Gurugram — In an electrifying move that could make even your accountant smile, JSW MG Motor India has teamed up with Axis Bank to roll out a revolutionary financing model that quite literally splits the difference. Introducing BaaS — Battery-as-a-Service — an EV ownership concept so innovative, it lets you buy your car and its battery separately.
The Dual Loan program, designed for those who want to go electric without short-circuiting their wallets, allows customers to avail two separate loans — one for the vehicle and one for the battery. Think of it as buying the brain and heart of your EV on EMIs that suit your lifestyle, with up to 100% on-road funding and tenures stretching up to 8 years.
“Electric mobility must be both practical and progressive,” said Anurag Mehrotra, Managing Director, JSW MG Motor India. “Our Dual Loan program makes EVs financially flexible — much like how streaming subscriptions made entertainment accessible. Only now, you’re subscribing to the future of mobility, one smart EMI at a time.”
Munish Sharda, Executive Director, Axis Bank, echoed the sentiment: “We’ve been financing dreams for decades, and this one just happens to run on lithium-ion. Together with JSW MG, we’re charging up the EV financing ecosystem and making green the new mainstream.”
First launched in September 2024, BaaS addressed one of the biggest hurdles to EV adoption — the high upfront cost. By unbundling the battery from the vehicle price, MG gave customers a new way to think about car ownership. Now, with Axis Bank’s backing, that idea has evolved into a full-blown Dual Loan ecosystem, offering customers the flexibility to upgrade or switch without being tethered to hefty price tags.
The partnership between JSW MG Motor India and Axis Bank, ongoing since 2019, has now entered its “electric phase” — quite literally. The duo aims to make smart, sustainable mobility a mainstream financial reality, not just a tech enthusiast’s fantasy.
