Bajaj Finance vs IndusInd Bank vs SBI: Vehicle Loans Compared

Bajaj Finance vs IndusInd Bank vs SBI at a glance

Detail	Bajaj Finance	IndusInd Bank	SBI
Loan provider type	NBFC	Private bank	Public sector bank
Legal name	Bajaj Finance Ltd	IndusInd Bank	State Bank of India
Vehicle loans with a published rate	Car loan, Two-wheeler loan, Used car loan, Three-wheeler loan	Not published	Car loan, Two-wheeler loan, Used car loan, Electric car loan
Official website	bajajfinserv.in	indusind.bank.in	sbi.bank.in

Get help choosing Chat on WhatsApp

Bajaj Finance vs IndusInd Bank vs SBI car loan: rate, fees and tenure

Only Bajaj Finance and SBI publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Finance lists the longer maximum tenure (12-96 months). IndusInd Bank does not publish a car loan rate on its website, so none is shown.

Detail	Bajaj Finance	IndusInd Bank	SBI
Product	New Car Finance	New Car Loan	SBI New Car Loan Scheme
Published rate	Up to 12.25% p.a.	Not published	8.40% - 9.35%
Rate basis	Not published	Not published	MCLR-linked (per SBI auto loan rate page)
Maximum tenure	12-96 months	60 months (up to 7 years in some cases)	7 years
Maximum funding	Up to 100% of on-road price; loans up to Rs 10 crore	Up to 100%* of car value	Up to 100% of on-road price
Processing fee	Up to 2.95% of loan amount (incl. taxes)	Not published	Rs 1,000-3,000 + GST (salaried) / Rs 1,500-4,000 + GST (non-salaried), slab by loan amount
Pre-closure / prepayment	Foreclosure up to 4.72% (incl. taxes) of outstanding, after 24 months with no bounces; part-prepayment up to 4.72% of principal prepaid	Not published	No prepayment charges; no foreclosure charges after 2 years (as published)
Other terms published	Not published	Can also finance insurance and registration Doorstep documentation	No advance EMI Interest on daily reducing balance Flexi-pay option: reduced EMI in initial months Variants: Loyalty Car Loan (8.35%-9.30%), Assured Car Loan, NRI Car Loan with nil processing fee
Official source	bajajfinserv.in bajajfinserv.in bajajfinserv.in	indusind.bank.in	sbi.bank.in sbi.bank.in sbi.bank.in

Read the full guide: Car loan · EMI calculator

Bajaj Finance vs IndusInd Bank vs SBI two-wheeler loan: rate, fees and tenure

Only Bajaj Finance and SBI publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. SBI lists the longer maximum tenure (up to 60 months). IndusInd Bank does not publish a two-wheeler loan rate on its website, so none is shown.

Detail	Bajaj Finance	IndusInd Bank	SBI
Product	Two-Wheeler Finance	Two Wheeler Loan	SBI Two Wheeler Loan Scheme
Published rate	Up to 24.25% p.a.	Not published	11.70% - 15.70%
Rate basis	Not published	Not published	MCLR-linked (1-year MCLR)
Maximum tenure	Not published	36 months (normal bikes); 60 months (high-end bikes)	Up to 60 months
Maximum funding	Up to 100% of on-road price (promotional text)	Up to 95% of on-road price	85% of on-road price; max Rs 3 lakh
Processing fee	Up to 5% of loan amount (incl. taxes)	Not published	3% of loan + GST (50% waiver for salary package customers)
Pre-closure / prepayment	Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid	Not published	Not published
Other terms published	Bounce charge up to Rs 600	Processing within 4 hours	0.50% rate concession for electric two-wheelers Separate Super Bike Loan: 12.55% - 14.55%, fee 2% (max Rs 10,000 + GST)
Official source	bajajfinserv.in bajajfinserv.in	indusind.bank.in	sbi.bank.in sbi.bank.in sbi.bank.in

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

Bajaj Finance vs IndusInd Bank vs SBI used car loan: rate, fees and tenure

Starting used car loan rates as published: Bajaj Finance from 10% and SBI from 10.45%. Bajaj Finance 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). IndusInd Bank does not publish a used car loan rate on its website, so none is shown.

