Axis Bank vs Chola at a glance
| Detail | Axis Bank | Chola |
|---|---|---|
| Loan provider type | Private bank | NBFC |
| Legal name | Axis Bank | Cholamandalam Investment and Finance Company Ltd (Chola) |
| Vehicle loans with a published rate | Car loan, Two-wheeler loan | Car loan, Two-wheeler loan, Used car loan, Three-wheeler loan, Tractor loan |
| Car loan: published rate | 8.90% - 11.70% | 9% - 20% p.a.car; MUV 9% - 20% |
| Car loan: maximum tenure | Up to 8 years (per Axis Bank car loan calculator) | Not published |
| Two-wheeler loan: published rate | 10% - 28% | 15% - 28% p.a. |
| Two-wheeler loan: maximum tenure | 12-48 months (superbikes 12-60 months) | Not published |
| Official website | axis.bank.in | cholamandalam.com |
Axis Bank vs Chola car loan: rate, fees and tenure
Starting car loan rates as published: Axis Bank from 8.90% and Chola from 9%. Axis Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered.
| Detail | Axis Bank | Chola |
|---|---|---|
| Product | Axis Bank Car Loan | New Car Loan |
| Published rate | 8.90% - 11.70% | 9% - 20% p.a.car; MUV 9% - 20% |
| Rate basis | Linked to 1-year MCLR (8.90%) for tenures up to 36 months | Fixed |
| Maximum tenure | Up to 8 years (per Axis Bank car loan calculator) | Not published |
| Maximum funding | Up to 100% of on-road price | Up to 100% on-road |
| Processing fee | Up to 2% of loan + GST; documentation Rs 700 + GST | 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500 |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published | Not published |
|
| Official source | axis.bank.in | cholamandalam.com files.cholamandalam.com |
EMI illustration: ₹10 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Axis Bank | 8.90% | ₹20,710 | ₹2,42,591 | ₹12,42,591 |
| Chola | 9% | ₹20,758 | ₹2,45,501 | ₹12,45,501 |
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 | Axis Bank (8.90%) | Chola (9%) |
|---|---|---|
| ₹5 lakh | ₹10,355 | ₹10,379 |
| ₹10 lakh | ₹20,710 | ₹20,758 |
| ₹15 lakh | ₹31,065 | ₹31,138 |
| ₹20 lakh | ₹41,420 | ₹41,517 |
Read the full guide: Car loan · EMI calculator
Axis Bank vs Chola two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Axis Bank from 10% and Chola from 15%. Axis Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered.
| Detail | Axis Bank | Chola |
|---|---|---|
| Product | Axis Bank Two Wheeler Loan | Two Wheeler Loan (new only) |
| Published rate | 10% - 28% | 15% - 28% p.a. |
| Rate basis | Not published | Fixed |
| Maximum tenure | 12-48 months (superbikes 12-60 months) | Not published |
| Maximum funding | Up to 100% of on-road price | Up to 100% of bike value |
| Processing fee | Not published | 0.75% - 5% + sourcing fee Rs 500 - 2,500 |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published |
|
|
| Official source | axis.bank.in | cholamandalam.com files.cholamandalam.com |
EMI illustration: ₹1 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Axis Bank | 10% | ₹3,227 | ₹16,162 | ₹1,16,162 |
| Chola | 15% | ₹3,467 | ₹24,795 | ₹1,24,795 |
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 | Axis Bank (10%) | Chola (15%) |
|---|---|---|
| ₹0.5 lakh | ₹1,613 | ₹1,733 |
| ₹1 lakh | ₹3,227 | ₹3,467 |
| ₹1.5 lakh | ₹4,840 | ₹5,200 |
Read the full guide: Two-wheeler loan · EMI calculator
Axis Bank vs Chola used car loan: rate, fees and tenure
Only Chola publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Axis Bank does not publish a used car loan rate on its website, so none is shown.
| Detail | Axis Bank | Chola |
|---|---|---|
| Product | Axis Bank Used Car Loan | Used Car Loan |
| Published rate | Not published | 15% - 28% p.a.MUV 14% - 28% |
| Rate basis | Not published | Fixed |
| Maximum tenure | Up to 60 months (per Axis Bank calculator) | 5 years |
| Maximum funding | Up to 100% of the used car's value | Up to 100%* |
| Processing fee | Not published | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published | Not published |
|
| Official source | axis.bank.in | cholamandalam.com files.cholamandalam.com |
Read the full guide: Used car loan · EMI calculator
Axis Bank vs Chola three-wheeler loan: rate, fees and tenure
Only Chola publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Axis Bank does not publish a three-wheeler loan rate on its website, so none is shown.
