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Bajaj Finance vs ICICI Bank vs Punjab National Bank: Vehicle Loan Comparison

By KhatuLoans Editorial Team, edited by Hemant Kumar · Figures checked · Information only, not a loan provider

On the car loan, Punjab National Bank starts lower at 7.60%, compared with 8.40% at ICICI Bank. Bajaj Finance allows the longer maximum tenure (12-96 months). A starting rate is the best case, not a typical offer, so confirm the annual percentage rate (APR) and total repayable amount in each loan provider's Key Fact Statement. Figures are as published on the loan providers' own websites and checked 4 October 2026.

Bajaj Finance vs ICICI Bank vs Punjab National Bank at a glance

DetailBajaj FinanceICICI BankPunjab National Bank
Loan provider typeNBFCPrivate bankPublic sector bank
Legal nameBajaj Finance LtdICICI BankPunjab National Bank
Vehicle loans with a published rateCar loan, Two-wheeler loan, Used car loan, Three-wheeler loanCar loan, Two-wheeler loan, Used car loan, Electric car loan, Tractor loanCar loan, Two-wheeler loan, Used car loan, Electric car loan
Car loan: published rateUp to 12.25% p.a.From 8.40%tenure >36 months; Q1 FY27 disbursed range 7.90% - 11.20%From 7.60%up to 9.70% floating, CIBIL-based
Car loan: maximum tenure12-96 monthsUp to 84 months84 months
Two-wheeler loan: published rateUp to 24.25% p.a.10.25% - 26.10%From 10.00%Power Ride; 10.85% salaried; 11.35% others
Two-wheeler loan: maximum tenureNot publishedUp to 36 months60 EMIs (scooters/motorcycles)
Used car loan: published rate10% - 18.25% p.a.From 9.75%; Q1 FY27 disbursed range 9.75% - 16.90%From 9.45% floating / 10.45% fixed
Used car loan: maximum tenure12-84 monthsUp to 84 months60 months
Official websitebajajfinserv.inicici.bank.inpnb.bank.in

Bajaj Finance vs ICICI Bank vs Punjab National Bank car loan: rate, fees and tenure

Starting car loan rates as published: ICICI Bank from 8.40% and Punjab National Bank from 7.60%. Punjab National Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Bajaj Finance lists the longer maximum tenure (12-96 months).

DetailBajaj FinanceICICI BankPunjab National Bank
ProductNew Car FinanceICICI Bank Car LoanPNB Car Loan
Published rateUp to 12.25% p.a.From 8.40%tenure >36 months; Q1 FY27 disbursed range 7.90% - 11.20%From 7.60%up to 9.70% floating, CIBIL-based
Rate basisNot publishedNot publishedRLLR-linked (floating); fixed option available
Maximum tenure12-96 monthsUp to 84 months84 months
Maximum fundingUp to 100% of on-road price; loans up to Rs 10 croreUp to 100% of on-road price85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh
Processing feeUp to 2.95% of loan amount (incl. taxes)Up to Rs 8,500 + GST0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation
Pre-closure / prepaymentForeclosure up to 4.72% (incl. taxes) of outstanding, after 24 months with no bounces; part-prepayment up to 4.72% of principal prepaidForeclosure: 3% (up to 12 months), 2% (13-24 months), nil after 24 months; part-prepay 3% up to 24 months, nil afterFloating: nil; fixed: 2% on amount prepaid (exceptions apply)
Other terms publishedNot published
  • Digital application
  • Rate depends on CIBIL score, income and car model
  • 7.60% for women borrowers and e-vehicles
  • Digi Car Loan online option
  • Reimbursement for recently bought cars
Official sourcebajajfinserv.in
bajajfinserv.in
bajajfinserv.in
icici.bank.in
icici.bank.in
pnb.bank.in
pnb.bank.in
pnb.bank.in

EMI illustration: ₹10 lakh over 60 months

Loan providerRate usedMonthly EMITotal interestTotal repayable
ICICI Bank8.40%₹20,468₹2,28,102₹12,28,102
Punjab National Bank7.60%₹20,086₹2,05,130₹12,05,130

Illustration only, at each loan provider's lowest published rate. It leaves out processing fees, GST, insurance and any other charges, and it is not an offer. Your approved rate may be higher.

