Kotak Mahindra Bank vs Mahindra Finance vs Punjab National Bank at a glance
| Detail | Kotak Mahindra Bank | Mahindra Finance | Punjab National Bank |
|---|---|---|---|
| Loan provider type | Private bank | NBFC | Public sector bank |
| Legal name | Kotak Mahindra Bank | Mahindra & Mahindra Financial Services Ltd (Mahindra Finance) | Punjab National Bank |
| Vehicle loans with a published rate | Not published | Car loan, Used car loan, Three-wheeler loan, Tractor loan, Commercial vehicle loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Official website | kotak.bank.in | mahindrafinance.com | pnb.bank.in |
Kotak Mahindra Bank vs Mahindra Finance vs Punjab National Bank car loan: rate, fees and tenure
Starting car loan rates as published: Mahindra Finance from 8% 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 lists the longer maximum tenure (12 - 84 months). Kotak Mahindra Bank does not publish a car loan rate on its website, so none is shown.
| Detail | Kotak Mahindra Bank | Mahindra Finance | Punjab National Bank |
|---|---|---|---|
| Product | Kotak Car Loan (via Kotak Mahindra Prime Ltd) | Car Loan (also separate Utility Vehicle Loan) | PNB Car Loan |
| Published rate | Not published | 8% - 25% p.a.policy range, new assets | From 7.60%up to 9.70% floating, CIBIL-based |
| Rate basis | Not published | Policy allows fixed, floating or hybrid; car loan FAQ quotes on flat-rate basis | RLLR-linked (floating); fixed option available |
| Maximum tenure | 12 - 84 months | 5 years | 84 months |
| Maximum funding | Up to 100% of car value; min loan Rs 1 lakh | Up to 100% of ex-showroom value | 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh |
| Processing fee | Not published | Up to 2% of sanction amount (stated for non-Mahindra cars); not stated for Mahindra cars | 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation |
| Pre-closure / prepayment | Prepayment allowed after 6 months, fee on outstanding as per agreement | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | Floating: nil; fixed: 2% on amount prepaid (exceptions apply) |
| Other terms published |
|
|
|
| Official source | kotak.bank.in kotak.bank.in | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | 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 |
|---|---|---|---|---|
| Mahindra Finance | 8% | ₹20,276 | ₹2,16,584 | ₹12,16,584 |
| 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 | Mahindra Finance (8%) | Punjab National Bank (7.60%) |
|---|---|---|
| ₹5 lakh | ₹10,138 | ₹10,043 |
| ₹10 lakh | ₹20,276 | ₹20,086 |
| ₹15 lakh | ₹30,415 | ₹30,128 |
| ₹20 lakh | ₹40,553 | ₹40,171 |
Read the full guide: Car loan · EMI calculator
Kotak Mahindra Bank vs Mahindra Finance vs Punjab National Bank two-wheeler 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. Punjab National Bank lists the longer maximum tenure (60 emis (scooters/motorcycles)). Kotak Mahindra Bank and Mahindra Finance do not publish a two-wheeler loan rate on their website, so none is shown.
| Detail | Kotak Mahindra Bank | Mahindra Finance | Punjab National Bank |
|---|---|---|---|
| Product | Kotak Two-Wheeler Loan (via Kotak Mahindra Prime Ltd) | Not published | PNB Saarthi / PNB Power Ride (women) |
| Published rate | Not published | Not published | From 10.00%Power Ride; 10.85% salaried; 11.35% others |
| Rate basis | Not published | Not published | RLLR-linked |
| Maximum tenure | 12 - 36 months | Not published | 60 EMIs (scooters/motorcycles) |
| Maximum funding | Up to 95% of on-road price | Not published | 90% (salaried, salary via PNB) or 75% of cost; max Rs 1.5 lakh (Rs 10 lakh for 200cc+) |
| Processing fee | Not published | Not published | 0.50% of loan (min Rs 500, max Rs 1,000) |
| Pre-closure / prepayment | Not published | Not published | Nil |
| Other terms published |
| Not published |
|
| Official source | kotak.bank.in | Not published | pnb.bank.in pnb.bank.in pnb.bank.in |
Read the full guide: Two-wheeler loan · EMI calculator
Kotak Mahindra Bank vs Mahindra Finance vs Punjab National Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: Mahindra Finance from 8% and Punjab National Bank from 9.45%. Mahindra Finance 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 used car loan rate on its website, so none is shown.
