Bajaj Auto Credit vs Kotak Mahindra Bank vs SBI at a glance
| Detail | Bajaj Auto Credit | Kotak Mahindra Bank | SBI |
|---|---|---|---|
| Loan provider type | NBFC | Private bank | Public sector bank |
| Legal name | Bajaj Auto Credit Ltd (BACL) | Kotak Mahindra Bank | State Bank of India |
| Vehicle loans with a published rate | Two-wheeler loan, Electric two- and three-wheeler loan, Three-wheeler loan | Not published | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Official website | bajajautocredit.com | kotak.bank.in | sbi.bank.in |
Bajaj Auto Credit vs Kotak Mahindra Bank vs SBI car loan: rate, fees and tenure
Only SBI publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Auto Credit and Kotak Mahindra Bank do not publish a car loan rate on their website, so none is shown.
| Detail | Bajaj Auto Credit | Kotak Mahindra Bank | SBI |
|---|---|---|---|
| Product | Not published | Kotak Car Loan (via Kotak Mahindra Prime Ltd) | SBI New Car Loan Scheme |
| Published rate | Not published | Not published | 8.40% - 9.35% |
| Rate basis | Not published | Not published | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | 12 - 84 months | 7 years |
| Maximum funding | Not published | Up to 100% of car value; min loan Rs 1 lakh | Up to 100% of on-road price |
| Processing fee | Not published | Not published | Rs 1,000-3,000 + GST (salaried) / Rs 1,500-4,000 + GST (non-salaried), slab by loan amount |
| Pre-closure / prepayment | Not published | Prepayment allowed after 6 months, fee on outstanding as per agreement | No prepayment charges; no foreclosure charges after 2 years (as published) |
| Other terms published | Not published |
|
|
| Official source | Not published | kotak.bank.in kotak.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
Read the full guide: Car loan · EMI calculator
Bajaj Auto Credit vs Kotak Mahindra Bank vs SBI two-wheeler loan: rate, fees and tenure
Only Bajaj Auto Credit and SBI publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Auto Credit lists the longer maximum tenure (3-60 months). Kotak Mahindra Bank does not publish a two-wheeler loan rate on its website, so none is shown.
| Detail | Bajaj Auto Credit | Kotak Mahindra Bank | SBI |
|---|---|---|---|
| Product | Two-Wheeler Loan | Kotak Two-Wheeler Loan (via Kotak Mahindra Prime Ltd) | SBI Two Wheeler Loan Scheme |
| Published rate | Up to 30% p.a.annualised customer IRR | Not published | 11.70% - 15.70% |
| Rate basis | Not published | Not published | MCLR-linked (1-year MCLR) |
| Maximum tenure | 3-60 months | 12 - 36 months | Up to 60 months |
| Maximum funding | Rs 9,999 to Rs 20 lakh | Up to 95% of on-road price | 85% of on-road price; max Rs 3 lakh |
| Processing fee | Up to 5% of loan amount | Not published | 3% of loan + GST (50% waiver for salary package customers) |
| Pre-closure / prepayment | 'Nominal foreclosure charges' (no figure published on page) | Not published | Not published |
| Other terms published |
|
|
|
| Official source | bajajautocredit.com | kotak.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
Read the full guide: Two-wheeler loan · EMI calculator
Bajaj Auto Credit vs Kotak Mahindra Bank vs SBI used car loan: rate, fees and tenure
Only SBI publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Auto Credit and Kotak Mahindra Bank do not publish a used car loan rate on their website, so none is shown.
| Detail | Bajaj Auto Credit | Kotak Mahindra Bank | SBI |
|---|---|---|---|
| Product | Not published | Not published | SBI Certified Pre-Owned Car Loan |
| Published rate | Not published | Not published | 10.45% - 15.60%credit-score based |
| Rate basis | Not published | Not published | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | Not published | Up to 5 years (10 years minus vehicle age) |
| Maximum funding | Not published | Not published | Up to 85% of valuation; loan Rs 2 lakh - Rs 150 lakh |
| Processing fee | Not published | Not published | 1.50% of loan + GST (min Rs 3,000, max Rs 10,000 + GST) |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | sbi.bank.in sbi.bank.in sbi.bank.in |
Read the full guide: Used car loan · EMI calculator
Bajaj Auto Credit vs Kotak Mahindra Bank vs SBI electric car loan: rate, fees and tenure
Only SBI publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Auto Credit and Kotak Mahindra Bank do not publish an electric car loan rate on their website, so none is shown.
