Kia India has introduced a Battery-as-a-Service (BaaS) financing programme with the MY26 Kia Carens Clavis EV, making it the company’s first electric vehicle in India to be offered with such a model.
The programme is aimed at reducing the upfront cost of EV ownership by allowing customers to finance the vehicle body and battery separately. Under the dual-loan structure, buyers can opt for a standard vehicle loan for the chassis while paying separately for battery usage through a subscription-based model.
Automakers such as Maruti Suzuki, Tata Motors and MG Motor India already offer similar financing models for EVs to lower acquisition costs and attract more buyers into showrooms.
Dual-Loan Advantage
For the standard variant of the Carens Clavis EV, priced at Rs 17.99 lakh (ex-showroom), the chassis loan amount stands at Rs 12.84 lakh with EMIs starting from Rs 26,650. The extended-range variant, priced at Rs 21.99 lakh (ex-showroom), comes with a chassis loan value of Rs 15.94 lakh and EMIs starting at Rs 33,099.
Kia said ownership costs under the BaaS programme start at Rs 51,520, while battery subscription charges have been fixed at Rs 3.3 per kilometre for both battery pack options. The Carens Clavis EV continues to be offered with 42kWh and 51.4kWh battery packs.
Expanding the Ecosystem
The financing programme has been launched in partnership with lenders including ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Prime and Bajaj Finance.
According to Kia India, the tenure for vehicle financing extends up to 60 months, while battery financing can go up to 96 months. The company said the model has been designed to improve affordability and provide greater flexibility to EV buyers.
Alongside the financing update, Kia has also introduced cosmetic updates to the MY26 Carens Clavis EV across the interiors and exteriors. Apart from the Carens Clavis EV, Kia is also preparing to launch the Kia Syros EV, which is expected to go on sale during the festive season later this year.
