New financing scheme separates vehicle and battery costs to reduce upfront expenses for electric vehicle buyers.
06 Nov 2025 | 8488 Views | By Shristi Ohri
JSW MG Motor India and Axis Bank have introduced a dual loan financing program aimed at making electric vehicles more affordable for Indian consumers.
The initiative, announced on November 6, 2025, builds on MG's Battery-as-a-Service (BaaS) model by allowing customers to obtain separate loans for the vehicle and its ...
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JSW MG Motor India and Axis Bank have introduced a dual loan financing program aimed at making electric vehicles more affordable for Indian consumers.
The initiative, announced on November 6, 2025, builds on MG's Battery-as-a-Service (BaaS) model by allowing customers to obtain separate loans for the vehicle and its battery. This structure is designed to lower the initial cost barrier that has hindered broader EV adoption in India.
Under the program, customers can access up to 100% on-road financing with battery loan tenures extending up to eight years. By separating the battery cost from the vehicle price, the company aims to convert traditional fuel expenses into structured, long-term payments.
"For electric mobility to move from aspiration to adoption, we must make ownership both practical and progressive," said Anurag Mehrotra, Managing Director of JSW MG Motor India. He compared the model to subscription services in technology, suggesting it allows consumers to access advanced mobility with more favorable economics.
Munish Sharda, Executive Director at Axis Bank, described the partnership as a step toward enhancing India's EV financing ecosystem. "This collaboration will help make greener choices more accessible to customers and support the wider adoption of electric vehicles," he stated.
The BaaS model was first launched by JSW MG Motor India in September 2024 to address high upfront costs associated with EV purchases. Axis Bank and JSW MG Motor India have maintained a partnership since 2019 across various financing solutions.
The dual loan program extends financing flexibility to a broader customer base while supporting India's transition toward sustainable transportation. Both companies indicated that the initiative aims to provide greater financial control to buyers while contributing to the growth of the country's electric vehicle market.
JSW MG Motor India is a joint venture between SAIC Motor, a Fortune 500 company, and JSW Group, formed in 2023. Axis Bank operates 5,976 domestic branches and 13,177 ATMs across India as of September 2025.