Bajaj Auto Credit vs Chola vs SBI at a glance
| Detail | Bajaj Auto Credit | Chola | SBI |
|---|---|---|---|
| Loan provider type | NBFC | NBFC | Public sector bank |
| Legal name | Bajaj Auto Credit Ltd (BACL) | Cholamandalam Investment and Finance Company Ltd (Chola) | State Bank of India |
| Vehicle loans with a published rate | Two-wheeler loan, Electric two- and three-wheeler loan, Three-wheeler loan | Car loan, Two-wheeler loan, Used car loan, Three-wheeler loan, Tractor loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Two-wheeler loan: published rate | Up to 30% p.a.annualised customer IRR | 15% - 28% p.a. | 11.70% - 15.70% |
| Two-wheeler loan: maximum tenure | 3-60 months | Not published | Up to 60 months |
| Official website | bajajautocredit.com | cholamandalam.com | sbi.bank.in |
Bajaj Auto Credit vs Chola vs SBI car loan: rate, fees and tenure
Starting car loan rates as published: Chola from 9% and SBI from 8.40%. SBI is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Bajaj Auto Credit does not publish a car loan rate on its website, so none is shown.
| Detail | Bajaj Auto Credit | Chola | SBI |
|---|---|---|---|
| Product | Not published | New Car Loan | SBI New Car Loan Scheme |
| Published rate | Not published | 9% - 20% p.a.car; MUV 9% - 20% | 8.40% - 9.35% |
| Rate basis | Not published | Fixed | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | Not published | 7 years |
| Maximum funding | Not published | Up to 100% on-road | Up to 100% of on-road price |
| Processing fee | Not published | 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500 | Rs 1,000-3,000 + GST (salaried) / Rs 1,500-4,000 + GST (non-salaried), slab by loan amount |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | No prepayment charges; no foreclosure charges after 2 years (as published) |
| Other terms published | Not published |
|
|
| Official source | Not published | cholamandalam.com files.cholamandalam.com | 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 |
|---|---|---|---|---|
| Chola | 9% | ₹20,758 | ₹2,45,501 | ₹12,45,501 |
| 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 | Chola (9%) | SBI (8.40%) |
|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,234 |
| ₹10 lakh | ₹20,758 | ₹20,468 |
| ₹15 lakh | ₹31,138 | ₹30,703 |
| ₹20 lakh | ₹41,517 | ₹40,937 |
Read the full guide: Car loan · EMI calculator
Bajaj Auto Credit vs Chola vs SBI two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Chola from 15% and SBI from 11.70%. SBI is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered.
| Detail | Bajaj Auto Credit | Chola | SBI |
|---|---|---|---|
| Product | Two-Wheeler Loan | Two Wheeler Loan (new only) | SBI Two Wheeler Loan Scheme |
| Published rate | Up to 30% p.a.annualised customer IRR | 15% - 28% p.a. | 11.70% - 15.70% |
| Rate basis | Not published | Fixed | MCLR-linked (1-year MCLR) |
| Maximum tenure | 3-60 months | Not published | Up to 60 months |
| Maximum funding | Rs 9,999 to Rs 20 lakh | Up to 100% of bike value | 85% of on-road price; max Rs 3 lakh |
| Processing fee | Up to 5% of loan amount | 0.75% - 5% + sourcing fee Rs 500 - 2,500 | 3% of loan + GST (50% waiver for salary package customers) |
| Pre-closure / prepayment | 'Nominal foreclosure charges' (no figure published on page) | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published |
| Other terms published |
|
|
|
| Official source | bajajautocredit.com | cholamandalam.com files.cholamandalam.com | 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 |
|---|---|---|---|---|
| Chola | 15% | ₹3,467 | ₹24,795 | ₹1,24,795 |
| 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 | Chola (15%) | SBI (11.70%) |
|---|---|---|
| ₹0.5 lakh | ₹1,733 | ₹1,654 |
| ₹1 lakh | ₹3,467 | ₹3,307 |
| ₹1.5 lakh | ₹5,200 | ₹4,961 |
Read the full guide: Two-wheeler loan · EMI calculator
Bajaj Auto Credit vs Chola vs SBI used car loan: rate, fees and tenure
Starting used car loan rates as published: Chola from 15% and SBI from 10.45%. SBI is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Bajaj Auto Credit does not publish a used car loan rate on its website, so none is shown.
