In a push to accelerate electric mobility adoption, Axis Bank and JSW MG Motor India have announced a Dual Loan program that lets customers finance an EV and its battery separately. The offering is based on MG’s BaaS model introduced in 2024.
The structure lowers the entry cost for EV buyers, providing 100% on-road funding and long-tenure battery loans of up to 8 years. Axis Bank says the approach turns recurring fuel expenditure into predictable long-term payments.
JSW MG Motor India’s MD Anurag Mehrotra said the concept gives customers freedom similar to subscription-based tech services, making EV ownership more flexible and accessible.
The initiative builds on a long-standing partnership between Axis Bank and MG, aiming to strengthen India’s EV ecosystem by offering practical financing pathways.