Detail	Bajaj Finance	IndusInd Bank	SBI
Product	Used Car Finance	Pre-Owned Car Loan	SBI Certified Pre-Owned Car Loan
Published rate	10% - 18.25% p.a.	Not published	10.45% - 15.60%credit-score based
Rate basis	Not published	Not published	MCLR-linked (1-year MCLR)
Maximum tenure	12-84 months	84 months*	Up to 5 years (10 years minus vehicle age)
Maximum funding	Rs 1 lakh to Rs 2.5 crore	Up to 100%* finance	Up to 85% of valuation; loan Rs 2 lakh - Rs 150 lakh
Processing fee	Up to 2.95% of loan amount (incl. taxes)	Not published	1.50% of loan + GST (min Rs 3,000, max Rs 10,000 + GST)
Pre-closure / prepayment	Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid	Not published	Not published
Other terms published	Not published	Valuation and inspection report required	Certified pre-owned cars from authorised dealers Loan to be repaid before age 70
Official source	bajajfinserv.in bajajfinserv.in	indusind.bank.in	sbi.bank.in sbi.bank.in sbi.bank.in

EMI illustration: ₹5 lakh over 48 months

Loan provider	Rate used	Monthly EMI	Total interest	Total repayable
Bajaj Finance	10%	₹12,681	₹1,08,702	₹6,08,702
SBI	10.45%	₹12,790	₹1,13,902	₹6,13,902

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 amount	Bajaj Finance (10%)	SBI (10.45%)
₹3 lakh	₹7,609	₹7,674
₹5 lakh	₹12,681	₹12,790
₹8 lakh	₹20,290	₹20,463

Read the full guide: Used car loan · EMI calculator

Bajaj Finance vs IndusInd 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 Finance and IndusInd Bank do not publish an electric car loan rate on their website, so none is shown.

Detail	Bajaj Finance	IndusInd 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	Electric cars only Concession vs regular car loan rate (published as 25 bps)
Official source	Not published	Not published	sbi.bank.in sbi.bank.in sbi.bank.in

Read the full guide: Electric car loan

Bajaj Finance vs IndusInd Bank vs SBI 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. IndusInd Bank and SBI do not publish a three-wheeler loan rate on their website, so none is shown.

Detail	Bajaj Finance	IndusInd Bank	SBI
Product	Three-Wheeler Finance	Not published	Not published
Published rate	Up to 27.25% p.a.	Not published	Not published
Processing fee	Up to 5% of loan amount (incl. taxes)	Not published	Not published
Pre-closure / prepayment	Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid	Not published	Not published
Official source	bajajfinserv.in	Not published	Not published

Read the full guide: Three-wheeler loan

Which is better: Bajaj Finance, IndusInd Bank or SBI?

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

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: SBI (up to 60 months). 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.

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.

Check my options Chat on WhatsApp

Bank type and how each loan provider sets its rate

Bajaj Finance is a nbfc, IndusInd 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 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.
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).
SBI tractor loan: MCLR-linked (1-year MCLR).

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, IndusInd Bank and SBI

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)

IndusInd Bank

Private bank

Private bank with a large vehicle-finance book spanning cars, two-wheelers, commercial vehicles, construction equipment and tractors; it does not publish rate cards on its product pages and prices each loan individually.

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.

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

Frequently asked questions

Which is better for a vehicle loan: Bajaj Finance, IndusInd 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 Finance, IndusInd Bank and SBI publish rates for?

Bajaj Finance: car loan, two-wheeler loan, used car loan, three-wheeler loan. IndusInd 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.