Overview
- Dual Loan Innovation: Separate financing for vehicle & battery via MG’s BaaS model—up to 100% on-road funding.
- Upfront Reduction: Battery costs are subscribed, turning fuel expenses into predictable long-term payments.
- Flexible Tenures: Up to 8 years for battery loan; makes EV ownership “practical & progressive.”
- Partners Since 2019: JSW MG & Axis Bank strengthen channel/retail finance collaboration.
- MD Anurag Mehrotra: “BaaS enables cutting-edge mobility with smarter economics.”
- ED Munish Sharda: “Smart, flexible options enhance EV financing ecosystem.”
- BaaS Recap: Launched Sep 2024; addresses high upfront barrier for wider adoption.
JSW MG Axis Bank Dual Loan EV: BaaS-Powered Financing Makes Electric Cars Affordable Now!
Mumbai, November 9, 2025 – JSW MG Motor India and Axis Bank have revolutionized EV ownership with the launch of the Dual Loan program, a game-changing financing solution anchored in MG’s Battery-as-a-Service (BaaS) model. Customers can now secure separate loans for the vehicle and battery, slashing upfront costs and enabling 100% on-road funding with up to 8-year battery tenures. This innovation transforms traditional fuel expenses into predictable, flexible payments, making sustainable driving a practical, intelligent choice for India’s burgeoning EV market.
Since 2019, partners, the duo’s collaboration now extends to channel and retail finance, empowering buyers with financial flexibility to upgrade without price constraints. As EV adoption accelerates, this program expands access to a wider base, fostering faster penetration by tackling the biggest hurdle: initial purchase price.
Dual Loan Breakdown: Vehicle and Battery, Separately Funded
| Component | Financing Details |
|---|---|
| Vehicle Loan | Up to 100% on-road; standard auto loan terms. |
| Battery Loan | Up to 8-year tenure via BaaS; subscription-like payments. |
| Upfront Savings | Battery cost deferred—e.g., Windsor EV effective at ~₹10 lakh. |
BaaS Recap: The Upfront Killer
- Launched: September 2024.
- Core Benefit: Battery as subscription—pay per km or fixed term.
- Impact: Keeps EV prices 30–40% lower upfront.
Leadership Takes
Anurag Mehrotra, MD, JSW MG Motor India:
“For electric mobility to move from aspiration to adoption, we must make ownership both practical and progressive. The Dual Loan program builds precisely on that premise, separating the battery from the vehicle cost to give customers financial flexibility without compromise. Much like how consumers have embraced subscription models in technology, BaaS allows them to experience cutting-edge mobility with smarter economics. Together with Axis Bank, we’re turning innovation into everyday access, accelerating India’s journey towards a more sustainable future.”
Munish Sharda, Executive Director, Axis Bank:
“At Axis Bank, we are committed to offering customer-friendly solutions and driving innovation in vehicle financing. We are delighted to partner with JSW MG Motor India on the pioneering Dual Loan program, which enhances the EV financing ecosystem in India by providing smart and flexible options across segments. We are confident that this collaboration will help make greener choices more accessible to customers and support the wider adoption of electric vehicles.”
Why It Works: Flexibility for All
- Upgrade Ease: Swap vehicles without battery baggage.
- Wider Reach: Targets urban families, fleets, and first-time EV buyers.
- EV Ecosystem Boost: Supports 30% penetration by 2030.
Conclusion: Dual Loan = Dual Win for EVs
The JSW MG Axis Bank Dual Loan EV initiative is a financing masterstroke. By decoupling battery costs via BaaS, it delivers 100% funding, 8-year flexibility, and affordable entry—turning EV dreams into driveable reality. As Mehrotra and Sharda align on a sustainable future, this partnership doesn’t just fund cars—it fuels India’s green revolution. The charge is on.
Source: v3cars.com
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