JSW MG Motor India and Axis Bank have launched a new dual loan program to make electric vehicles (EVs) easier to buy for Indian customers. Announced on November 6, 2025, this plan allows people to take two separate loans — one for the car and another for the battery. The aim is to reduce the high upfront cost that often discourages people from buying EVs.
The new plan is built on MG’s Battery-as-a-Service (BaaS) model, which was first introduced in 2024. Under this model, buyers do not have to pay the full cost of the battery at once. Instead, they can finance it separately, just like paying in easy installments. Customers can also get up to 100% on-road financing, and the battery loan can last for as long as eight years.
Anurag Mehrotra, Managing Director of JSW MG Motor India, said the company wants to make EV ownership both practical and progressive. He compared the plan to subscription models used in technology, where users can access advanced products at lower upfront costs. This, he said, will help shift people from seeing EVs as a luxury to viewing them as a smart, everyday choice.
Munish Sharda, Executive Director of Axis Bank, said this partnership will help more customers make environment-friendly choices. He added that it supports India’s growing EV ecosystem by improving access to affordable finance.
The dual loan program aims to give buyers more financial flexibility and control while helping the country move toward sustainable transportation. Both companies believe this plan will encourage more people to switch from fuel-powered vehicles to electric ones.
JSW MG Motor India, a joint venture between SAIC Motor (a Fortune 500 company) and the JSW Group, was formed in 2023. Axis Bank, one of India’s leading private banks, has over 5,976 branches and 13,177 ATMs across the country as of September 2025.
Through this partnership, JSW MG and Axis Bank hope to make the dream of owning an electric car more achievable for the average Indian consumer.
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