Kotak Mahindra Bank vs Punjab National Bank vs SBI at a glance
| Detail | Kotak Mahindra Bank | Punjab National Bank | SBI |
|---|---|---|---|
| Loan provider type | Private bank | Public sector bank | Public sector bank |
| Legal name | Kotak Mahindra Bank | Punjab National Bank | State Bank of India |
| Vehicle loans with a published rate | Not published | Car loan, Two-wheeler loan, Used car loan, Electric car loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Official website | kotak.bank.in | pnb.bank.in | sbi.bank.in |
Kotak Mahindra Bank vs Punjab National Bank vs SBI car loan: rate, fees and tenure
Starting car loan rates as published: Punjab National Bank from 7.60% and SBI from 8.40%. 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 | Kotak Mahindra Bank | Punjab National Bank | SBI |
|---|---|---|---|
| Product | Kotak Car Loan (via Kotak Mahindra Prime Ltd) | PNB Car Loan | SBI New Car Loan Scheme |
| Published rate | Not published | From 7.60%up to 9.70% floating, CIBIL-based | 8.40% - 9.35% |
| Rate basis | Not published | RLLR-linked (floating); fixed option available | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | 12 - 84 months | 84 months | 7 years |
| Maximum funding | 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 | Up to 100% of on-road price |
| Processing fee | Not published | 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation | Rs 1,000-3,000 + GST (salaried) / Rs 1,500-4,000 + GST (non-salaried), slab by loan amount |
| Pre-closure / prepayment | Prepayment allowed after 6 months, fee on outstanding as per agreement | Floating: nil; fixed: 2% on amount prepaid (exceptions apply) | No prepayment charges; no foreclosure charges after 2 years (as published) |
| Other terms published |
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| Official source | kotak.bank.in kotak.bank.in | pnb.bank.in pnb.bank.in pnb.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
EMI illustration: ₹10 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Punjab National Bank | 7.60% | ₹20,086 | ₹2,05,130 | ₹12,05,130 |
| SBI | 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 | Punjab National Bank (7.60%) | SBI (8.40%) |
|---|---|---|
| ₹5 lakh | ₹10,043 | ₹10,234 |
| ₹10 lakh | ₹20,086 | ₹20,468 |
| ₹15 lakh | ₹30,128 | ₹30,703 |
| ₹20 lakh | ₹40,171 | ₹40,937 |
Read the full guide: Car loan · EMI calculator
Kotak Mahindra Bank vs Punjab National Bank vs SBI two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Punjab National Bank from 10% and SBI from 11.70%. 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 | Kotak Mahindra Bank | Punjab National Bank | SBI |
|---|---|---|---|
| Product | Kotak Two-Wheeler Loan (via Kotak Mahindra Prime Ltd) | PNB Saarthi / PNB Power Ride (women) | SBI Two Wheeler Loan Scheme |
| Published rate | Not published | From 10.00%Power Ride; 10.85% salaried; 11.35% others | 11.70% - 15.70% |
| Rate basis | Not published | RLLR-linked | MCLR-linked (1-year MCLR) |
| Maximum tenure | 12 - 36 months | 60 EMIs (scooters/motorcycles) | Up to 60 months |
| Maximum funding | 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+) | 85% of on-road price; max Rs 3 lakh |
| Processing fee | Not published | 0.50% of loan (min Rs 500, max Rs 1,000) | 3% of loan + GST (50% waiver for salary package customers) |
| Pre-closure / prepayment | Not published | Nil | Not published |
| Other terms published |
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| Official source | kotak.bank.in | pnb.bank.in pnb.bank.in pnb.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
EMI illustration: ₹1 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Punjab National Bank | 10% | ₹3,227 | ₹16,162 | ₹1,16,162 |
| SBI | 11.70% | ₹3,307 | ₹19,056 | ₹1,19,056 |
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 | Punjab National Bank (10%) | SBI (11.70%) |
|---|---|---|
| ₹0.5 lakh | ₹1,613 | ₹1,654 |
| ₹1 lakh | ₹3,227 | ₹3,307 |
| ₹1.5 lakh | ₹4,840 | ₹4,961 |
Read the full guide: Two-wheeler loan · EMI calculator
Kotak Mahindra Bank vs Punjab National Bank vs SBI used car loan: rate, fees and tenure
Starting used car loan rates as published: Punjab National Bank from 9.45% and SBI from 10.45%. 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. Kotak Mahindra Bank does not publish a used car loan rate on its website, so none is shown.
