Bajaj Finance vs Punjab National Bank vs TVS Credit at a glance
| Detail | Bajaj Finance | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Loan provider type | NBFC | Public sector bank | NBFC |
| Legal name | Bajaj Finance Ltd | Punjab National Bank | TVS Credit Services Ltd |
| Vehicle loans with a published rate | Car loan, Two-wheeler loan, Used car loan, Three-wheeler loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan | Two-wheeler loan, Used car loan, Three-wheeler loan, Tractor loan, Commercial vehicle loan |
| Two-wheeler loan: published rate | Up to 24.25% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others | Up to 36% p.a.policy, 2023 |
| Two-wheeler loan: maximum tenure | Not published | 60 EMIs (scooters/motorcycles) | 12-60 months |
| Used car loan: published rate | 10% - 18.25% p.a. | From 9.45% floating / 10.45% fixed | Up to 30% p.a.policy, 2023 |
| Used car loan: maximum tenure | 12-84 months | 60 months | 12-60 months |
| Official website | bajajfinserv.in | pnb.bank.in | tvscredit.com |
Bajaj Finance vs Punjab National Bank vs TVS Credit car loan: rate, fees and tenure
Only Bajaj Finance and Punjab National Bank 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). TVS Credit does not publish a car loan rate on its website, so none is shown.
| Detail | Bajaj Finance | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | New Car Finance | PNB Car Loan | Not published |
| Published rate | Up to 12.25% p.a. | From 7.60%up to 9.70% floating, CIBIL-based | Not published |
| Rate basis | Not published | RLLR-linked (floating); fixed option available | Not published |
| Maximum tenure | 12-96 months | 84 months | Not published |
| Maximum funding | Up to 100% of on-road price; loans up to Rs 10 crore | 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh | Not published |
| Processing fee | Up to 2.95% of loan amount (incl. taxes) | 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation | Not published |
| 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 | Floating: nil; fixed: 2% on amount prepaid (exceptions apply) | Not published |
| Other terms published | Not published |
| Not published |
| Official source | bajajfinserv.in bajajfinserv.in bajajfinserv.in | pnb.bank.in pnb.bank.in pnb.bank.in | Not published |
Read the full guide: Car loan · EMI calculator
Bajaj Finance vs Punjab National Bank vs TVS Credit two-wheeler loan: rate, fees and tenure
Only Bajaj Finance, Punjab National Bank and TVS Credit publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible.
| Detail | Bajaj Finance | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Two-Wheeler Finance | PNB Saarthi / PNB Power Ride (women) | Two Wheeler Loan |
| Published rate | Up to 24.25% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others | Up to 36% p.a.policy, 2023 |
| Rate basis | Not published | RLLR-linked | Fixed IRR |
| Maximum tenure | Not published | 60 EMIs (scooters/motorcycles) | 12-60 months |
| Maximum funding | Up to 100% of on-road price (promotional text) | 90% (salaried, salary via PNB) or 75% of cost; max Rs 1.5 lakh (Rs 10 lakh for 200cc+) | Up to 95% of on-road price |
| Processing fee | Up to 5% of loan amount (incl. taxes) | 0.50% of loan (min Rs 500, max Rs 1,000) | New 2W up to 8.85%; used 2W up to 5.9% (incl. GST) |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | Nil | 3% of principal outstanding up to 12 months; 4% for 12-24 months; 5% after 24 months |
| Other terms published |
|
|
|
| Official source | bajajfinserv.in bajajfinserv.in | pnb.bank.in pnb.bank.in pnb.bank.in | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Two-wheeler loan · EMI calculator
Bajaj Finance vs Punjab National Bank vs TVS Credit used car loan: rate, fees and tenure
Starting used car loan rates as published: Bajaj Finance from 10% 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).
| Detail | Bajaj Finance | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Used Car Finance | PNB Car Loan (used vehicles) | Used Car Loan |
| Published rate | 10% - 18.25% p.a. | From 9.45% floating / 10.45% fixed | Up to 30% p.a.policy, 2023 |
| Rate basis | Not published | RLLR-linked (floating) or fixed | Fixed IRR |
| Maximum tenure | 12-84 months | 60 months | 12-60 months |
| Maximum funding | Rs 1 lakh to Rs 2.5 crore | 75% of vehicle value (25% margin); vehicle up to 3 years old | Up to 95% of asset value |
| Processing fee | Up to 2.95% of loan amount (incl. taxes) | Not published | Up to 5.9% (schedule of charges) |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | Floating: nil; fixed: 2% on amount prepaid | 6.5% of principal outstanding up to 12 months; 6% for 12-24 months; 5.5% after 24 months |
| Other terms published | Not published |
|
|
| Official source | bajajfinserv.in bajajfinserv.in | pnb.bank.in pnb.bank.in | tvscredit.com tvscredit.com tvscredit.com |
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 |
| Punjab National Bank | 9.45% | ₹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 amount | Bajaj Finance (10%) | Punjab National Bank (9.45%) |
|---|---|---|
| ₹3 lakh | ₹7,609 | ₹7,530 |
| ₹5 lakh | ₹12,681 | ₹12,550 |
| ₹8 lakh | ₹20,290 | ₹20,079 |
Read the full guide: Used car loan · EMI calculator
Bajaj Finance vs Punjab National Bank vs TVS Credit electric car loan: rate, fees and tenure
Only Punjab National Bank publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Finance and TVS Credit do not publish an electric car loan rate on their website, so none is shown.
