Axis Bank Partners with JSW MG Motor on Innovative Dual Loan Scheme Anchored in Battery‑as‑a‑Service Model

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 to avail 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 gives customers 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.

Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. It has 5,976 domestic branches (including extension counters) and 13,177 ATMs and cash recyclers spread across the country as on 30th September 2025. The Bank’s Axis Virtual Centre is present across eight centres with over ~1,786 Virtual Relationship Managers as on 30th September 2025. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.

About JSW MG Motor India

SAIC Motor, a global Fortune 500 company with a presence in over 100 countries and JSW Group (India's leading conglomerate with interests across B2B and B2C sectors) formed a joint venture - JSW MG Motor India Pvt. Ltd. in 2023. The joint venture aims to build a smart and sustainable automotive ecosystem while staying focused on developing a diverse portfolio of vehicles to give car buyers better access to advanced technologies and futuristic products with attractive value propositions. JSW MG Motor India Pvt. Ltd. is committed to introducing world-class technology, strengthening the manufacturing landscape, bringing the best of innovation across its business operations, and generating significant employment opportunities through extensive localisation.

YES BANK Partners with BaaS Startup Falcon To Tap into Embedded Finance Market

YES BANK today, announced that it has partnered with Banking-as-a-service (BaaS) start-up, Falcon, to tap into the rapidly growing embedded finance market.

YES BANK is one of the pioneering banks that have embraced the BaaS model, which helps in rationalising technology cost and significantly reduces time-to-market, thereby empowering the bank to launch competitive offerings more frequently.

The partnership with Falcon will enable YES BANK to provide customers with tailor-made financial solutions by leveraging Falcon's wide suite of products, backed by state-of-the-art technological infrastructure.

Commenting on the partnership, Ms. Anita Pai, Chief Operating Officer, YES BANK said, “We, at YES BANK have always been at the forefront of adopting digital initiatives that help us provide customers with a rewarding banking experience. Our partnership with Falcon aligns with this approach as it empowers the Bank to create innovative propositions within shorter time periods without compromising on the quality and convenience that the Bank is known to bring forth across all its offerings. Going forward, we foresee an exponential demand for embedding financial products in newer ways, and with this collaboration, we aim to deliver that experience to our customers.”

Falcon offers a future-proof stack to build bespoke cards, payments, accounts, and lending products at unreal speeds to financial institutions and tech companies. The company’s leadership team packs in former executives from the world’s largest financial players like RBL Bank, HDFC, FIS, Zeta, and Mahindra Comviva. Backed by several marquee investors from the US, India, and the Middle East, Falcon aims to tap into the $30-billion market opportunity.

Speaking on the development, Mr. Prabhtej Bhatia, Co-founder of Falcon said, “Team Falcon has always appreciated YES BANK for being one of India’s digital payments pioneers. We’re already working with the bank on introducing several innovative use cases and product lines, and the initial traction and response from customers have been phenomenal. We look forward to YES BANK being an essential part of our journey to achieving $100B in TPV.”

“Today, we’re proud to count YES BANK as one of our key partners in our ambition to become one of the world’s leading BaaS platforms,” he added.

About Falcon

Founded by accomplished entrepreneurs Priyanka Kanwar and Prabhtej Bhatia, Falcon is a financial technology company that is disrupting the way modern fintech is built.

No matter what their core business, or size of operation – banks, NBFCs, or tech companies – can use Falcon’s future-proof stack to build bespoke payment and lending products at unreal speeds. Falcon’s stack can either be seamlessly embedded via flexible open APIs or launched instantly with no code solutions.

The company is backed by investors like Shamir Karkal (Founder, Sila Money), Abhay Hanjura & Vivek Gupta (Founders, Licious), Jeremy Solomon (Former CFO, Affirm), Ali Moiz (Founder, Stonks), Rangarajan Krishnan (CEO, Five Star Finance), Deepak Shahdadpuri (MD of DSG Consumer Partners), Devesh Sachdeva (MD, Fusion Microfinance), and executives from Softbank, UAE Sovereign Fund, Silicon Valley Bank, Robinhood, & Facebook.

Falcon’s leadership team packs in ex-executives from the world’s largest financial players like RBL Bank, HDFC, FIS, Zeta, and Mahindra Comviva.

About YES BANK

YES BANK is a 'Full Service Commercial 'Bank' providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.