Monthly EMI at other loan amounts (60 months)

Loan amountICICI Bank (8.40%)Punjab National Bank (7.60%)
₹5 lakh₹10,234₹10,043
₹10 lakh₹20,468₹20,086
₹15 lakh₹30,703₹30,128
₹20 lakh₹40,937₹40,171

Read the full guide: Car loan · EMI calculator

Bajaj Finance vs ICICI Bank vs Punjab National Bank two-wheeler loan: rate, fees and tenure

Starting two-wheeler loan rates as published: ICICI Bank from 10.25% and Punjab National Bank from 10%. Punjab National Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Punjab National Bank lists the longer maximum tenure (60 emis (scooters/motorcycles)).

DetailBajaj FinanceICICI BankPunjab National Bank
ProductTwo-Wheeler FinanceICICI Bank Two-Wheeler LoanPNB Saarthi / PNB Power Ride (women)
Published rateUp to 24.25% p.a.10.25% - 26.10%From 10.00%Power Ride; 10.85% salaried; 11.35% others
Rate basisNot publishedFixedRLLR-linked
Maximum tenureNot publishedUp to 36 months60 EMIs (scooters/motorcycles)
Maximum fundingUp to 100% of on-road price (promotional text)Up to 100% of on-road price90% (salaried, salary via PNB) or 75% of cost; max Rs 1.5 lakh (Rs 10 lakh for 200cc+)
Processing feeUp to 5% of loan amount (incl. taxes)Up to 4% of loan amount0.50% of loan (min Rs 500, max Rs 1,000)
Pre-closure / prepaymentForeclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid4% of principal outstanding (nil for eligible micro/small segment)Nil
Other terms published
  • Bounce charge up to Rs 600
  • Minimal documentation
  • PNB Power Ride: lower rate for women
Official sourcebajajfinserv.in
bajajfinserv.in
icici.bank.in
icici.bank.in
pnb.bank.in
pnb.bank.in
pnb.bank.in

EMI illustration: ₹1 lakh over 36 months

Loan providerRate usedMonthly EMITotal interestTotal repayable
ICICI Bank10.25%₹3,238₹16,585₹1,16,585
Punjab National Bank10%₹3,227₹16,162₹1,16,162

Illustration only, at each loan provider's lowest published rate. It leaves out processing fees, GST, insurance and any other charges, and it is not an offer. Your approved rate may be higher.

Monthly EMI at other loan amounts (36 months)

Loan amountICICI Bank (10.25%)Punjab National Bank (10%)
₹0.5 lakh₹1,619₹1,613
₹1 lakh₹3,238₹3,227
₹1.5 lakh₹4,858₹4,840

Read the full guide: Two-wheeler loan · EMI calculator

Bajaj Finance vs ICICI Bank vs Punjab National Bank used car loan: rate, fees and tenure

Starting used car loan rates as published: Bajaj Finance from 10%, ICICI Bank from 9.75% and Punjab National Bank from 9.45%. Punjab National Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Bajaj Finance lists the longer maximum tenure (12-84 months).

DetailBajaj FinanceICICI BankPunjab National Bank
ProductUsed Car FinanceICICI Bank Used Car LoanPNB Car Loan (used vehicles)
Published rate10% - 18.25% p.a.From 9.75%; Q1 FY27 disbursed range 9.75% - 16.90%From 9.45% floating / 10.45% fixed
Rate basisNot publishedNot publishedRLLR-linked (floating) or fixed
Maximum tenure12-84 monthsUp to 84 months60 months
Maximum fundingRs 1 lakh to Rs 2.5 croreUp to 100% (as published)75% of vehicle value (25% margin); vehicle up to 3 years old
Processing feeUp to 2.95% of loan amount (incl. taxes)2% of loan, max Rs 20,000 + GSTNot published
Pre-closure / prepaymentForeclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaidSame schedule as new car loan (per service-charges page)Floating: nil; fixed: 2% on amount prepaid
Other terms publishedNot published
  • Disbursal in 2-7 days after verification
  • Vehicle must be max 3 years old
Official sourcebajajfinserv.in
bajajfinserv.in
icici.bank.in
icici.bank.in
pnb.bank.in
pnb.bank.in

