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MG Motor India announced the initiative on November 6, 2025, expanding its Battery-as-a-Service (BaaS) model to make EV ownership more affordable and accessible. The program allows customers to avail up to 100% on-road financing, with separate loan tenures for the vehicle and battery — reducing the initial financial burden and converting fuel costs into structured long-term payments.
Anurag Mehrotra, Managing Director of JSW MG Motor India, said, “For electric mobility to move from aspiration to adoption, it must be made both practical and progressive. This model empowers consumers to access advanced mobility through better financial flexibility.”
Munish Sharda, Executive Director at Axis Bank, stated that the partnership would strengthen India’s EV financing ecosystem and make green vehicles more accessible to customers.
MG Motor first launched its BaaS model in September 2024 to address the high upfront cost of EVs. The company has been collaborating with Axis Bank since 2019 across multiple financing solutions.
This new dual-loan program offers greater financial flexibility to customers while supporting India’s transition toward sustainable transportation.
JSW MG Motor India is a joint venture formed in 2023 between SAIC Motor (a Fortune 500 company) and JSW Group. Axis Bank currently operates 5,976 branches and 13,177 ATMs across India as of September 2025.
