JSW MG Motor, Axis Bank Partner on Dual Loan Scheme for EVs

• MG Motor India and Axis Bank offer separate loans for the vehicle and battery
• The program builds on MG's Battery-as-a-Service, offering 100% on-road funding
• The initiative encourages easier EV upgrades and long-term commitment

JSW MG Motor India, partnered with Axis Bank, has unveiled an inventive dual loan financing scheme to simplify and lower the cost of electric vehicle (EV) ownership for Indian consumers.

The partnership has introduced an innovative EV finance solution through a dual loan scheme, aimed at boosting EV adoption and promoting green mobility in the India auto sector, paving the way for a more sustainable transport future.

 The scheme was announced recently and is aimed at removing one of the largest barriers to entry into EV ownership - the initial acquisition cost - by providing a unique option via MG's Battery-as-a-Service (BaaS) model.

With this program, customers can go ahead with two loans - one for the vehicle and separate one for the battery, making the initial cost of ownership significantly less expensive.

The new structure means that buyers can get financing for up to 100% of the cost of the electric vehicle on-road and have the option of up to an 8-year loan term for the battery.

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Anurag Mehrotra, Managing Director, JSW MG Motor India stated, “For electric mobility to move from aspiration to adoption, we must make ownership both practical and progressive”.

The company began offering the Battery as a Service (BaaS) model in India in September 2024, separating the cost of the battery from the cost of the vehicle, and reducing the cost of ownership.

The dual loan structure increases accessibility and adaptability for prospective buyers, as well as an increased degree of financial control. This model encourages easier transitions to later EV models and enables longer-term commitments to sustainable mobility, facilitating the change to cleaner, greener transportation.

 Through this partnership, MG Motor India and Axis Bank are helping to facilitate the future of electric mobility in India.