EMI illustration: ₹5 lakh over 48 months

Loan providerRate usedMonthly EMITotal interestTotal repayable
Bajaj Finance10%₹12,681₹1,08,702₹6,08,702
ICICI Bank9.75%₹12,621₹1,05,825₹6,05,825
Punjab National Bank9.45%₹12,550₹1,02,382₹6,02,382

Illustration only, at each loan provider's lowest published rate. It leaves out processing fees, GST, insurance and any other charges, and it is not an offer. Your approved rate may be higher.

Monthly EMI at other loan amounts (48 months)

Loan amountBajaj Finance (10%)ICICI Bank (9.75%)Punjab National Bank (9.45%)
₹3 lakh₹7,609₹7,573₹7,530
₹5 lakh₹12,681₹12,621₹12,550
₹8 lakh₹20,290₹20,194₹20,079

Read the full guide: Used car loan · EMI calculator

Bajaj Finance vs ICICI Bank vs Punjab National Bank electric car loan: rate, fees and tenure

Starting electric car loan rates as published: ICICI Bank from 9.10% and Punjab National Bank from 7.60%. Punjab National Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Bajaj Finance does not publish an electric car loan rate on its website, so none is shown.

DetailBajaj FinanceICICI BankPunjab National Bank
ProductNot publishedICICI Bank EV Car LoanPNB Green Car (E-Vehicle) Loan
Published rateNot publishedFrom 9.10%From 7.60%
Rate basisNot publishedNot publishedRLLR-linked
Maximum tenureNot publishedNot published120 EMIs (10 years)
Maximum fundingNot publishedUp to 100% of on-road price90% of on-road price (10% margin), or nil margin on ex-showroom price
Processing feeNot publishedNot publishedNil
Pre-closure / prepaymentNot publishedNot publishedNil
Other terms publishedNot publishedNot published
  • New electric cars for personal use
  • Nil documentation charges
Official sourceNot publishedicici.bank.inpnb.bank.in
pnb.bank.in

EMI illustration: ₹15 lakh over 60 months

Loan providerRate usedMonthly EMITotal interestTotal repayable
ICICI Bank9.10%₹31,210₹3,72,623₹18,72,623
Punjab National Bank7.60%₹30,128₹3,07,695₹18,07,695

Illustration only, at each loan provider's lowest published rate. It leaves out processing fees, GST, insurance and any other charges, and it is not an offer. Your approved rate may be higher.

Monthly EMI at other loan amounts (60 months)

Loan amountICICI Bank (9.10%)Punjab National Bank (7.60%)
₹10 lakh₹20,807₹20,086
₹15 lakh₹31,210₹30,128
₹25 lakh₹52,017₹50,214

Read the full guide: Electric car loan

Bajaj Finance vs ICICI Bank vs Punjab National Bank three-wheeler loan: rate, fees and tenure

Only Bajaj Finance publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. ICICI Bank and Punjab National Bank do not publish a three-wheeler loan rate on their website, so none is shown.

DetailBajaj FinanceICICI BankPunjab National Bank
ProductThree-Wheeler FinanceNot publishedNot published
Published rateUp to 27.25% p.a.Not publishedNot published
Processing feeUp to 5% of loan amount (incl. taxes)Not publishedNot published
Pre-closure / prepaymentForeclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaidNot publishedNot published
Official sourcebajajfinserv.inNot publishedNot published

Read the full guide: Three-wheeler loan

Bajaj Finance vs ICICI Bank vs Punjab National Bank tractor loan: rate, fees and tenure

Only ICICI Bank publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Punjab National Bank lists the longer maximum tenure (new tractor: 7-9 years; no-mortgage variant: 5 years). Bajaj Finance and Punjab National Bank do not publish a tractor loan rate on their website, so none is shown.