| Detail | Bajaj Auto Credit | Chola | SBI |
|---|---|---|---|
| Product | Not published | Used Car Loan | SBI Certified Pre-Owned Car Loan |
| Published rate | Not published | 15% - 28% p.a.MUV 14% - 28% | 10.45% - 15.60%credit-score based |
| Rate basis | Not published | Fixed | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | 5 years | Up to 5 years (10 years minus vehicle age) |
| Maximum funding | Not published | Up to 100%* | Up to 85% of valuation; loan Rs 2 lakh - Rs 150 lakh |
| Processing fee | Not published | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 | 1.50% of loan + GST (min Rs 3,000, max Rs 10,000 + GST) |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published |
| Other terms published | Not published |
|
|
| Official source | Not published | cholamandalam.com files.cholamandalam.com | 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 |
|---|---|---|---|---|
| Chola | 15% | ₹13,915 | ₹1,67,938 | ₹6,67,938 |
| 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 | Chola (15%) | SBI (10.45%) |
|---|---|---|
| ₹3 lakh | ₹8,349 | ₹7,674 |
| ₹5 lakh | ₹13,915 | ₹12,790 |
| ₹8 lakh | ₹22,265 | ₹20,463 |
Read the full guide: Used car loan · EMI calculator
Bajaj Auto Credit vs Chola vs SBI electric car loan: rate, fees and tenure
Only SBI publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Auto Credit and Chola do not publish an electric car loan rate on their website, so none is shown.
| Detail | Bajaj Auto Credit | Chola | SBI |
|---|---|---|---|
| Product | Not published | Not published | SBI Green Car Loan |
| Published rate | Not published | Not published | 8.30% - 9.35% |
| Rate basis | Not published | Not published | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | Not published | Up to 8 years |
| Maximum funding | Not published | Not published | Up to 100% of on-road price |
| Processing fee | Not published | Not published | Nil |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | sbi.bank.in sbi.bank.in sbi.bank.in |
Read the full guide: Electric car loan
Bajaj Auto Credit vs Chola vs SBI electric two- and three-wheeler loan: rate, fees and tenure
Only Bajaj Auto Credit publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Chola and SBI do not publish an electric two- and three-wheeler loan rate on their website, so none is shown.
| Detail | Bajaj Auto Credit | Chola | SBI |
|---|---|---|---|
| Product | Covered under Intracity Commercial Vehicle Loan | EV variants under 2W and 3W loans (no separate EV product page) | Not published |
| Published rate | Up to 30% p.a.annualised customer IRR | 2W EV 15% - 28%; 3W EVnew 16% - 28% p.a. | Not published |
| Rate basis | Not published | Fixed | Not published |
| Maximum tenure | 3-84 months | Not published | Not published |
| Maximum funding | Rs 10,000 to Rs 5 lakh | Not published | Not published |
| Processing fee | Up to 5% of loan amount | 2W 0.75% - 5%; 3W 1.5% - 3.5% + sourcing fee | Not published |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published |
| Other terms published |
|
| Not published |
| Official source | bajajautocredit.com | files.cholamandalam.com | Not published |
Read the full guide: Electric two- and three-wheeler loan
Bajaj Auto Credit vs Chola vs SBI three-wheeler loan: rate, fees and tenure
Only Bajaj Auto Credit and Chola publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. SBI does not publish a three-wheeler loan rate on its website, so none is shown.
