99%p.a. for two-wheelers.<\/li>\n<\/ol>\n\n\n\n
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          1. State Bank of India-<\/strong> The SBI Easy Ride scheme provides loan amount up to ~\u20b93 lakh, and the interest rates start from ~11.70% to ~15.70% p.a.<\/li>\n<\/ol>\n\n\n
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            Note: All the data provided above are only for indicative purposes, please check at the branch for more accurate information.<\/em><\/p>\n\n\n\n

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            Also read: <\/strong>NSE EGR vs Gold ETFs: Where Should You Invest After PM Modi Urges Indians to Avoid Gold Buying for 1 Year?<\/a><\/p>\n<\/blockquote>\n\n\n\n

            Benefits of Buying EV 2-Wheelers<\/strong><\/h2>\n\n\n\n
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            • Electric vehicles have lower running costs<\/strong> as compared to petrol or diesel vehicles.<\/li>\n\n\n\n
            • Electric bikes or scooter with fewer moving parts and absence of usage of oil have lower maintenance cost<\/strong> than the petrol vehicles<\/li>\n\n\n\n
            • EVs with lower running costs and lower maintenance cost, even after considering the battery replacement after 3-5 years, provide long-term saving<\/strong> than the fuel-consumption 2-wheeler vehicles.<\/li>\n\n\n\n
            • EV loan taken for personal use gives tax benefits<\/strong> and a claim deduction of upto \u20b91.5 lakh per year on interest paid under Section 80EEB of Income Tax Act under old tax regime.<\/li>\n\n\n\n
            • Some states offer full or partial road tax exemptions and registration fee waivers<\/strong> on EV 2-wheelers.<\/li>\n<\/ul>\n\n\n\n

              Before choosing a loan, compare not just the interest rate but also processing fees, down payment requirements, foreclosure charges, and whether the bank uses flat or reducing balance interest calculation.<\/p>