DetailBajaj FinanceICICI BankPunjab National Bank
ProductNew Tractor Loan (also Used Tractor Loan, Loan Against Tractor)ICICI Bank Tractor LoanPNB Farm Mechanisation Scheme (tractor financing)
Published rateNot published12.00% - 21.00%Oct-Dec 2025 disbursed rangeNot published
Maximum tenureNot published12 - 72 monthsNew tractor: 7-9 years; no-mortgage variant: 5 years
Maximum fundingNot publishedNot publishedNeed based, net of margin (min 40% margin for no-mortgage variant)
Processing feeNot publishedUp to 2% of loan + GSTNot published
Pre-closure / prepaymentNot published4% of prepaid amountNot published
Other terms published
  • Product pages exist; terms not readable from page
  • Monthly, quarterly or half-yearly instalments
  • Approval in 1-2 working days
  • Min 2.5 acres perennially irrigated land
  • Tractor financing without land mortgage variant
Official sourcebajajfinserv.in
bajajfinserv.in
icici.bank.in
icici.bank.in
pnb.bank.in
pnb.bank.in

Read the full guide: Tractor loan

Which is better: Bajaj Finance, ICICI Bank or Punjab National Bank?

No loan provider is best for everyone. This is how the published figures split, product by product.

  • Car loan, lower starting rate: Punjab National Bank (7.60%) versus 8.40% at ICICI Bank.
  • Two-wheeler loan, lower starting rate: Punjab National Bank (10%) versus 10.25% at ICICI Bank.
  • Used car loan, lower starting rate: Punjab National Bank (9.45%) versus 10% at Bajaj Finance and 9.75% at ICICI Bank.
  • Car loan, longer maximum tenure: Bajaj Finance (12-96 months). A longer tenure lowers the EMI but raises total interest.
  • Two-wheeler loan, longer maximum tenure: Punjab National Bank (60 emis (scooters/motorcycles)). A longer tenure lowers the EMI but raises total interest.
  • Used car loan, longer maximum tenure: Bajaj Finance (12-84 months). A longer tenure lowers the EMI but raises total interest.
  • Tractor loan, longer maximum tenure: Punjab National Bank (new tractor: 7-9 years; no-mortgage variant: 5 years). 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 Finance is a nbfc, ICICI Bank is a private bank and Punjab National Bank is a public sector bank.

What the loan providers' own pages say about how their rates are set:

  • Bajaj Finance publishes only a ceiling for its car loan (Up to 12.25% p.a.), so it cannot be ranked on a starting rate.
  • Bajaj Finance publishes only a ceiling for its two-wheeler loan (Up to 24.25% p.a.), so it cannot be ranked on a starting rate.
  • Bajaj Finance publishes only a ceiling for its three-wheeler loan (Up to 27.25% p.a.), so it cannot be ranked on a starting rate.
  • ICICI Bank two-wheeler loan: Fixed.
  • ICICI Bank commercial vehicle loan: Flat rate scheme.
  • Punjab National Bank car loan: RLLR-linked (floating); fixed option available.
  • Punjab National Bank two-wheeler loan: RLLR-linked.
  • Punjab National Bank used car loan: RLLR-linked (floating) or fixed.

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 Finance, ICICI Bank and Punjab National Bank

Bajaj Finance

NBFC · Bajaj Finance Ltd

Large diversified consumer-lending NBFC; vehicle finance alongside personal, consumer durable, home and business loans

Lowest published starting rate: 10% (Used car loan)

ICICI Bank

Private bank

Large private-sector loan provider with a digital-first car loan process, covering new, used and EV cars, two-wheelers, commercial vehicles and tractors.

Lowest published starting rate: 8.40% (Car loan)

Punjab National Bank

Public sector bank

Public sector bank with RLLR-linked vehicle loans, low capped processing fees and rate concessions for women and electric vehicles.

Lowest published starting rate: 7.60% (Car loan)

What to check before you choose a vehicle loan

  1. 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.
  2. Compare APR, not the headline rate. Processing fee, documentation charges and insurance change the real cost.
  3. Ask about pre-closure charges. Fixed-rate vehicle loans often carry charges for paying early; floating-rate loans to individuals cannot.
  4. 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.
  5. 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.

