Khyati Sharma 2026-08-29
Mahindra has expanded its Battery-as-a-Service (BaaS) financing programme to cover its complete Electric Origin SUV range. The initiative, which was initially introduced with the BE 6 SPORTEQ, is now available with the XEV 9S and XEV 9e as well.
The expanded programme is aimed at reducing the upfront purchase cost of Mahindra’s electric SUVs by separating the financing of the vehicle and its battery. Under the BaaS structure, customers pay for the vehicle through one financing arrangement, while the battery is financed separately through a monthly EMI.
|
Model |
BaaS Starting Price |
|
₹11.45 lakh |
|
|
₹12.65 lakh |
|
|
₹13.90 lakh |
All prices are ex-showroom and represent the starting prices under the BaaS programme. The scheme is available across the variants of these three Electric Origin SUVs.
Under Mahindra’s BaaS programme, the battery EMI starts from ₹6,975 per month. Based on Mahindra’s specified usage calculation, this translates into an effective battery usage cost of around ₹3.75 per kilometre.
However, the actual monthly battery EMI can differ depending on several factors, including the battery capacity selected, down payment and loan tenure. The ₹3.75 per-kilometre figure is based on specific usage and financing assumptions and should therefore not be considered a fixed running cost for every customer.
| Model | Jul '26 | Jun '26 | May '26 |
|---|---|---|---|
| Mahindra SCORPIO N | 16,009 | 14,097 | 15,774 |
| Mahindra Thar | 10,558 | 10,669 | 10,787 |
| Mahindra XUV 3XO | 9,429 | 10,063 | 6,717 |
| Mahindra Bolero | 9,336 | 8,340 | 8,933 |
| Mahindra XUV 7XO | 8,233 | 9,244 | 9,338 |
| Mahindra XEV 9S | 4,131 | 4,018 | 3,502 |
| Mahindra XEV 9e | 1,793 | 2,143 | 1,939 |
| Mahindra BE 6 | 541 | 1,150 | 902 |
| Mahindra XUV 3XO EV | - | 10,063 | 6,717 |
| Mahindra Scorpio | - | 16,620 | 15,774 |
| Mahindra Thar Roxx | - | 10,669 | 10,787 |
| Mahindra XUV 700 | - | - | 6,435 |
| Mahindra XUV400 EV | - | 18 | 129 |
| Monthly Total | 60,030 | 97,094 | 97,734 |
Unlike a conventional EV purchase, where the complete battery cost is included in the vehicle price, Mahindra’s BaaS model separates the vehicle and battery financing.
This structure allows customers to see a lower initial vehicle price while paying the battery cost through a separate EMI. The approach can potentially make Mahindra’s electric SUVs more accessible to buyers who are primarily concerned about the upfront acquisition cost.
Mahindra has clarified that BaaS is a financing product and not a pay-per-use battery subscription.
The advertised BaaS prices do not include certain additional expenses such as the charger, road tax, insurance, TCS and other applicable statutory charges. The programme is currently available for personal-use customers.
With the latest expansion, Mahindra now offers its BaaS financing structure across the BE 6 SPORTEQ, XEV 9S and XEV 9e. This gives customers more flexibility when considering one of the company’s electric SUVs.
The XEV 9S, in particular, benefits from the new pricing structure, with its BaaS starting price set at ₹12.65 lakh. The XEV 9e is available from ₹13.90 lakh, while the BE 6 SPORTEQ remains the most affordable entry point into Mahindra’s Electric Origin SUV portfolio under the programme.
Battery financing is becoming an increasingly important strategy in India’s electric vehicle market as manufacturers look for ways to bring down the initial cost of EV ownership.
By separating the battery from the vehicle’s upfront purchase price, BaaS programmes can make electric SUVs appear more competitive on initial pricing. At the same time, customers need to consider the combined cost of the vehicle EMI, battery EMI, charging expenses, insurance and other ownership costs before making a purchase decision.
Mahindra’s decision to extend BaaS to its entire Electric Origin SUV portfolio highlights the company’s focus on making its premium electric models more accessible while intensifying competition in India’s rapidly developing electric SUV market.