| Detail | Bajaj Auto Credit | Kotak Mahindra Bank | SBI |
|---|---|---|---|
| Product | Not published | Not published | SBI Green Car Loan |
| Published rate | Not published | Not published | 8.30% - 9.35% |
| Rate basis | Not published | Not published | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | Not published | Up to 8 years |
| Maximum funding | Not published | Not published | Up to 100% of on-road price |
| Processing fee | Not published | Not published | Nil |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | sbi.bank.in sbi.bank.in sbi.bank.in |
Read the full guide: Electric car loan
Bajaj Auto Credit vs Kotak Mahindra Bank vs SBI electric two- and three-wheeler loan: rate, fees and tenure
Only Bajaj Auto Credit publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Kotak Mahindra Bank and SBI do not publish an electric two- and three-wheeler loan rate on their website, so none is shown.
| Detail | Bajaj Auto Credit | Kotak Mahindra Bank | SBI |
|---|---|---|---|
| Product | Covered under Intracity Commercial Vehicle Loan | Not published | Not published |
| Published rate | Up to 30% p.a.annualised customer IRR | Not published | Not published |
| Maximum tenure | 3-84 months | Not published | Not published |
| Maximum funding | Rs 10,000 to Rs 5 lakh | Not published | Not published |
| Processing fee | Up to 5% of loan amount | Not published | Not published |
| Other terms published |
| Not published | Not published |
| Official source | bajajautocredit.com | Not published | Not published |
Read the full guide: Electric two- and three-wheeler loan
Bajaj Auto Credit vs Kotak Mahindra Bank vs SBI three-wheeler loan: rate, fees and tenure
Only Bajaj Auto Credit publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Kotak Mahindra Bank and SBI do not publish a three-wheeler loan rate on their website, so none is shown.
| Detail | Bajaj Auto Credit | Kotak Mahindra Bank | SBI |
|---|---|---|---|
| Product | Intracity Commercial Vehicle Loan (three-wheelers and Qute) | Not published | Not published |
| Published rate | Up to 30% p.a.annualised customer IRR | Not published | Not published |
| Maximum tenure | 3-84 months | Not published | Not published |
| Maximum funding | Rs 10,000 to Rs 5 lakh | Not published | Not published |
| Processing fee | Up to 5% of loan amount | Not published | Not published |
| Pre-closure / prepayment | 'Nominal foreclosure charges' (no figure published on page) | Not published | Not published |
| Other terms published |
| Not published | Not published |
| Official source | bajajautocredit.com | Not published | Not published |
Read the full guide: Three-wheeler loan
Which is better: Bajaj Auto Credit, Kotak Mahindra Bank or SBI?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Two-wheeler loan, longer maximum tenure: Bajaj Auto Credit (3-60 months). A longer tenure lowers the EMI but raises total interest.
Pick on total cost, not the headline rate: ask each loan provider for the Key Fact Statement and compare the APR and total repayable amount. A low rate with a high processing fee can cost more than a slightly higher rate with no fee.
Bank type and how each loan provider sets its rate
Bajaj Auto Credit is a nbfc, Kotak Mahindra Bank is a private bank and SBI is a public sector bank.
What the loan providers' own pages say about how their rates are set:
- Bajaj Auto Credit publishes only a ceiling for its two-wheeler loan (Up to 30% p.a.), so it cannot be ranked on a starting rate.
- Bajaj Auto Credit publishes only a ceiling for its electric two- and three-wheeler loan (Up to 30% p.a.), so it cannot be ranked on a starting rate.
- Bajaj Auto Credit publishes only a ceiling for its three-wheeler loan (Up to 30% p.a.), so it cannot be ranked on a starting rate.
- Kotak Mahindra Bank tractor loan: MCLR / reference rate.
- SBI car loan: MCLR-linked (per SBI auto loan rate page).
- SBI two-wheeler loan: MCLR-linked (1-year MCLR).
- SBI used car loan: MCLR-linked (1-year MCLR).
- SBI electric car loan: MCLR-linked (per SBI auto loan rate page).
Banks and non-banking finance companies (NBFCs) publish rates in different ways: some give a range, some only a starting rate and some only a maximum. That is why this page compares like with like and marks every gap as not published instead of guessing.
About Bajaj Auto Credit, Kotak Mahindra Bank and SBI
Bajaj Auto Credit
NBFC · Bajaj Auto Credit Ltd (BACL)
Captive financier of Bajaj Auto, financing Bajaj two-wheelers, three-wheelers and Qute
Kotak Mahindra Bank
Private bank
Private bank whose car and two-wheeler loans are originated through its NBFC subsidiary Kotak Mahindra Prime, with commercial vehicle and farm equipment loans offered by the bank.
SBI
Public sector bank · State Bank of India
India's largest bank, offering MCLR-linked car, green (EV) car, certified pre-owned car and two-wheeler loans, plus SME commercial vehicle and agri tractor loans.