| Detail | Kotak Mahindra Bank | Punjab National Bank | SBI |
|---|---|---|---|
| Product | Not published | PNB Car Loan (used vehicles) | SBI Certified Pre-Owned Car Loan |
| Published rate | Not published | From 9.45% floating / 10.45% fixed | 10.45% - 15.60%credit-score based |
| Rate basis | Not published | RLLR-linked (floating) or fixed | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | 60 months | Up to 5 years (10 years minus vehicle age) |
| Maximum funding | Not published | 75% of vehicle value (25% margin); vehicle up to 3 years old | Up to 85% of valuation; loan Rs 2 lakh - Rs 150 lakh |
| Processing fee | Not published | Not published | 1.50% of loan + GST (min Rs 3,000, max Rs 10,000 + GST) |
| Pre-closure / prepayment | Not published | Floating: nil; fixed: 2% on amount prepaid | Not published |
| Other terms published | Not published |
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| Official source | Not published | pnb.bank.in pnb.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 |
|---|---|---|---|---|
| Punjab National Bank | 9.45% | ₹12,550 | ₹1,02,382 | ₹6,02,382 |
| 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 | Punjab National Bank (9.45%) | SBI (10.45%) |
|---|---|---|
| ₹3 lakh | ₹7,530 | ₹7,674 |
| ₹5 lakh | ₹12,550 | ₹12,790 |
| ₹8 lakh | ₹20,079 | ₹20,463 |
Read the full guide: Used car loan · EMI calculator
Kotak Mahindra Bank vs Punjab National Bank vs SBI electric car loan: rate, fees and tenure
Starting electric car loan rates as published: Punjab National Bank from 7.60% and SBI from 8.30%. 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 (120 emis (10 years)). Kotak Mahindra Bank does not publish an electric car loan rate on its website, so none is shown.
| Detail | Kotak Mahindra Bank | Punjab National Bank | SBI |
|---|---|---|---|
| Product | Not published | PNB Green Car (E-Vehicle) Loan | SBI Green Car Loan |
| Published rate | Not published | From 7.60% | 8.30% - 9.35% |
| Rate basis | Not published | RLLR-linked | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | 120 EMIs (10 years) | Up to 8 years |
| Maximum funding | Not published | 90% of on-road price (10% margin), or nil margin on ex-showroom price | Up to 100% of on-road price |
| Processing fee | Not published | Nil | Nil |
| Pre-closure / prepayment | Not published | Nil | Not published |
| Other terms published | Not published |
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| Official source | Not published | pnb.bank.in pnb.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
EMI illustration: ₹15 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Punjab National Bank | 7.60% | ₹30,128 | ₹3,07,695 | ₹18,07,695 |
| SBI | 8.30% | ₹30,630 | ₹3,37,825 | ₹18,37,825 |
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 | Punjab National Bank (7.60%) | SBI (8.30%) |
|---|---|---|
| ₹10 lakh | ₹20,086 | ₹20,420 |
| ₹15 lakh | ₹30,128 | ₹30,630 |
| ₹25 lakh | ₹50,214 | ₹51,051 |
Read the full guide: Electric car loan
Which is better: Kotak Mahindra Bank, Punjab National Bank or SBI?
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.
- Electric car loan, longer maximum tenure: Punjab National Bank (120 emis (10 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 and Punjab National Bank and SBI are public sector banks.
What the loan providers' own pages say about how their rates are set:
- 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.
- 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).
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, Punjab National Bank and SBI
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)
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.
- 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
- SBI: sbi.bank.in/web/personal-banking/loans/auto-loans/sbi-new-car-loan-scheme · sbi.bank.in/web/interest-rates/interest-rates/loan-schemes-interest-rates/auto-loans · sbi.bank.in/web/interest-rates/interest-rates/processing-fees · sbi.bank.in/web/personal-banking/loans/auto-loans/sbi-two-wheeler-loan-scheme · sbi.bank.in/web/personal-banking/loans/auto-loans/certified-pre-owned-car-loan · sbi.bank.in/web/personal-banking/loans/auto-loans/green-car-loan
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.
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Kotak Mahindra Bank vs Punjab National Bank vs SBI: 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.
Kotak Mahindra Bank vs Punjab National Bank vs SBI compared on all loan types
Frequently asked questions
Which is better for a vehicle loan: Kotak Mahindra Bank, Punjab National 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 Kotak Mahindra Bank, Punjab National Bank and SBI publish rates for?
Kotak Mahindra Bank: no published rate found. Punjab National Bank: car loan, two-wheeler loan, used car loan, electric car loan. 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.