| Detail | Kotak Mahindra Bank | Mahindra Finance | Punjab National Bank |
|---|---|---|---|
| Product | Not published | Used Car Loan | PNB Car Loan (used vehicles) |
| Published rate | Not published | 8% - 25% p.a.policy range, pre-owned assets | From 9.45% floating / 10.45% fixed |
| Rate basis | Not published | Not published | RLLR-linked (floating) or fixed |
| Maximum tenure | Not published | 5 years | 60 months |
| Maximum funding | Not published | Up to 90% of car value | 75% of vehicle value (25% margin); vehicle up to 3 years old |
| Processing fee | Not published | Up to 2% of sanction amount | Not published |
| Pre-closure / prepayment | Not published | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | Floating: nil; fixed: 2% on amount prepaid |
| Other terms published | Not published |
|
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| Official source | Not published | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | pnb.bank.in pnb.bank.in |
EMI illustration: ₹5 lakh over 48 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Mahindra Finance | 8% | ₹12,206 | ₹85,910 | ₹5,85,910 |
| 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 | Mahindra Finance (8%) | Punjab National Bank (9.45%) |
|---|---|---|
| ₹3 lakh | ₹7,324 | ₹7,530 |
| ₹5 lakh | ₹12,206 | ₹12,550 |
| ₹8 lakh | ₹19,530 | ₹20,079 |
Read the full guide: Used car loan · EMI calculator
Kotak Mahindra Bank vs Mahindra Finance vs Punjab National Bank 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. Kotak Mahindra Bank and Mahindra Finance do not publish an electric car loan rate on their website, so none is shown.
| Detail | Kotak Mahindra Bank | Mahindra Finance | Punjab National Bank |
|---|---|---|---|
| Product | Not published | Not published | PNB Green Car (E-Vehicle) Loan |
| Published rate | Not published | 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 | Not published | 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 | Not published | Not published | pnb.bank.in pnb.bank.in |
Read the full guide: Electric car loan
Kotak Mahindra Bank vs Mahindra Finance vs Punjab National Bank three-wheeler loan: rate, fees and tenure
Only Mahindra Finance publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Kotak Mahindra Bank and Punjab National Bank do not publish a three-wheeler loan rate on their website, so none is shown.
