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Entity-Specific Rating Rationales

18 Jun 2026

Bajaj Finance Ltd.: Ratings reaffirmed; rating assigned for bank facilities programme

Bajaj Finance Ltd.: Ratings reaffirmed; rating assigned for bank facilities programme

18 Jun 2026

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH Feb 2026 Series

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH Feb 2026 Series

12 May 2026

Bajaj Finance Ltd.: Ratings reaffirmed; rating assigned for enhanced amount under commercial paper programme

Bajaj Finance Ltd.: Ratings reaffirmed; rating assigned for enhanced amount under commercial paper programme

06 Apr 2026

Bajaj Finance Ltd.: Ratings reaffirmed; rating simultaneously reaffirmed and withdrawn for matured instruments

Bajaj Finance Ltd.: Ratings reaffirmed; rating simultaneously reaffirmed and withdrawn for matured instruments

09 Mar 2026

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

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

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


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Entity-Specific Credit Perspective Reports

05 May 2026

Bajaj Finance Ltd.

Bajaj Finance Ltd. (Non-SF)

25 Feb 2026

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

24 Nov 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

29 Oct 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

06 May 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (Non-SF)

19 Mar 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

30 Jan 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

23 Jun 2023

Bajaj Finance Ltd.

Bajaj Finance Ltd. (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Fixed Deposit -- -- [ICRA]AAA(Stable) --
Commercial Paper [ICRA]A1+ -- -- --
NCD -- -- [ICRA]AAA(Stable) --
Series A1 PTCs -- -- [ICRA]AAA(SO) --
Long-term – Fund-based – Others -- -- [ICRA]AAA(Stable) --
Bonds/NCD/LTD -- -- Withdrawn --
Subordinated bonds/debt -- -- Withdrawn --
Series A1 PTC -- -- [ICRA]AAA(SO) --
Series A1 PTC -- -- [ICRA]AAA(SO) --
Series A1 PTC -- -- [ICRA]AAA(SO) --

Our Analysts

Analyst 1

Arpit Agarwal

Analyst 2

Prateek Mittal

Sector Head

Karthik Srinivasan
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