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MG launched the Windsor EV for Rs 9.99 lakh but this does not include the battery price. The battery comes with a unique BaaS (Battery-as-a-Service) program. Battery rental is new in India so we thought we will give you a deep dive into how this Baas program works. Read ahead to find out everything, from the price, the policy options and return policy:
How Much Will This Cost Per Month?
The 38 kWh battery pack costs users Rs 3.5 per kilometre. This cost does not include the charging cost, which MG claims comes out to around Rs 1 per km separately. In other words, the cost of using the battery will depend on how much you use the Winsor EV and the plan chosen. So for example, you use your car for 2,000 km in a month, then you will be charged Rs 3.5 per km i.e. Rs 7,000 every month. Now, one thing to note is that all the companies except one offer BaaS with a minimum running distance of 1500 kms. So in those plans, you will have to pay at least Rs. 5,250 per month. The distance covered by the car will be determined by a Telematics device that will be installed in the Windsor EV.
Which Companies Support BaaS?
There are only 4 players in the BaaS program that you can choose from for your Windsor. They all of different plans, here is a brief explanation of each:
Bajaj Finserv
The Bajaj Finserv starts at an interest of 9% depending on the Credit Score and Norm. This policy has a minimum running distance of 1500 kms with a charge of Rs 3.5 per km. This means you will have to pay Rs. 5,250 per month. You don't have to pay for any additional charge for extra kms that cover.
Hero Fincorp
The Hero Fincorp policy is similar to Bajaj Finserv but it gets an interest of 9.99% depending on the Credit Score and Norm. This policy also has a minimum running distance of 1500 kms with a charge of Rs 3.5 per km. Like the Bajaj policy, you will have to pay Rs. 5,250 per month. One exception is that you have to pay for any additional charge for extra kms that cover.
Vidyut
The Vidyut Policy, you get a Zero Run and Zero Pay plan. MG has not shared the exact interest rate with this policy. This policy, unlike others, has no minimum running distance per month. It has the same per km cost of Rs 3.5 per km and its additional km charge also depends on the actual running of the vehicle.
Ecofy | Autovert
The last policy is Ecofy which enables you to get paperless real time approval. It has the same minimum 1500 km running cost as the two policies before. The difference in it is the per km charge which is Rs 5.8. It does not charge extra for additional kms.
What if I want to Exit the Policy?
There are three possible scenarios if you want to exit the BaaS policy:
Continue Paying
The first option is to keep paying the amount while you own the car. This will ensure that you dont have to worry about the battery malfunction or degradation. This gives you, in a way, unlimited km warranty on the battery.
Foreclosure
In this, you can pay the principal amount of the battery and you will own your WIndsor completely. However, this will bring all the responsibility of the battery on you.
Return The Car
The last option is to give the car back to MG. This, when done after 3 years will get you the 60% value of the car. This option is only available if you took the 3-60 plan at the start.
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