ICICI EV Loan offers exclusive financing for electric vehicles with attractive interest rates, flexible repayment tenures, and eligibility for central and state EV subsidies. Discover the complete guide for 2025 to finance your new electric car or two-wheeler with ease.
In 2025, India’s electric vehicle ecosystem is expanding rapidly. With more consumers shifting to sustainable transportation and the government providing heavy incentives, buying an EV has become more affordable. ICICI Bank has responded to this trend by offering a dedicated EV Loan scheme to finance electric cars, bikes, and commercial vehicles.
This detailed article explores everything you need to know about ICICI EV Loan including applicable interest rates, maximum loan tenure, available subsidy benefits, the step-by-step online application process, EMI calculation examples, and eligibility criteria. If you’re planning to buy an electric vehicle this year, this guide will help you get financing in the smartest, most cost-effective way.
ICICI EV Loan – 2025 Overview
| Parameter | Details |
|---|---|
| Loan Amount | ₹50,000 to ₹50 Lakhs |
| Applicable Vehicles | Electric cars, scooters, bikes, and EV fleets |
| Tenure | Up to 7 years |
| Interest Rate | Starting from 9.25% p.a. |
| Subsidy Support | FAME-II, state-specific subsidies |
| Processing Fees | 0.50% of loan amount (minimum ₹2,999) |
| EMI Moratorium | Available up to 3 months on request |
| Co-applicant Option | Allowed |
| Down Payment | 10% to 25% based on profile |
ICICI EV Loan is available for both salaried and self-employed individuals. Fleet operators and commercial buyers can also avail financing for multiple electric vehicles under this scheme.
Key Features of ICICI EV Loan
Special interest rates for green vehicle buyers
Longer repayment periods to reduce monthly EMI
Financing available for both individual and commercial EVs
Pre-approved offers for ICICI customers
Integration with FAME-II subsidy claims
100% digital process via iMobile Pay and ICICI NetBanking
Loan eligibility based on credit score and income
Top-up option available after 6 EMIs
ICICI EV Loan Interest Rates – 2025
Interest rates on EV loans are slightly lower than regular auto loans to promote eco-friendly transportation.
| Profile Type | Interest Rate |
|---|---|
| Salaried (Private/Govt) | 9.25% – 10.50% p.a. |
| Self-Employed | 9.75% – 11.25% p.a. |
| Commercial Fleet Buyers | 10.00% – 12.50% p.a. |
| Pre-approved ICICI Customers | Starting at 9.00% p.a. |
Note: Final rate is decided based on credit profile, loan amount, tenure, and type of electric vehicle.
Vehicle Types Eligible for ICICI EV Loan
Electric two-wheelers (bikes, scooters)
Electric hatchbacks and sedans (e.g., Tata Nexon EV, MG ZS EV, Mahindra e-Verito)
Three-wheelers (rickshaws, load carriers)
Electric commercial vehicles
EV fleets for ride-sharing or last-mile delivery
Loans are available for both new EVs and certified used EVs purchased from authorized dealers.
Subsidy Benefits with ICICI EV Loan
ICICI Bank EV Loans can be used in combination with the following subsidies:
FAME-II Subsidy (Central Government)
| Category | Benefit |
|---|---|
| Electric 2-wheelers | ₹15,000 per kWh (max ₹1.5 Lakhs) |
| Electric 3-wheelers | ₹25,000 – ₹50,000 |
| Electric Cars | Up to ₹1.5 Lakhs (selected models only) |
Eligibility is based on vehicle model, battery capacity, and government registration.
State Subsidies (2025)
| State | EV Buyer Subsidy |
|---|---|
| Delhi | Up to ₹1.5 Lakhs |
| Maharashtra | ₹1.5 Lakhs + ₹5,000 scrappage bonus |
| Gujarat | ₹10,000/kWh (max ₹1.5 Lakhs) |
| Tamil Nadu | Waiver of road tax and registration fees |
| Karnataka | Full exemption on EV road tax |
These subsidies are disbursed post-registration. ICICI will finance the on-road price before subsidy deduction and you can claim the refund directly.
ICICI EV Loan Eligibility Criteria
| Criteria | Minimum Requirement |
|---|---|
| Age | 21 to 65 years |
| Employment | Salaried or self-employed |
| Minimum Income | ₹20,000/month |
| Credit Score | 700+ preferred |
| Residency | Indian national with valid address proof |
| Vehicle Type | EV approved under FAME/state policy |
| Co-applicant | Optional but helps in higher loan amount approval |
Documents Required for ICICI EV Loan
Salaried Individuals
PAN & Aadhaar
Salary slips (last 3 months)
Bank statement (last 6 months)
Employment ID or Offer Letter (optional)
Self-Employed
PAN & Aadhaar
ITR for last 2 years
Business registration proof
Bank statement (12 months)
Common Documents
Proforma Invoice from EV dealer
Passport size photographs
KYC of co-applicant (if any)
Digital upload of all documents is supported on iMobile Pay and ICICI website.