| Detail | Bajaj Finance | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Not published | PNB Green Car (E-Vehicle) Loan | Not published |
| Published rate | Not published | From 7.60% | Not published |
| Rate basis | Not published | RLLR-linked | Not published |
| Maximum tenure | Not published | 120 EMIs (10 years) | Not published |
| Maximum funding | Not published | 90% of on-road price (10% margin), or nil margin on ex-showroom price | Not published |
| Processing fee | Not published | Nil | Not published |
| Pre-closure / prepayment | Not published | Nil | Not published |
| Other terms published | Not published |
| Not published |
| Official source | Not published | pnb.bank.in pnb.bank.in | Not published |
Read the full guide: Electric car loan
Bajaj Finance vs Punjab National Bank vs TVS Credit three-wheeler loan: rate, fees and tenure
Only Bajaj Finance and TVS Credit publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Punjab National Bank does not publish a three-wheeler loan rate on its website, so none is shown.
| Detail | Bajaj Finance | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Three-Wheeler Finance | Not published | Three Wheeler Loan |
| Published rate | Up to 27.25% p.a. | Not published | 13% - 29% p.a.policy, 2023 |
| Rate basis | Not published | Not published | Fixed IRR |
| Maximum tenure | Not published | Not published | 4 years |
| Maximum funding | Not published | Not published | Based on vehicle and customer profile |
| Processing fee | Up to 5% of loan amount (incl. taxes) | Not published | Up to 5.9% |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | Not published | 3% of principal outstanding up to 12 months; 4% for 12-24 months; 5% after 24 months |
| Other terms published | Not published | Not published |
|
| Official source | bajajfinserv.in | Not published | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Three-wheeler loan
Bajaj Finance vs Punjab National Bank vs TVS Credit tractor loan: rate, fees and tenure
Only TVS Credit 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.
| Detail | Bajaj Finance | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | New Tractor Loan (also Used Tractor Loan, Loan Against Tractor) | PNB Farm Mechanisation Scheme (tractor financing) | Tractor Loan (also Used Tractor Loan) |
| Published rate | Not published | Not published | New 11% - 25% p.a.; used 14% - 34% p.a.policy, 2023 |
| Rate basis | Not published | Not published | Fixed IRR |
| Maximum tenure | Not published | New tractor: 7-9 years; no-mortgage variant: 5 years | 12-72 months |
| Maximum funding | Not published | Need based, net of margin (min 40% margin for no-mortgage variant) | Up to 90% of tractor price |
| Processing fee | Not published | Not published | Up to 5.9% |
| Pre-closure / prepayment | Not published | Not published | 6% of future principal outstanding up to 12 months; 5% after |
| Other terms published |
|
|
|
| Official source | bajajfinserv.in bajajfinserv.in | pnb.bank.in pnb.bank.in | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Tractor loan
Bajaj Finance vs Punjab National Bank vs TVS Credit commercial vehicle loan: rate, fees and tenure
Only TVS Credit publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Finance and Punjab National Bank do not publish a commercial vehicle loan rate on their website, so none is shown.
| Detail | Bajaj Finance | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | New Commercial Vehicle Loan (also Used CV Loan, Loan Against CV) | Not published | Used Commercial Vehicle Loan (used only) |
| Published rate | Not published | Not published | Up to 30% p.a.policy, 2023 |
| Rate basis | Not published | Not published | Fixed IRR |
| Maximum tenure | Not published | Not published | 6-36 months |
| Processing fee | Not published | Not published | Up to 5.9% |
| Pre-closure / prepayment | Not published | Not published | 4% of principal outstanding up to 12 months; 5% for 13-36 months; 6% after 36 months |
| Other terms published |
| Not published |
|
| Official source | bajajfinserv.in bajajfinserv.in | Not published | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Commercial vehicle loan
Which is better: Bajaj Finance, Punjab National Bank or TVS Credit?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Used car loan, lower starting rate: Punjab National Bank (9.45%) versus 10% at Bajaj Finance.