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 Finance compared with other loan providers

ICICI Bank compared with other loan providers

Punjab National Bank compared with other loan providers

Head-to-head pages for these three loan providers

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Compare any two or three loan providers · Personal loans · Home loans · Vehicle loans

Bajaj Finance vs ICICI Bank vs Punjab National Bank: personal, home and other loans

Comparing these loan providers for something other than a vehicle loan? See their published personal loan, home loan, loan against property, business, gold and education loan terms in one place.

Bajaj Finance vs ICICI Bank vs Punjab National Bank compared on all loan types

Frequently asked questions

Which is better for a car loan: Bajaj Finance, ICICI Bank or Punjab National Bank?

On the car loan, Punjab National Bank starts lower at 7.60%, compared with 8.40% at ICICI Bank. Bajaj Finance allows the longer maximum tenure (12-96 months). A starting rate is the best case, not a typical offer, so confirm the annual percentage rate (APR) and total repayable amount in each loan provider's Key Fact Statement. Figures are as published on the loan providers' own websites and checked 4 October 2026. The better choice depends on your profile, the loan amount and the fees in your offer letter.

Which has the lower car loan interest rate: Bajaj Finance, ICICI Bank or Punjab National Bank?

Punjab National Bank has the lower published starting rate. Published starting rates: ICICI Bank 8.40% and Punjab National Bank 7.60% (checked 4 October 2026). Your actual rate depends on your credit profile and the loan provider's approval.

What is the processing fee on a car loan at Bajaj Finance, ICICI Bank and Punjab National Bank?

Bajaj Finance: Up to 2.95% of loan amount (incl. taxes). ICICI Bank: Up to Rs 8,500 + GST. Punjab National Bank: 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation. Fees can change and GST is usually extra, so check the Key Fact Statement.

What is the maximum car loan tenure at Bajaj Finance, ICICI Bank and Punjab National Bank?

Bajaj Finance: 12-96 months. ICICI Bank: up to 84 months. Punjab National Bank: 84 months.

What is the EMI on a ₹10 lakh car loan at Bajaj Finance, ICICI Bank and Punjab National Bank?

Over 60 months at each loan provider's lowest published rate: ICICI Bank about ₹20,468 a month at 8.40%; Punjab National Bank about ₹20,086 a month at 7.60%. This is an illustration that leaves out fees, GST and insurance. Your offered rate may be higher.

How much of the vehicle price can I borrow on a car loan from Bajaj Finance, ICICI Bank and Punjab National Bank?

Bajaj Finance: Up to 100% of on-road price; loans up to Rs 10 crore. ICICI Bank: Up to 100% of on-road price. Punjab National Bank: 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh. Funding is usually profile-based, so the loan provider decides the final amount.

What other terms do Bajaj Finance, ICICI Bank and Punjab National Bank publish for a car loan?

ICICI Bank: Digital application; Rate depends on CIBIL score, income and car model. Punjab National Bank: 7.60% for women borrowers and e-vehicles; Digi Car Loan online option; Reimbursement for recently bought cars. Check each loan provider's page for eligibility and documents before you apply.

Can I prepay or foreclose a car loan early at Bajaj Finance, ICICI Bank and Punjab National Bank?

Bajaj Finance: Foreclosure up to 4.72% (incl. taxes) of outstanding, after 24 months with no bounces; part-prepayment up to 4.72% of principal prepaid. ICICI Bank: Foreclosure: 3% (up to 12 months), 2% (13-24 months), nil after 24 months; part-prepay 3% up to 24 months, nil after. Punjab National Bank: Floating: nil; fixed: 2% on amount prepaid (exceptions apply). Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.

Which vehicle loans do Bajaj Finance, ICICI Bank and Punjab National Bank publish rates for?

Bajaj Finance: car loan, two-wheeler loan, used car loan, three-wheeler loan. ICICI Bank: car loan, two-wheeler loan, used car loan, electric car loan, tractor loan. Punjab National Bank: 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.