Electric scooters are becoming very popular in India. They cost less to use than petrol bikes, need less maintenance, and are more eco-friendly 🌱. But one thing that stops many people from buying an electric scooter is the price.
That’s where electric scooter loan come in. With the right loan, you can easily own an EV without paying the full amount upfront. In this guide, we’ll explain everything about Electric Scooter Loan Interest Rates, EMI options, bank offers, and even government subsidies like FAME 2.
📊 Current Electric Scooter Loan Interest Rates (2025)
Different banks offer different electric scooter loan interest rates. The rate depends on your credit score, the scooter’s price, and loan terms. Here’s a quick comparison:
| Bank / NBFC | Interest Rate (p.a.) | Loan Tenure | Max. Funding |
|---|---|---|---|
| SBI Bank | 10.51% – 13.75% | Up to 5 years | Up to 85% of cost |
| HDFC | 11.00% – 14.55% | Up to 4 years | 100% on-road price |
| ICICI Bank | 10.25% – 14.00% | 1 to 5 years | 90% of on-road price |
| Bajaj Finserv | 13.00% – 16.00% | Up to 3 years | Up to 95% financing |
✅ Example:
If you buy an electric scooter worth ₹1,20,000 with 10.5% interest for 3 years, your EMI will be around ₹3,880 per month.
🧠 Tip: Always compare electric scooter loan interest rates before finalizing.
Electric Scooter Loan interest rates
🧮 EMI Calculator for Ola & Other Electric Scooters
Before taking a loan, always check your EMI. You can use your site’s EMI Calculator tool.
Let’s take an example for an Ola S1 Pro:
- Price: ₹1,30,000
- Loan Amount: ₹1,00,000
- Interest Rate: 11%
- Tenure: 36 months
- Monthly EMI: ₹3,285 approx
You can also try the Ola electric scooter EMI calculator provided on our website or banks directly 👇.
| Loan Emi Calculator |
🏦 SBI & Other Bank Loans for Electric Scooter
Many banks now support loan for electric scooter, including top options like:
- SBI Electric Scooter Loan: Competitive rates, good for salaried and self-employed.
- Axis, ICICI, and HDFC: Fast approval process and simple online applications.
- NBFCs like Bajaj Finance: Instant approval with minimal paperwork.
🧾 Basic Requirements:
- CIBIL score 700+
- Age between 21–60 years
- Salary slip or income proof
- KYC documents
💰 Does FAME 2 Subsidy Apply on Loans?
Yes ✅
If you buy your scooter using a bank loan, you can still get the FAME 2 subsidy.
- Subsidy amount: ₹15,000 per kWh (subject to model and brand)
- Subsidy is applied upfront on the on-road price
- The bank calculates EMI after reducing the subsidy
📌 Example:
If your scooter is ₹1.4 lakh, and FAME 2 reduces price by ₹20,000, you pay EMI on ₹1.2 lakh instead.
🚀 Top Electric Scooters You Can Buy with a Loan
Here are some popular electric scooters you can finance easily:
| Scooter Model | 💰 On-Road Price (Approx) | Popular Loan Option |
|---|---|---|
| Ola S1 Pro | ₹1,30,000 | Ola Finance, SBI |
| Ather 450X | ₹1,45,000 | ICICI, Axis Bank |
| TVS iQube | ₹1,25,000 | HDFC, SBI |
| Bajaj Chetak | ₹1,40,000 | Bajaj Finserv |
🔧 Want to Check Your Electric Scooter Loan EMI or Eligibility?
Before applying for a loan, it’s smart to check how much EMI you’ll pay and whether you’re eligible. This helps you plan better and avoid rejection from banks or NBFCs.
If you want to:
✅ Calculate your electric scooter EMI using interest rate and loan duration
✅ Know whether you’re eligible for a loan before applying
➡️ You can use our easy online tools. They’re fast, free, and designed to help you make the right decision.
👇 Tap the tools below to get started:
🔗 Electric Scooter EMI Calculator
| Electric Scooter Loan Calculator |
🔗 Loan Eligibility Checker
| Check Loan Eligibility |
📌 These tools support brands like Ola, Ather, TVS iQube, and Bajaj Chetak to help you plan your EV purchase better.
💡 Tips to Get Low Electric Scooter Loan Interest Rates
- ✅ Keep your CIBIL score above 750
- ✅ Choose a shorter loan tenure (like 24–36 months)
- ✅ Compare interest rates online
- ✅ Check for festive discounts or EV-specific loan schemes
- ✅ Look for promotional offers with no processing fees
🙋 Frequently Asked Questions (FAQs):
Q1. What is the typical electric scooter loan interest rate in India?
🔸 It ranges between 10% to 15%, depending on the bank and your credit profile.
Q2. Can I get an SBI electric scooter loan for Ola or Ather models?
🔸 Yes, SBI offers loans for most registered EV brands.
Q3. Will I still get the FAME 2 subsidy if I take a bank loan?
🔸 Yes, the subsidy is included in the invoice and does not affect your loan eligibility.
Q4. Is EMI for electric scooters lower than petrol bikes?
🔸 Usually yes, since electric scooters are more affordable in the long run.
✍️ Conclusion: Electric Scooter Loan Interest Rates
Buying an electric scooter is now easier than ever with flexible loans and EMI options. But to save money, it’s important to compare Electric Scooter Loan Interest Rates across banks, use EMI calculators, and check for government subsidies like FAME 2.
Take your time, calculate wisely, and choose the best financing plan that fits your budget 🚀
| Electric Scooter Loan Calculator | Check Loan Eligibility |