Lowest published starting rate: 8.30% (Electric car loan)
What to check before you choose a vehicle loan
- Ask for the Key Fact Statement (KFS). RBI requires loan providers to give you one before you sign, showing the interest rate, all fees, the APR and the total amount you will repay.
- Compare APR, not the headline rate. Processing fee, documentation charges and insurance change the real cost.
- Ask about pre-closure charges. Fixed-rate vehicle loans often carry charges for paying early; floating-rate loans to individuals cannot.
- Check what is bundled. Insurance, extended warranty or accessories added to the loan raise the amount you pay interest on. You are free to buy insurance elsewhere.
- Confirm the hypothecation. The loan provider's name is noted on the registration certificate. After the last EMI, collect the NOC and have it removed at the RTO.
Terms used on this page
Plain meanings of the terms this comparison uses.
Starting rate: The lowest rate a loan provider advertises for a product. Most borrowers are offered a higher rate, because the final rate depends on credit score, income, employer and loan amount.
APR: Annual percentage rate. It adds the processing fee and other charges to the interest rate, so it shows the yearly cost of the loan better than the interest rate alone.
Key Fact Statement: A short summary the loan provider gives you before you sign. It lists the interest rate, every fee, the APR and the total amount you will repay. RBI requires it for retail loans.
Floating rate and repo rate: A floating rate moves with a benchmark, and for banks that is usually the RBI repo rate, the rate at which RBI lends to banks. A fixed rate stays the same for the period you agree.
Processing fee: A one-time charge for handling the application. It is usually a percentage of the loan amount plus GST, and it is often deducted before the money reaches you.
Credit score: A number from 300 to 900 that shows how you have repaid past loans and cards. A higher score usually gets you a lower rate.
Sources, method and last check
Every figure above comes from the loan provider's own website. We checked them on 4 October 2026 and list the pages used.
- Bajaj Auto Credit: bajajautocredit.com/two-wheeler-loan-interest-rates · bajajautocredit.com/three-wheeler-loan-interest-rates
- Kotak Mahindra Bank: kotak.bank.in/en/personal-banking/loans/car-loan/features.html · kotak.bank.in/en/personal-banking/loans/car-loan/fees-and-charges.html · kotak.bank.in/en/personal-banking/loans/two-wheeler-loan/features.html · kotak.bank.in/en/business/loans/farm-equipment/features.html · kotak.bank.in/en/business/loans/farm-equipment/fees-and-charges.html · kotak.bank.in/en/business/loans/commercial-vehicle-loan/features.html
- SBI: sbi.bank.in/web/personal-banking/loans/auto-loans/sbi-new-car-loan-scheme · sbi.bank.in/web/interest-rates/interest-rates/loan-schemes-interest-rates/auto-loans · sbi.bank.in/web/interest-rates/interest-rates/processing-fees · sbi.bank.in/web/personal-banking/loans/auto-loans/sbi-two-wheeler-loan-scheme · sbi.bank.in/web/personal-banking/loans/auto-loans/certified-pre-owned-car-loan · sbi.bank.in/web/personal-banking/loans/auto-loans/green-car-loan
Method: we list only figures we could find on the loan provider's official pages. A blank means the loan provider does not publish that figure, and we never estimate one. Rankings use the published starting rate and published maximum tenure only. Read our editorial policy, how we make money and tell us about an error.
More loan provider comparisons
Bajaj Auto Credit compared with other loan providers
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Frequently asked questions
Which is better for a vehicle loan: Bajaj Auto Credit, Kotak Mahindra Bank or SBI?
These loan providers do not all publish a rate for the same vehicle loan, so they cannot be ranked on rate alone here. Compare the fees, tenure and pre-closure terms in the tables above and ask each loan provider for its Key Fact Statement.
Which vehicle loans do Bajaj Auto Credit, Kotak Mahindra Bank and SBI publish rates for?
Bajaj Auto Credit: two-wheeler loan, electric two- and three-wheeler loan, three-wheeler loan. Kotak Mahindra Bank: no published rate found. SBI: car loan, two-wheeler loan, used car loan, electric car loan. Based on each loan provider's own website, checked 4 October 2026.
Are the rates on this page the rate I will get?
No. They are the rates the loan providers publish, usually a range or a starting rate. Your approved rate depends on your credit score, income, loan amount, tenure and vehicle. Always read the Key Fact Statement before you sign.
Does KhatuLoans lend money or charge for this comparison?
KhatuLoans is not a loan provider. The loan provider decides approval, rate and terms. Our comparisons are free to read, and we are not paid by the loan providers named here to rank them. See how we make money on our advertiser disclosure page.
KhatuLoans is not a loan provider and is not paid by the loan providers named here to rank them. Rates, fees and prices change; always confirm with the loan provider and dealer. Read our editorial policy and how we make money.