JSW MG Motor India, Axis Bank launch dual loan scheme to boost EV adoption

The company said that this structure reduces the upfront cost of ownership while offering up to 100 per cent on-road funding and flexible loan tenures of up to eight years for the battery.

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JSW MG Motor India, in partnership with Axis Bank, on Thursday said it has launched an innovative dual loan financing programme aimed at making electric vehicle (EV) ownership more affordable and accessible for Indian customers.According to the official press release, the initiative, anchored in MG’s Battery-as-a-Service (BaaS) model, allows customers to take separate loans for the vehicle and its battery. The company said that this structure reduces the upfront cost of ownership while offering up to 100 per cent on-road funding and flexible loan tenures of up to eight years for the battery.“For electric mobility to move from aspiration to adoption, we must make ownership both practical and progressive,” said Anurag Mehrotra, Managing Director, JSW MG Motor India.

The BaaS model, introduced by JSW MG Motor India in September 2024, addresses one of the key barriers to EV adoption — high initial cost — by decoupling the cost of the battery from the vehicle itself. Building on this framework, the Dual Loan initiative with Axis Bank further enhances affordability and flexibility for EV buyers.

The programme is also designed to provide customers with greater financial control, enabling easier upgrades to newer EV models and encouraging long-term commitment to sustainable mobility.

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