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The accident took place near Bagarda village under Mandleshwar police station limits around 2 am on the intervening night of Friday and Saturday, an official said.
The victims, who were employees of the State Bank of India (SBI), were traveling to Indore for the weekend, said Santosh Kaithwas, in charge of Mandleshwar police station.
Vipin Gujar (25), a native of Punjab, Akshit Gautam, and Suraj Rajput, both 26 years old from Himachal Pradesh, were killed in the collision, he said.
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The victims were employees of different branches of the SBI in Khargone district, the official added.