ICICI Bank vs Kotak Mahindra Bank vs Punjab National Bank at a glance
| Detail | ICICI Bank | Kotak Mahindra Bank | Punjab National Bank |
|---|---|---|---|
| Loan provider type | Private bank | Private bank | Public sector bank |
| Legal name | ICICI Bank | Kotak Mahindra Bank | Punjab National Bank |
| Vehicle loans with a published rate | Car loan, Two-wheeler loan, Used car loan, Electric car loan, Tractor loan | Not published | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Official website | icici.bank.in | kotak.bank.in | pnb.bank.in |
ICICI Bank vs Kotak Mahindra 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. Kotak Mahindra Bank does not publish a car loan rate on its website, so none is shown.
| Detail | ICICI Bank | Kotak Mahindra Bank | Punjab National Bank |
|---|---|---|---|
| Product | ICICI Bank Car Loan | Kotak Car Loan (via Kotak Mahindra Prime Ltd) | PNB Car Loan |
| Published rate | From 8.40%tenure >36 months; Q1 FY27 disbursed range 7.90% - 11.20% | Not published | From 7.60%up to 9.70% floating, CIBIL-based |
| Rate basis | Not published | Not published | RLLR-linked (floating); fixed option available |
| Maximum tenure | Up to 84 months | 12 - 84 months | 84 months |
| Maximum funding | Up to 100% of on-road price | Up to 100% of car value; min loan Rs 1 lakh | 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh |
| Processing fee | Up to Rs 8,500 + GST | Not published | 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation |
| Pre-closure / prepayment | Foreclosure: 3% (up to 12 months), 2% (13-24 months), nil after 24 months; part-prepay 3% up to 24 months, nil after | Prepayment allowed after 6 months, fee on outstanding as per agreement | Floating: nil; fixed: 2% on amount prepaid (exceptions apply) |
| Other terms published |
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| Official source | icici.bank.in icici.bank.in | kotak.bank.in kotak.bank.in | pnb.bank.in pnb.bank.in pnb.bank.in |
EMI illustration: ₹10 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| ICICI Bank | 8.40% | ₹20,468 | ₹2,28,102 | ₹12,28,102 |
| Punjab National Bank | 7.60% | ₹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 amount | ICICI 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
ICICI Bank vs Kotak Mahindra 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)). Kotak Mahindra Bank does not publish a two-wheeler loan rate on its website, so none is shown.
| Detail | ICICI Bank | Kotak Mahindra Bank | Punjab National Bank |
|---|---|---|---|
| Product | ICICI Bank Two-Wheeler Loan | Kotak Two-Wheeler Loan (via Kotak Mahindra Prime Ltd) | PNB Saarthi / PNB Power Ride (women) |
| Published rate | 10.25% - 26.10% | Not published | From 10.00%Power Ride; 10.85% salaried; 11.35% others |
| Rate basis | Fixed | Not published | RLLR-linked |
| Maximum tenure | Up to 36 months | 12 - 36 months | 60 EMIs (scooters/motorcycles) |
| Maximum funding | Up to 100% of on-road price | Up to 95% of on-road price | 90% (salaried, salary via PNB) or 75% of cost; max Rs 1.5 lakh (Rs 10 lakh for 200cc+) |
| Processing fee | Up to 4% of loan amount | Not published | 0.50% of loan (min Rs 500, max Rs 1,000) |
| Pre-closure / prepayment | 4% of principal outstanding (nil for eligible micro/small segment) | Not published | Nil |
| Other terms published |
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| Official source | icici.bank.in icici.bank.in | kotak.bank.in | pnb.bank.in pnb.bank.in pnb.bank.in |
EMI illustration: ₹1 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| ICICI Bank | 10.25% | ₹3,238 | ₹16,585 | ₹1,16,585 |
| Punjab National Bank | 10% | ₹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 amount | ICICI 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
ICICI Bank vs Kotak Mahindra Bank vs Punjab National Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: 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. ICICI Bank lists the longer maximum tenure (up to 84 months). Kotak Mahindra Bank does not publish a used car loan rate on its website, so none is shown.
