Axis Bank, JSW MG Motor Introduce Dual-Loan Scheme to Boost EV Affordability

Axis Bank and JSW MG Motor India have launched a new Dual Loan financing program that aims to reduce the upfront cost of electric vehicle ownership. The scheme is built on MG’s Battery-as-a-Service (BaaS) model, which separates battery and vehicle ownership.

Under the program, customers can take two separate loans—one for the EV and one for the battery—with up to 100% on-road funding. Battery loans can extend up to eight years, offering long-term cost predictability and lower initial expenses.

Axis Bank Executive Director Munish Sharda said the collaboration strengthens the EV financing ecosystem by offering more flexible loan structures. JSW MG Motor India MD Anurag Mehrotra added that separating battery costs mirrors subscription-style models, giving buyers greater financial control.

Launched in 2024, MG’s BaaS concept is designed to bring down initial EV prices. With the Dual Loan model, both companies aim to widen EV accessibility and further support India’s shift toward sustainable mobility.