Axis Bank, JSW MG Motor India roll out dual-loan scheme to boost EV adoption

New Delhi: Axis Bank, India’s third-largest private-sector lender, has partnered with JSW MG Motor India to launch a Dual Loan programme aimed at accelerating the adoption of electric vehicles (EVs) in the country.

The scheme is built on MG’s Battery-as-a-Service (BaaS) model and allows customers to avail separate loans for the vehicle and the battery. By decoupling the two costs, the programme sharply reduces the initial outlay for buyers a key barrier to EV ownership. Customers can also access up to 100 per cent on-road funding, along with flexible battery loan tenures of up to eight years.

Munish Sharda, Executive Director, Axis Bank, said the partnership underscores the bank’s commitment to offering innovative mobility finance solutions. “The Dual Loan programme enhances the EV financing ecosystem by providing smart and flexible options across customer segments. We believe this collaboration will encourage greener choices and support wider EV adoption,” he said.

Anurag Mehrotra, Managing Director, JSW MG Motor India, said the initiative is designed to make EV ownership both “practical and progressive.” Drawing parallels with subscription-led technology models, he said BaaS empowers customers with financial flexibility while enabling access to advanced mobility solutions. “Together with Axis Bank, we are turning innovation into everyday convenience and helping accelerate India’s transition to sustainable mobility,” he added.

Introduced in September 2024, JSW MG Motor India’s BaaS model separates the battery cost from the vehicle price, addressing one of the largest cost components in an EV. The new dual-loan scheme builds on the companies’ existing partnership, which dates back to 2019, and further strengthens collaboration across retail and channel financing.

The companies said the financing innovation would not only make EV ownership more affordable but would also provide customers with greater flexibility to upgrade vehicles without being constrained by battery prices. With Axis Bank’s extensive reach, the initiative is expected to expand access to EV financing and contribute to the growth of India’s clean mobility ecosystem.