ICICI EV Loan EMI Calculator – 2025 Examples
Here are sample EMI calculations for various loan amounts and tenures using an average interest rate of 9.5% p.a.
| Loan Amount | Tenure | Interest Rate | EMI (Approx.) |
|---|---|---|---|
| ₹1,00,000 | 2 years | 9.50% | ₹4,602 |
| ₹2,50,000 | 3 years | 9.50% | ₹7,996 |
| ₹5,00,000 | 5 years | 9.50% | ₹10,513 |
| ₹8,00,000 | 7 years | 9.50% | ₹13,330 |
Use the official ICICI EMI Calculator to check exact values for your vehicle and tenure.
How to Apply for ICICI EV Loan – Step-by-Step Guide
You can apply online or offline for ICICI Bank EV loans. The digital process is recommended for faster approval and fewer visits.
Step 1: Check Your Eligibility
Visit the ICICI EV Loan page
Click on “Vehicle Loan” → “Electric Vehicle Loan”
Enter your PAN, DOB, mobile number, and income details
Step 2: View Pre-Approved Offers
If you’re an ICICI savings or salary account holder, you may see a pre-approved offer instantly
Check loan amount, tenure, and applicable rate
Step 3: Upload Documents
Upload scanned copies of KYC, income proof, and vehicle invoice
Use DigiLocker or direct bank statement linking for faster approval
Step 4: Loan Sanction & Agreement
ICICI will verify your documents and evaluate vehicle model
Loan sanction letter is issued within 24–48 hours
Sign agreement digitally via Aadhaar OTP
Step 5: Disbursal
Loan amount is credited directly to the EV dealership
You receive the disbursal confirmation via SMS and email
Top-Up and Balance Transfer for EV Loans
If you already have an ICICI vehicle loan, you can:
Apply for a top-up after 6–9 timely EMIs
Switch your high-interest EV loan from another bank to ICICI via balance transfer
Enjoy lower rates, extended tenure, and consolidated EMI
ICICI EV Loan vs Other Bank EV Loans – 2025 Comparison
| Feature | ICICI Bank | SBI | HDFC Bank | Axis Bank |
|---|---|---|---|---|
| Interest Rate | 9.25% onwards | 8.85% onwards | 9.50% onwards | 9.75% onwards |
| Tenure | Up to 7 years | Up to 7 years | Up to 5 years | Up to 6 years |
| Digital Application | Fully digital | Partial | Partial | Partial |
| Processing Time | 2–3 days | 5–7 days | 5–8 days | 4–6 days |
| PM Subsidy Support | Yes | Yes | Yes | Yes |
| NOC & Top-Up Option | Available | Available | Available | Available |
ICICI is one of the few banks offering complete digital application, real-time eligibility check, and fast sanction specifically for EVs.
Benefits of Choosing ICICI EV Loan
Dedicated EV loan scheme with green finance incentives
Lower interest compared to petrol/diesel vehicle loans
Digital eSign and document upload support
PMAY-style central and state subsidy integration
Flexibility in EMI schedule with part-payment option
Faster disbursal for ICICI account holders
Eligibility for top-up and balance transfer
Tips to Maximize ICICI EV Loan Benefits
Choose an EV listed under FAME-II and state EV policies
Maintain a CIBIL score above 750 to unlock the lowest interest rates
Use ICICI’s digital platforms for faster approvals
Apply during festive campaigns for possible processing fee waiver
Claim your state EV subsidy post-registration directly through the RTO
Compare EMI options before finalizing the vehicle variant
FAQs – ICICI EV Loan
Q1. What is the interest rate for ICICI EV Loan in 2025?
Interest starts from 9.25% p.a. and varies based on your credit profile and loan amount.
Q2. Can I get a loan for electric scooters and two-wheelers?
Yes, ICICI provides loans for electric bikes, scooters, and even EV three-wheelers.
Q3. Does ICICI EV Loan cover used electric vehicles?
Yes, loans for certified pre-owned EVs are available from ICICI’s authorized dealers.
Q4. Is there any government subsidy on ICICI EV Loans?
You can claim FAME-II and state-specific subsidies after registration. ICICI finances the full cost upfront.
Q5. What is the minimum down payment required?
Down payments range from 10% to 25%, depending on credit score and vehicle type.
Q6. Can commercial EV buyers get ICICI EV Loans?
Yes, fleet buyers, logistics companies, and cab operators are eligible under ICICI’s commercial EV finance program.
Q7. What is the tenure offered?
Tenures of up to 7 years are available, with prepayment allowed after 6 months.
Q8. Can I get a pre-approved ICICI EV Loan?
If you are an existing ICICI customer, check NetBanking or iMobile Pay app for pre-approved offers.
Q9. Are part-payments and top-ups allowed?
Yes. After paying a few EMIs, you can make part payments or apply for a top-up loan.
Q10. How long does the loan approval take?
ICICI EV Loans are typically approved within 2–3 working days if all documents are submitted digitally.
Important Links
| ICICI Bank officials website | click here |
| home page | click here |
| Join WhatsApp group | join here |
Authoritative External Links
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Conclusion – ICICI EV Loan 2025
The ICICI EV Loan scheme is a smart financing solution for individuals and businesses looking to shift to electric mobility in 2025. With interest rates starting at 9.25%, loan tenures up to 7 years, and support for central (FAME-II) and state subsidies, it makes electric vehicle ownership more accessible and affordable. Whether you’re buying an electric car, two-wheeler, or commercial EV, ICICI offers a fully digital application process, quick approvals, and top-up flexibility for existing customers. Pre-approved offers for ICICI account holders make the journey even smoother.