JSW MG Motor India, in collaboration with Axis Bank, has launched an innovative Dual Loan program designed to make electric mobility more accessible and future-ready for Indian customers.
Anchored in MG’s pioneering Battery-as-a-Service (BaaS) model (introduced in September 2024), this initiative allows customers to avail separate loans for the vehicle and its battery, significantly reducing the upfront cost of EV ownership.
Dual Loan Program Highlights
The Dual Loan solution, a result of the strengthening collaboration between JSW MG Motor India and Axis Bank (partners since 2019), transforms the economics of purchasing an EV:
- Affordable Ownership: By separating the battery cost from the vehicle, the high upfront price—a major barrier to EV adoption—is addressed.
- Flexible Financing: The program offers up to 100% on-road funding and flexible tenures of up to 8 years for the battery.
- Predictable Value: It converts conventional fuel expenses into predictable, long-term value, making sustainable driving a practical and intelligent choice.
Anurag Mehrotra, Managing Director of JSW MG Motor India, stated,
“The Dual Loan program builds precisely on that premise, separating the battery from the vehicle cost to give customers financial flexibility without compromise… Together with Axis Bank, we’re turning innovation into everyday access, accelerating India’s journey towards a more sustainable future.”
Munish Sharda, Executive Director, Axis Bank, added that the partnership “enhances the EV financing ecosystem in India by providing smart and flexible options across segments.”
Accelerating India’s EV Ecosystem
This innovative financing solution not only makes EV ownership more affordable but also provides customers greater flexibility to upgrade their vehicles without being constrained by price. By partnering with one of India’s largest private sector banks, the program reaches a wider customer base and expands access to smart mobility solutions.
JSW MG Motor India, a joint venture formed in 2023 between SAIC Motor and JSW Group, is committed to building a sustainable automotive ecosystem, driven by its vision of CASE (Connected, Autonomous, Shared, and Electric) mobility.
Frequently Asked Questions (FAQs)
What is the name of the innovative financing program launched by JSW MG Motor India and Axis Bank? The program is called the Dual Loan program.
What is the core concept behind the Dual Loan program? The program utilizes the Battery-as-a-Service (BaaS) model to allow customers to take out separate loans for the vehicle and the battery, reducing the upfront cost.
What is the maximum on-road funding offered under this program? The program offers up to 100% on-road funding for the vehicle and battery.
What is the maximum loan tenure offered for the EV battery under this plan? The program offers flexible loan tenures of up to 8 years for the battery.
What is the primary goal of the collaboration between JSW MG Motor India and Axis Bank? The primary goal is to make EV ownership more accessible and affordable, thereby contributing to the wider adoption and growth of India’s EV ecosystem.
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Great initiative! Separating the battery loan from the vehicle loan really lowers the upfront cost barrier and makes EV ownership far more accessible. Financing like this could be a game-changer for India’s EV adoption.
That’s a smart move by MG and Axis Bank! Splitting the loan makes EVs much easier to afford and shows how finance can actually drive clean