Canara Bank vs ICICI Bank vs IndusInd Bank at a glance
| Detail | Canara Bank | ICICI Bank | IndusInd Bank |
|---|---|---|---|
| Loan provider type | Public sector bank | Private bank | Private bank |
| Legal name | Canara Bank | ICICI Bank | IndusInd Bank |
| Vehicle loans with a published rate | Car loan, Two-wheeler loan, Electric car loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan, Tractor loan | Not published |
| Official website | canarabank.bank.in | icici.bank.in | indusind.bank.in |
Canara Bank vs ICICI Bank vs IndusInd Bank car loan: rate, fees and tenure
Starting car loan rates as published: Canara Bank from 7.50% and ICICI Bank from 8.40%. Canara Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Canara Bank lists the longer maximum tenure (84 months). IndusInd Bank does not publish a car loan rate on its website, so none is shown.
| Detail | Canara Bank | ICICI Bank | IndusInd Bank |
|---|---|---|---|
| Product | Canara Vehicle (4-Wheeler) | ICICI Bank Car Loan | New Car Loan |
| Published rate | 7.50% - 10.70% | From 8.40%tenure >36 months; Q1 FY27 disbursed range 7.90% - 11.20% | Not published |
| Rate basis | RLLR-linked (RLLR 8.00% w.e.f. 12.03.2026); rate by credit risk grade | Not published | Not published |
| Maximum tenure | 84 months | Up to 84 months | 60 months (up to 7 years in some cases) |
| Maximum funding | Up to 90% (margin 10% up to ₹10 lakh; 10-15% ₹10-25 lakh; 20% above ₹25 lakh) | Up to 100% of on-road price | Up to 100%* of car value |
| Processing fee | 0.25% (min ₹1,000, max ₹5,000) + GST; 100% waiver 01.10.2026-31.12.2026 (Retail Loan Festival) | Up to Rs 8,500 + GST | Not published |
| Pre-closure / prepayment | No pre-payment penalty | Foreclosure: 3% (up to 12 months), 2% (13-24 months), nil after 24 months; part-prepay 3% up to 24 months, nil after | Not published |
| Other terms published |
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| Official source | canarabank.bank.in canarabank.bank.in | icici.bank.in icici.bank.in | indusind.bank.in |
EMI illustration: ₹10 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Canara Bank | 7.50% | ₹20,038 | ₹2,02,277 | ₹12,02,277 |
| ICICI Bank | 8.40% | ₹20,468 | ₹2,28,102 | ₹12,28,102 |
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 amount | Canara Bank (7.50%) | ICICI Bank (8.40%) |
|---|---|---|
| ₹5 lakh | ₹10,019 | ₹10,234 |
| ₹10 lakh | ₹20,038 | ₹20,468 |
| ₹15 lakh | ₹30,057 | ₹30,703 |
| ₹20 lakh | ₹40,076 | ₹40,937 |
Read the full guide: Car loan · EMI calculator
Canara Bank vs ICICI Bank vs IndusInd Bank two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Canara Bank from 10.10% and ICICI Bank from 10.25%. Canara Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. IndusInd Bank does not publish a two-wheeler loan rate on its website, so none is shown.
| Detail | Canara Bank | ICICI Bank | IndusInd Bank |
|---|---|---|---|
| Product | Canara Vehicle (2-Wheeler) | ICICI Bank Two-Wheeler Loan | Two Wheeler Loan |
| Published rate | 10.10% - 15.00% | 10.25% - 26.10% | Not published |
| Rate basis | RLLR-linked (RLLR 8.00%); rate by credit risk grade | Fixed | Not published |
| Maximum tenure | Not published | Up to 36 months | 36 months (normal bikes); 60 months (high-end bikes) |
| Maximum funding | Not published | Up to 100% of on-road price | Up to 95% of on-road price |
| Processing fee | Not published | Up to 4% of loan amount | Not published |
| Pre-closure / prepayment | Not published | 4% of principal outstanding (nil for eligible micro/small segment) | Not published |
| Other terms published |
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| Official source | canarabank.bank.in | icici.bank.in icici.bank.in | indusind.bank.in |
EMI illustration: ₹1 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Canara Bank | 10.10% | ₹3,231 | ₹16,331 | ₹1,16,331 |
| ICICI Bank | 10.25% | ₹3,238 | ₹16,585 | ₹1,16,585 |
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 amount | Canara Bank (10.10%) | ICICI Bank (10.25%) |
|---|---|---|
| ₹0.5 lakh | ₹1,616 | ₹1,619 |
| ₹1 lakh | ₹3,231 | ₹3,238 |
| ₹1.5 lakh | ₹4,847 | ₹4,858 |
Read the full guide: Two-wheeler loan · EMI calculator
Canara Bank vs ICICI Bank vs IndusInd Bank used car 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. ICICI Bank lists the longer maximum tenure (up to 84 months). Canara Bank and IndusInd Bank do not publish a used car loan rate on their website, so none is shown.