| Detail | Axis Bank | Chola |
|---|---|---|
| Product | Not published | Three Wheeler Loans |
| Published rate | Not published | New non-EV 21% - 28%; used non-EV 25% - 28% p.a. |
| Rate basis | Not published | Fixed |
| Processing fee | Not published | New 1.5% - 3.5%; used 1% - 2.5% + sourcing fee |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published | Not published |
|
| Official source | Not published | cholamandalam.com files.cholamandalam.com |
Read the full guide: Three-wheeler loan
Axis Bank vs Chola tractor loan: rate, fees and tenure
Only Chola publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Axis Bank does not publish a tractor loan rate on its website, so none is shown.
| Detail | Axis Bank | Chola |
|---|---|---|
| Product | Axis Bank Tractor Loan | Tractor & Farm Equipment Loans |
| Published rate | Not published | New 12% - 28%; used 17% - 28% p.a. |
| Rate basis | Not published | Fixed |
| Processing fee | Not published | New 0.25% - 2%; used 0.75% - 3.25% + sourcing fee |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published | Not published |
|
| Official source | axis.bank.in | cholamandalam.com files.cholamandalam.com |
Read the full guide: Tractor loan
Which is better: Axis Bank or Chola?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Car loan, lower starting rate: Axis Bank (8.90%) versus 9% at Chola.
- Two-wheeler loan, lower starting rate: Axis Bank (10%) versus 15% at Chola.
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
Axis Bank is a private bank and Chola is a nbfc.
What the loan providers' own pages say about how their rates are set:
- Axis Bank car loan: Linked to 1-year MCLR (8.90%) for tenures up to 36 months.
- Chola car loan: Fixed.
- Chola two-wheeler loan: Fixed.
- Chola used car loan: Fixed.
- Chola electric two- and three-wheeler loan: Fixed.
- Chola three-wheeler loan: Fixed.
- Chola tractor loan: Fixed.
- Chola commercial vehicle loan: Fixed.
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 Axis Bank and Chola
Axis Bank
Private bank
Private-sector bank offering new and used car, two-wheeler, commercial vehicle and tractor loans, with up to 100% on-road funding on new cars.
Lowest published starting rate: 8.90% (Car loan)
Chola
NBFC · Cholamandalam Investment and Finance Company Ltd (Chola)
Murugappa Group's vehicle-finance-led NBFC with a large rural and semi-urban branch network
Lowest published starting rate: 9% (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.
- Axis Bank: axis.bank.in/loans/car-loan/interest-rates-charges · axis.bank.in/loans/two-wheeler-loans · axis.bank.in/loans/car-loan/used-car-loan · axis.bank.in/agri-and-rural/loans/tractor-loans · axis.bank.in/loans/commercial-vehicle-construction-equipment-loan/new-commercial-vehicle-construction-equipment-loan · axis.bank.in/loans/commercial-vehicle-construction-equipment-loan/used-commercial-vehicle-loan
- Chola: cholamandalam.com/get-new-car-loans · files.cholamandalam.com/files/Interest+Rate+Policy+-+Mar2026.pdf · cholamandalam.com/get-two-wheeler-loans · cholamandalam.com/get-used-car-loans · cholamandalam.com/get-three-wheeler-loans · cholamandalam.com/get-tractor-loans
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
Axis Bank compared with other loan providers
Chola compared with other loan providers
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Axis Bank vs Chola: 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.
Frequently asked questions
Which is better for a car loan: Axis Bank or Chola?
Axis Bank has the lower published starting car loan rate at 8.90%, against 9% at Chola. A starting rate is the best case, not a typical offer, so confirm the annual percentage rate (APR) and total repayable amount in each loan provider's Key Fact Statement. Figures are as published on the loan providers' own websites and checked 4 October 2026. The better choice depends on your profile, the loan amount and the fees in your offer letter.
Which has the lower car loan interest rate: Axis Bank or Chola?
Axis Bank has the lower published starting rate. Published starting rates: Axis Bank 8.90% and Chola 9% (checked 4 October 2026). Your actual rate depends on your credit profile and the loan provider's approval.
What is the processing fee on a car loan at Axis Bank and Chola?
Axis Bank: Up to 2% of loan + GST; documentation Rs 700 + GST. Chola: 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500. Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum car loan tenure at Axis Bank and Chola?
Axis Bank: up to 8 years (per axis bank car loan calculator). Chola: not published.
What is the EMI on a ₹10 lakh car loan at Axis Bank and Chola?
Over 60 months at each loan provider's lowest published rate: Axis Bank about ₹20,710 a month at 8.90%; Chola about ₹20,758 a month at 9%. This is an illustration that leaves out fees, GST and insurance. Your offered rate may be higher.
How much of the vehicle price can I borrow on a car loan from Axis Bank and Chola?
Axis Bank: Up to 100% of on-road price. Chola: Up to 100% on-road. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Axis Bank and Chola publish for a car loan?
Chola: In-principle sanction at customer's place; Low down payment. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a car loan early at Axis Bank and Chola?
Axis Bank: not published. Chola: Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Axis Bank and Chola publish rates for?
Axis Bank: car loan, two-wheeler loan. Chola: car loan, two-wheeler loan, used car loan, three-wheeler loan, tractor 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.