| Detail | Kotak Mahindra Bank | Mahindra Finance | Punjab National Bank |
|---|---|---|---|
| Product | Not published | Three-Wheeler Loan | Not published |
| Published rate | Not published | 8% - 25% p.a.policy range, 3-wheelers | Not published |
| Maximum tenure | Not published | 4 years | Not published |
| Maximum funding | Not published | Based on vehicle and customer profile | Not published |
| Pre-closure / prepayment | Not published | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | Not published |
| Other terms published | Not published |
| Not published |
| Official source | Not published | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | Not published |
Read the full guide: Three-wheeler loan
Kotak Mahindra Bank vs Mahindra Finance vs Punjab National Bank tractor loan: rate, fees and tenure
Only Mahindra Finance 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 | Kotak Mahindra Bank | Mahindra Finance | Punjab National Bank |
|---|---|---|---|
| Product | Kotak Farm Equipment (Tractor) Loan | Tractor Loan | PNB Farm Mechanisation Scheme (tractor financing) |
| Published rate | MCLR/Reference Rate to 30% | 8% - 25% p.a.policy range, new/pre-owned assets | Not published |
| Rate basis | MCLR / reference rate | Not published | Not published |
| Maximum tenure | Not published | 5 years (6-60 months) | New tractor: 7-9 years; no-mortgage variant: 5 years |
| Maximum funding | Up to 90% of tractor value | No fixed minimum or maximum amount | Need based, net of margin (min 40% margin for no-mortgage variant) |
| Processing fee | Up to 3% of loan amount | Up to 2% of sanction amount (farm equipment) | Not published |
| Pre-closure / prepayment | Individuals (fixed rate): 4% foreclosure / 2% part-prepayment | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | Not published |
| Other terms published |
|
|
|
| Official source | kotak.bank.in kotak.bank.in | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | pnb.bank.in pnb.bank.in |
Read the full guide: Tractor loan
Kotak Mahindra Bank vs Mahindra Finance vs Punjab National Bank commercial vehicle loan: rate, fees and tenure
Only Mahindra Finance publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Kotak Mahindra Bank and Punjab National Bank do not publish a commercial vehicle loan rate on their website, so none is shown.
| Detail | Kotak Mahindra Bank | Mahindra Finance | Punjab National Bank |
|---|---|---|---|
| Product | Kotak Commercial Vehicle Loan | Commercial Vehicle Loan | Not published |
| Published rate | Not published | 8% - 25% p.a.policy range, new/pre-owned assets | Not published |
| Rate basis | Not published | Monthly reducing balance (per product page) | Not published |
| Maximum tenure | 12 - 60 months | 60 months new; 36 months used | Not published |
| Processing fee | Not published | Up to 2% of sanction amount | Not published |
| Pre-closure / prepayment | Not published | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | Not published |
| Other terms published | Not published |
| Not published |
| Official source | kotak.bank.in | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | Not published |
Read the full guide: Commercial vehicle loan
Which is better: Kotak Mahindra Bank, Mahindra Finance or Punjab National Bank?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Car loan, longer maximum tenure: Kotak Mahindra Bank (12 - 84 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.
- 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
Kotak Mahindra Bank is a private bank, Mahindra Finance is a nbfc and Punjab National Bank is a public sector bank.
What the loan providers' own pages say about how their rates are set:
- Kotak Mahindra Bank tractor loan: MCLR / reference rate.
- Mahindra Finance car loan: Policy allows fixed, floating or hybrid; car loan FAQ quotes on flat-rate basis.
- Mahindra Finance commercial vehicle loan: Monthly reducing balance (per product page).
- 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 Kotak Mahindra Bank, Mahindra Finance and Punjab National Bank
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.
Mahindra Finance
NBFC · Mahindra & Mahindra Financial Services Ltd (Mahindra Finance)
Mahindra Group vehicle financier focused on rural and semi-urban India; finances Mahindra UVs/tractors and other brands
Lowest published starting rate: 8% (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
- 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.
- 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
- Mahindra Finance: mahindrafinance.com/loans/car-loan · media.mahindrafinance.com/2025/02/Interest-Rate-Policy_Updated_21-July26_clean.pdf · mahindrafinance.com/loans/retail-loan-fees-and-charges · mahindrafinance.com/loans/used-car-loan · mahindrafinance.com/loans/three-wheeler-loan · mahindrafinance.com/loans/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
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
Mahindra Finance compared with other loan providers
Punjab National Bank compared with other loan providers
Head-to-head pages for these three loan providers
Compare any two or three loan providers · Personal loans · Home loans · Vehicle loans
Frequently asked questions
Which is better for a vehicle loan: Kotak Mahindra Bank, Mahindra Finance 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 Kotak Mahindra Bank, Mahindra Finance and Punjab National Bank publish rates for?
Kotak Mahindra Bank: no published rate found. Mahindra Finance: car loan, used car loan, three-wheeler loan, tractor loan, commercial vehicle 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.