Buying an electric SUV can be expensive, mainly because of the high cost of its battery.
But Mahindra has now introduced a way to reduce the initial amount buyers need to pay.
The company has expanded its Battery-as-a-Service (BaaS) financing scheme to two more electric SUVs — the XEV 9S and XEV 9e.
Under this option, customers don’t have to include the entire battery cost in the car’s upfront price.
Instead, the vehicle and battery are financed separately, which can bring down the initial cost considerably.
What Is Mahindra’s Battery-as-a-Service Scheme?
Normally, the battery is included in the price of an electric car. Since EV batteries are expensive, this can make the vehicle’s upfront price quite high.
Mahindra’s BaaS model separates the two costs.
The customer finances the car separately, while the battery is financed through a separate arrangement with the finance partner.
However, this is important: BaaS does not mean customers simply pay for the battery based on how much they use it. It is a dual-financing model.
XEV 9S Starts at ₹12.65 Lakh Under BaaS
With the new BaaS option, the Mahindra XEV 9S starts at ₹12.65 lakh (ex-showroom).
But there’s a catch — this price does not include the battery cost. The battery has to be financed separately.
According to Mahindra, the battery finance cost starts at around ₹3.75 per kilometre.
The XEV 9e is also available under the scheme, with a starting price of ₹13.90 lakh (ex-showroom), excluding the battery cost.
This gives buyers a lower entry price compared with paying for the vehicle and battery together.
BaaS Is Now Available Across Mahindra’s Electric SUV Range
Mahindra initially introduced the BaaS option with the BE 6 Sporteq.
After receiving a positive response, the company has now expanded the scheme across its Electric Origin SUV range.
Under BaaS, the starting price of the BE 6 Sporteq is ₹11.45 lakh.
The scheme is now available on all variants of the BE 6 Sporteq, XEV 9S and XEV 9e.
Mahindra says the battery finance cost starts at ₹3.75 per kilometre.
In one example based on around 60 km of daily driving and a particular down payment, the battery EMI starts at approximately ₹6,975 per month.
However, this EMI won’t be the same for everyone.
It can change depending on factors such as battery size, down payment and loan tenure.
The ₹12.65 Lakh Price Is Not the Final Cost
Before booking an EV under the BaaS scheme, buyers need to understand one important point.
The attractive starting price shown under BaaS is not the complete on-road price.
The battery finance is separate, and buyers will also have to consider expenses such as charging, maintenance and repairs.
Other costs, including the charger, road tax, insurance, TCS and applicable government charges, may also need to be paid separately.
Therefore, buyers should calculate the complete cost — including both vehicle and battery finance — before deciding their budget.
Why Could BaaS Be Useful for EV Buyers?
The biggest advantage of the scheme is that it reduces the initial amount needed to buy an electric SUV.
This could be particularly helpful for buyers looking at premium EVs such as the XEV 9S and XEV 9e, where the battery makes up a significant part of the overall vehicle cost.
Instead of arranging the entire amount together, customers can finance the car and battery separately.
For buyers who want a lower upfront cost, Mahindra’s BaaS scheme could make its electric SUVs more accessible.
