bg-rating-rationales

Entity-Specific Rating Rationales

24 Feb 2026

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH October 2025 Series

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH October 2025 Series

23 Feb 2026

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH FEB 2026 SERIES

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH FEB 2026 SERIES

19 Nov 2025

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH November 2025 Series

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH November 2025 Series

23 Oct 2025

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by Pharaoh October 2025 Series Trust

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by Pharaoh October 2025 Series Trust

16 Jun 2025

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

08 Apr 2025

Bajaj Finance Ltd.: [ICRA]AAA (Stable) assigned to Rs. 15,000-crore NCD programme; ratings reaffirmed

Bajaj Finance Ltd.: [ICRA]AAA (Stable) assigned to Rs. 15,000-crore NCD programme; ratings reaffirmed

11 Mar 2025

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

25 Oct 2024

Bajaj Finance Ltd.: Ratings reaffirmed; [ICRA]AAA (Stable) assigned to Rs. 10,000-crore NCD programme and rating withdrawn for Rs. 452.50-crore sub-debt programme

Bajaj Finance Ltd.: Ratings reaffirmed; [ICRA]AAA (Stable) assigned to Rs. 10,000-crore NCD programme and rating withdrawn for Rs. 452.50-crore sub-debt programme

07 May 2024

Bajaj Finance Ltd.: Ratings reaffirmed; rated amount enhanced for CP programme

Bajaj Finance Ltd.: Ratings reaffirmed; rated amount enhanced for CP programme

18 Oct 2023

Bajaj Finance Ltd.: Ratings reaffirmed; rated amount enhanced

Bajaj Finance Ltd.: Ratings reaffirmed; rated amount enhanced