Axis Bank partners with JSW MG Motor India to promote EVs
Introduces BaaS – a unique EV ownership program through Dual Loan solution
National, November 11, 2025: Axis Bank, one of the largest private sector banks in India, in collaboration with JSW MG Motor, has introduced 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, this initiative allows customers toavail separate loans for the vehicle and its battery, significantly reducing the upfront cost of ownership.
The program offers up to 100% on-road funding and flexible tenures of up to 8 years for the battery,turning conventional fuel expenses into predictable, long-term value, and making sustainable driving a
practical, intelligent choice.
Commenting on the partnership, Munish Sharda, Executive Director, Axis Bank, said, “At Axis Bank, we are committed to offering customer-friendly solutions and driving innovation in vehicle financing. We are delighted to partner with JSW MG Motor India on the pioneering Dual Loan program, which enhances the EV financing ecosystem in India by providing smart and flexible options across segments. We are confident that this collaboration will help make greener choices more
accessible to customers and support the wider adoption of electric vehicles.”
“For electric mobility to move from aspiration to adoption, we must make ownership both practical and progressive.
The Dual Loan program builds precisely on that premise, separating the battery from the
vehicle cost to give customers financial flexibility without compromise. Much like how consumers have embraced subscription models in technology, BaaS allows them to experience cutting-edge mobility with smarter economics. Together with Axis Bank, we’re turning innovation into everyday access,accelerating India’s journey towards a more sustainable future.” Said, Anurag Mehrotra, Managing
Director, JSW MG Motor India.
BaaS (Battery-as-a-Service), launched in September 2024 by JSW MG Motor India, addresses one of the biggest barriers to EV adoption – the high upfront cost – by separating the cost of the
battery from the vehicle. Building on this innovation, JSW MG Motor India and Axis Bank, who have been partners since 2019, have now introduced the dual loan financing, further strengthening their collaboration across channel and retail finance solutions.
This innovative financing solution not only makes EV ownership more affordable but also givescustomers greater flexibility to upgrade their vehicles without being constrained by price.
With Axis
Bank as a financing partner, the program reaches a wider customer base and expands access to smart mobility solutions. Through this collaboration, JSW MG Motor India and Axis Bank aims to provide customers with greater choice and financial control, while also contributing to the growth of India’s EV ecosystem.
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