| Detail | ICICI Bank | Kotak Mahindra Bank | Punjab National Bank |
|---|---|---|---|
| Product | ICICI Bank Used Car Loan | Not published | PNB Car Loan (used vehicles) |
| Published rate | From 9.75%; Q1 FY27 disbursed range 9.75% - 16.90% | Not published | From 9.45% floating / 10.45% fixed |
| Rate basis | Not published | Not published | RLLR-linked (floating) or fixed |
| Maximum tenure | Up to 84 months | Not published | 60 months |
| Maximum funding | Up to 100% (as published) | Not published | 75% of vehicle value (25% margin); vehicle up to 3 years old |
| Processing fee | 2% of loan, max Rs 20,000 + GST | Not published | Not published |
| Pre-closure / prepayment | Same schedule as new car loan (per service-charges page) | Not published | Floating: nil; fixed: 2% on amount prepaid |
| Other terms published |
| Not published |
|
| Official source | icici.bank.in icici.bank.in | Not published | pnb.bank.in pnb.bank.in |
EMI illustration: ₹5 lakh over 48 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| ICICI Bank | 9.75% | ₹12,621 | ₹1,05,825 | ₹6,05,825 |
| 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 | ICICI Bank (9.75%) | Punjab National Bank (9.45%) |
|---|---|---|
| ₹3 lakh | ₹7,573 | ₹7,530 |
| ₹5 lakh | ₹12,621 | ₹12,550 |
| ₹8 lakh | ₹20,194 | ₹20,079 |
Read the full guide: Used car loan · EMI calculator
ICICI Bank vs Kotak Mahindra 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. Kotak Mahindra Bank does not publish an electric car loan rate on its website, so none is shown.
| Detail | ICICI Bank | Kotak Mahindra Bank | Punjab National Bank |
|---|---|---|---|
| Product | ICICI Bank EV Car Loan | Not published | PNB Green Car (E-Vehicle) Loan |
| Published rate | From 9.10% | Not published | From 7.60% |
| Rate basis | Not published | Not published | RLLR-linked |
| Maximum tenure | Not published | Not published | 120 EMIs (10 years) |
| Maximum funding | Up to 100% of on-road price | Not published | 90% of on-road price (10% margin), or nil margin on ex-showroom price |
| Processing fee | Not published | Not published | Nil |
| Pre-closure / prepayment | Not published | Not published | Nil |
| Other terms published | Not published | Not published |
|
| Official source | icici.bank.in | Not published | pnb.bank.in pnb.bank.in |
EMI illustration: ₹15 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| ICICI Bank | 9.10% | ₹31,210 | ₹3,72,623 | ₹18,72,623 |
| Punjab National Bank | 7.60% | ₹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 amount | ICICI 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
ICICI Bank vs Kotak Mahindra 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). Kotak Mahindra Bank and Punjab National Bank do not publish a tractor loan rate on their website, so none is shown.
| Detail | ICICI Bank | Kotak Mahindra Bank | Punjab National Bank |
|---|---|---|---|
| Product | ICICI Bank Tractor Loan | Kotak Farm Equipment (Tractor) Loan | PNB Farm Mechanisation Scheme (tractor financing) |
| Published rate | 12.00% - 21.00%Oct-Dec 2025 disbursed range | MCLR/Reference Rate to 30% | Not published |
| Rate basis | Not published | MCLR / reference rate | Not published |
| Maximum tenure | 12 - 72 months | Not published | New tractor: 7-9 years; no-mortgage variant: 5 years |
| Maximum funding | Not published | Up to 90% of tractor value | Need based, net of margin (min 40% margin for no-mortgage variant) |
| Processing fee | Up to 2% of loan + GST | Up to 3% of loan amount | Not published |
| Pre-closure / prepayment | 4% of prepaid amount | Individuals (fixed rate): 4% foreclosure / 2% part-prepayment | Not published |
| Other terms published |
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| Official source | icici.bank.in icici.bank.in | kotak.bank.in kotak.bank.in | pnb.bank.in pnb.bank.in |
Read the full guide: Tractor loan
Which is better: ICICI Bank, Kotak Mahindra Bank or Punjab National Bank?
No loan provider is best for everyone. This is how the published figures split, product by product.
- 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: ICICI Bank (up to 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
ICICI Bank and Kotak Mahindra Bank are private banks and Punjab National Bank is a public sector bank.
What the loan providers' own pages say about how their rates are set:
- ICICI Bank two-wheeler loan: Fixed.
- ICICI Bank commercial vehicle loan: Flat rate scheme.
- Kotak Mahindra Bank tractor loan: MCLR / reference 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.
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 ICICI Bank, Kotak Mahindra Bank and Punjab National Bank
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)
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.
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
- 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.
- 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
- 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
- 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
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
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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ICICI Bank vs Kotak Mahindra 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.
ICICI Bank vs Kotak Mahindra Bank vs Punjab National Bank compared on all loan types
Frequently asked questions
Which is better for a vehicle loan: ICICI Bank, Kotak Mahindra Bank or Punjab National 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 ICICI Bank, Kotak Mahindra Bank and Punjab National Bank publish rates for?
ICICI Bank: car loan, two-wheeler loan, used car loan, electric car loan, tractor loan. Kotak Mahindra Bank: no published rate found. 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.