Axis Bank and JSW MG Motor India have unveiled a new EV financing product that splits electric car ownership costs into two parts: the battery and the vehicle. The Dual Loan solution, built on MG’s BaaS system, is designed to make EV purchases financially easier for customers.
The scheme provides full on-road funding and allows buyers to opt for battery loans with up to eight-year tenures, reducing the financial burden at the time of purchase. Axis Bank’s Munish Sharda said the move reflects the lender’s focus on customer-centric innovation in auto financing.
MG’s Anurag Mehrotra said financial flexibility is key to driving EV adoption, comparing the model to tech subscription plans that offer affordability without compromising access to advanced features.
By combining battery leasing with tailored financing, the companies aim to expand the EV market and support India’s growing clean-mobility infrastructure.