| Detail | Canara Bank | ICICI Bank | IndusInd Bank |
|---|---|---|---|
| Product | Canara Vehicle (pre-owned 4-wheeler) | ICICI Bank Used Car Loan | Pre-Owned Car Loan |
| Published rate | Not published | From 9.75%; Q1 FY27 disbursed range 9.75% - 16.90% | Not published |
| Rate basis | RLLR-linked (no separate pre-owned rate published) | Not published | Not published |
| Maximum tenure | 60 months | Up to 84 months | 84 months* |
| Maximum funding | 50% (minimum margin 50%); max ₹50 lakh | Up to 100% (as published) | Up to 100%* finance |
| Processing fee | 0.25% (min ₹1,000, max ₹5,000) + GST | 2% of loan, max Rs 20,000 + GST | Not published |
| Pre-closure / prepayment | No pre-payment penalty | Same schedule as new car loan (per service-charges page) | Not published |
| Other terms published |
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| Official source | canarabank.bank.in | icici.bank.in icici.bank.in | indusind.bank.in |
Read the full guide: Used car loan · EMI calculator
Canara Bank vs ICICI Bank vs IndusInd Bank electric car loan: rate, fees and tenure
Starting electric car loan rates as published: Canara Bank from 7.45% and ICICI Bank from 9.10%. Canara Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. IndusInd Bank does not publish an electric car loan rate on its website, so none is shown.
| Detail | Canara Bank | ICICI Bank | IndusInd Bank |
|---|---|---|---|
| Product | Canara Green Wheels | ICICI Bank EV Car Loan | Not published |
| Published rate | 7.45% - 10.70% | From 9.10% | Not published |
| Rate basis | RLLR-linked (RLLR 8.00%); rate by credit risk grade | Not published | Not published |
| Maximum tenure | 84 EMIs | Not published | Not published |
| Maximum funding | Margin 15% up to ₹25 lakh; 25% above ₹25 lakh | Up to 100% of on-road price | Not published |
| Processing fee | 0.25% (min ₹1,000, max ₹5,000) + GST | Not published | Not published |
| Pre-closure / prepayment | No prepayment penalty | Not published | Not published |
| Other terms published |
| Not published | Not published |
| Official source | canarabank.bank.in canarabank.bank.in | icici.bank.in | Not published |
EMI illustration: ₹15 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Canara Bank | 7.45% | ₹30,021 | ₹3,01,278 | ₹18,01,278 |
| ICICI Bank | 9.10% | ₹31,210 | ₹3,72,623 | ₹18,72,623 |
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 amount | Canara Bank (7.45%) | ICICI Bank (9.10%) |
|---|---|---|
| ₹10 lakh | ₹20,014 | ₹20,807 |
| ₹15 lakh | ₹30,021 | ₹31,210 |
| ₹25 lakh | ₹50,035 | ₹52,017 |
Read the full guide: Electric car loan
Canara Bank vs ICICI Bank vs IndusInd 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. Canara Bank lists the longer maximum tenure (5-9 years (half-yearly/yearly instalments)). Canara Bank and IndusInd Bank do not publish a tractor loan rate on their website, so none is shown.
