Axis Bank, one of India’s leading private-sector banks, has partnered with JSW MG Motor India to introduce an innovative Dual Loan financing program designed to accelerate the transition to electric mobility. Anchored in MG’s Battery-as-a-Service (BaaS) model, the initiative allows customers to secure separate loans for the vehicle and battery—significantly reducing upfront ownership costs. With up to 100% on-road funding and flexible loan tenures of up to eight years for the battery, the program converts conventional fuel-related spending into predictable long-term value, making EV ownership more accessible.
Munish Sharda, Executive Director at Axis Bank, said, “We are delighted to work with JSW MG Motor India on this pioneering financing structure. The Dual Loan program empowers customers with flexible and intelligent financing choices and supports the broader adoption of sustainable mobility in India.”
Anurag Mehrotra, Managing Director of JSW MG Motor India, added, “Making EV ownership both practical and progressive is key to mass adoption. By decoupling the battery from the vehicle cost, this program provides consumers with greater financial flexibility. Much like subscription models in tech, BaaS helps customers access advanced mobility with smarter economics. Together with Axis Bank, we’re making sustainable mobility a realistic everyday choice.”
Launched in September 2024, BaaS addresses one of the key barriers to EV adoption—high upfront purchase costs—by pricing the battery separately from the vehicle. Axis Bank and JSW MG Motor India, partners since 2019, have further strengthened their collaboration with the introduction of Dual Loan financing, enabling broader access to EV solutions across retail and channel networks.
This financing initiative not only reduces the entry cost of EV ownership but also enables customers to upgrade their vehicles more easily without being restricted by battery price. The partnership extends Axis Bank’s reach and supports MG’s mission to promote advanced and sustainable automotive solutions across India.
Axis Bank operates an extensive network of 5,976 domestic branches (including extension counters), 13,177 ATMs and cash recyclers, and eight Axis Virtual Centre hubs staffed by nearly 1,786 virtual relationship managers as of September 30, 2025. The Axis Group includes a wide ecosystem of financial and investment entities such as Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund, and Axis Bank Foundation.
SAIC Motor, a global Fortune 500 company active in more than 100 countries, and the JSW Group formed JSW MG Motor India in 2023. The joint venture aims to develop a smart, sustainable mobility ecosystem in India and expand its portfolio of advanced, value-driven vehicles. The company remains focused on bringing world-class technology, strengthening local manufacturing, and generating significant employment opportunities through extensive localization.