- Car loan, longer maximum tenure: Bajaj Finance (12-96 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.
- 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 and TVS Credit are nbfcs 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.
- 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.
- Punjab National Bank electric car loan: RLLR-linked.
- TVS Credit two-wheeler loan: Fixed IRR.
- TVS Credit publishes only a ceiling for its two-wheeler loan (Up to 36% p.a.), so it cannot be ranked on a starting rate.
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, Punjab National Bank and TVS Credit
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)
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)
TVS Credit
NBFC · TVS Credit Services Ltd
Captive-linked financier for TVS Motor two-wheelers with wide rural reach; also used car, tractor, 3W and used CV loans
Lowest published starting rate: 11% (Tractor 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 Finance: bajajfinserv.in/new-car-finance-interest-rates-and-charges · bajajfinserv.in/new-car-loan · bajajfinserv.in/all-fees-and-charges · bajajfinserv.in/two-wheeler-loan-interest-rates · bajajfinserv.in/used-car-loan · bajajfinserv.in/tractor-loan
- Punjab National Bank: pnb.bank.in/carloaninnerpage.html · pnb.bank.in/Retail-Advances-interst-rate-on-advances-linked-to-mclr.html · pnb.bank.in/service-charges-related-to-retail-advances.html · pnb.bank.in/pnbsaarthi.html · pnb.bank.in/PNB-GREEN-CAR-LOAN.html · pnb.bank.in/agriculture-credit-schemes.html
- TVS Credit: tvscredit.com/loans/two-wheeler-loans/ · tvscredit.com/wp-content/uploads/2023/11/Interest-Rate-Policy-Ver-2.1-Final.pdf · tvscredit.com/wp-content/uploads/2026/08/Schedule-of-Charges_-V4.2.pdf · tvscredit.com/loans/used-car-loans/ · tvscredit.com/loans/three-wheeler-loans/ · tvscredit.com/loans/tractor-loans/
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
Punjab National Bank compared with other loan providers
TVS Credit compared with other loan providers
Head-to-head pages for these three loan providers
Swap one loan provider
Compare any two or three loan providers · Personal loans · Home loans · Vehicle loans
Frequently asked questions
Which is better for a used car loan: Bajaj Finance, Punjab National Bank or TVS Credit?
Punjab National Bank has the lower published starting used car loan rate at 9.45%, against 10% at Bajaj Finance. Bajaj Finance allows the longer maximum tenure (12-84 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 used car loan interest rate: Bajaj Finance, Punjab National Bank or TVS Credit?
Punjab National Bank has the lower published starting rate. Published starting rates: Bajaj Finance 10% and Punjab National Bank 9.45% (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 used car loan at Bajaj Finance, Punjab National Bank and TVS Credit?
Bajaj Finance: Up to 2.95% of loan amount (incl. taxes). Punjab National Bank: not published. TVS Credit: Up to 5.9% (schedule of charges). Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum used car loan tenure at Bajaj Finance, Punjab National Bank and TVS Credit?
Bajaj Finance: 12-84 months. Punjab National Bank: 60 months. TVS Credit: 12-60 months.
What is the EMI on a ₹5 lakh used car loan at Bajaj Finance, Punjab National Bank and TVS Credit?
Over 48 months at each loan provider's lowest published rate: Bajaj Finance about ₹12,681 a month at 10%; Punjab National Bank about ₹12,550 a month at 9.45%. 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 used car loan from Bajaj Finance, Punjab National Bank and TVS Credit?
Bajaj Finance: Rs 1 lakh to Rs 2.5 crore. Punjab National Bank: 75% of vehicle value (25% margin); vehicle up to 3 years old. TVS Credit: Up to 95% of asset value. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Bajaj Finance, Punjab National Bank and TVS Credit publish for a used car loan?
Punjab National Bank: Vehicle must be max 3 years old. TVS Credit: Approval in 4 hours; No income proof required. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a used car loan early at Bajaj Finance, Punjab National Bank and TVS Credit?
Bajaj Finance: Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid. Punjab National Bank: Floating: nil; fixed: 2% on amount prepaid. TVS Credit: 6.5% of principal outstanding up to 12 months; 6% for 12-24 months; 5.5% after 24 months. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Bajaj Finance, Punjab National Bank and TVS Credit publish rates for?
Bajaj Finance: car loan, two-wheeler loan, used car loan, three-wheeler loan. Punjab National Bank: car loan, two-wheeler loan, used car loan, electric car loan. TVS Credit: two-wheeler loan, used car loan, three-wheeler loan, tractor loan, commercial vehicle 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.