| Detail | Canara Bank | ICICI Bank | IndusInd Bank |
|---|---|---|---|
| Product | Farm Machinery Loans | ICICI Bank Tractor Loan | Tractor and Farm Equipment Finance |
| Published rate | Not published | 12.00% - 21.00%Oct-Dec 2025 disbursed range | Not published |
| Maximum tenure | 5-9 years (half-yearly/yearly instalments) | 12 - 72 months | 60 months |
| Maximum funding | Nil margin up to ₹2 lakh; 15-25% margin above ₹2 lakh; 40% margin for second-hand tractors | Not published | Not published |
| Processing fee | Not published | Up to 2% of loan + GST | Not published |
| Pre-closure / prepayment | Not published | 4% of prepaid amount | Not published |
| Other terms published |
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| Official source | canarabank.bank.in | icici.bank.in icici.bank.in | indusind.bank.in |
Read the full guide: Tractor loan
Which is better: Canara Bank, ICICI Bank or IndusInd Bank?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Car loan, longer maximum tenure: Canara Bank (84 months). A longer tenure lowers the EMI but raises total interest.
- Used car loan, longer maximum tenure: ICICI Bank (up to 84 months). A longer tenure lowers the EMI but raises total interest.
- Tractor loan, longer maximum tenure: Canara Bank (5-9 years (half-yearly/yearly instalments)). 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
Canara Bank is a public sector bank and ICICI Bank and IndusInd Bank are private banks.
What the loan providers' own pages say about how their rates are set:
- Canara Bank car loan: RLLR-linked (RLLR 8.00% w.e.f. 12.03.2026); rate by credit risk grade.
- Canara Bank two-wheeler loan: RLLR-linked (RLLR 8.00%); rate by credit risk grade.
- Canara Bank used car loan: RLLR-linked (no separate pre-owned rate published).
- Canara Bank electric car loan: RLLR-linked (RLLR 8.00%); rate by credit risk grade.
- ICICI Bank two-wheeler loan: Fixed.
- ICICI Bank commercial vehicle loan: Flat rate scheme.
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 Canara Bank, ICICI Bank and IndusInd Bank
Canara Bank
Public sector bank
PSU loan provider pricing car loans off its repo-linked RLLR with credit-grade tiers, lower rates above ₹15 lakh and for women, and a separate green rate card for electric cars.
Lowest published starting rate: 7.45% (Electric 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)
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.
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.
- Canara Bank: canarabank.bank.in/pages/rates-of-interest-for-retail-lending-schemes-linked-to-rllr · canarabank.bank.in/Canara-Vehicle · canarabank.bank.in/canara-green-wheels · canarabank.bank.in/pages/farm-machinery-loans · canarabank.bank.in/pages/canara-msme-vahan
- ICICI Bank: icici.bank.in/personal-banking/loans/car-loan · icici.bank.in/personal-banking/loans/car-loan/service-charges · icici.bank.in/personal-banking/loans/two-wheeler-loan · icici.bank.in/personal-banking/loans/two-wheeler-loan/interest-rate · icici.bank.in/personal-banking/loans/car-loan/pre-owned-car-loans · icici.bank.in/personal-banking/loans/car-loan/ev-car-loan
- IndusInd Bank: indusind.bank.in/in/en/personal/loans/vehicle-loan/new-cars-loan.html · indusind.bank.in/in/en/personal/loans/vehicle-loan/two-wheeler.html · indusind.bank.in/in/en/personal/loans/vehicle-loan/pre-owned-cars-loan.html · indusind.bank.in/in/en/personal/loans/vehicle-loan/tractors-and-farm-equipment.html · indusind.bank.in/in/en/personal/loans/vehicle-loan/commercial-vehicles-and-construction-equipment.html
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
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Head-to-head pages for these three loan providers
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Frequently asked questions
Which is better for a vehicle loan: Canara Bank, ICICI Bank or IndusInd Bank?
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 Canara Bank, ICICI Bank and IndusInd Bank publish rates for?
Canara Bank: car loan, two-wheeler loan, electric car loan. ICICI Bank: car loan, two-wheeler loan, used car loan, electric car loan, tractor loan. IndusInd Bank: no published rate found. 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.