| Detail | Bajaj Auto Credit | Chola | SBI |
|---|---|---|---|
| Product | Intracity Commercial Vehicle Loan (three-wheelers and Qute) | Three Wheeler Loans | Not published |
| Published rate | Up to 30% p.a.annualised customer IRR | New non-EV 21% - 28%; used non-EV 25% - 28% p.a. | Not published |
| Rate basis | Not published | Fixed | Not published |
| Maximum tenure | 3-84 months | Not published | Not published |
| Maximum funding | Rs 10,000 to Rs 5 lakh | Not published | Not published |
| Processing fee | Up to 5% of loan amount | New 1.5% - 3.5%; used 1% - 2.5% + sourcing fee | Not published |
| Pre-closure / prepayment | 'Nominal foreclosure charges' (no figure published on page) | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published |
| Other terms published |
|
| Not published |
| Official source | bajajautocredit.com | cholamandalam.com files.cholamandalam.com | Not published |
Read the full guide: Three-wheeler loan
Bajaj Auto Credit vs Chola vs SBI 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. Bajaj Auto Credit and SBI do not publish a tractor loan rate on their website, so none is shown.
| Detail | Bajaj Auto Credit | Chola | SBI |
|---|---|---|---|
| Product | Not published | Tractor & Farm Equipment Loans | SBI New Tractor Loan Scheme |
| Published rate | Not published | New 12% - 28%; used 17% - 28% p.a. | 1-year MCLR + 3.60% to + 4.35%by collateral |
| Rate basis | Not published | Fixed | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | Not published | Up to 5 years (half-yearly instalments) |
| Maximum funding | Not published | Not published | 75% of tractor + accessories cost (25% margin); loan Rs 2 lakh - Rs 25 lakh |
| Processing fee | Not published | New 0.25% - 2%; used 0.75% - 3.25% + sourcing fee | 1.50% of loan amount |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published |
| Other terms published | Not published |
|
|
| Official source | Not published | cholamandalam.com files.cholamandalam.com | sbi.bank.in |
Read the full guide: Tractor loan
Which is better: Bajaj Auto Credit, Chola or SBI?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Two-wheeler loan, lower starting rate: SBI (11.70%) 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
Bajaj Auto Credit and Chola are nbfcs and SBI is a public sector bank.
What the loan providers' own pages say about how their rates are set:
- Bajaj Auto Credit publishes only a ceiling for its two-wheeler loan (Up to 30% p.a.), so it cannot be ranked on a starting rate.
- Bajaj Auto Credit publishes only a ceiling for its electric two- and three-wheeler loan (Up to 30% p.a.), so it cannot be ranked on a starting rate.
- Bajaj Auto Credit publishes only a ceiling for its three-wheeler loan (Up to 30% p.a.), so it cannot be ranked on a starting rate.
- 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.
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 Bajaj Auto Credit, Chola and SBI
Bajaj Auto Credit
NBFC · Bajaj Auto Credit Ltd (BACL)
Captive financier of Bajaj Auto, financing Bajaj two-wheelers, three-wheelers and Qute
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)
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.
- Bajaj Auto Credit: bajajautocredit.com/two-wheeler-loan-interest-rates · bajajautocredit.com/three-wheeler-loan-interest-rates
- 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
- 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.
More loan provider comparisons
Bajaj Auto Credit compared with other loan providers
Chola compared with other loan providers
SBI compared with other loan providers
Head-to-head pages for these three loan providers
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Frequently asked questions
Which is better for a two-wheeler loan: Bajaj Auto Credit, Chola or SBI?
For a two-wheeler loan, SBI advertises the lower starting rate here (11.70%), versus 15% 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 two-wheeler loan interest rate: Bajaj Auto Credit, Chola or SBI?
SBI has the lower published starting rate. Published starting rates: Chola 15% and SBI 11.70% (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 two-wheeler loan at Bajaj Auto Credit, Chola and SBI?
Bajaj Auto Credit: Up to 5% of loan amount. Chola: 0.75% - 5% + sourcing fee Rs 500 - 2,500. SBI: 3% of loan + GST (50% waiver for salary package customers). Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum two-wheeler loan tenure at Bajaj Auto Credit, Chola and SBI?
Bajaj Auto Credit: 3-60 months. Chola: not published. SBI: up to 60 months.
What is the EMI on a ₹1 lakh two-wheeler loan at Bajaj Auto Credit, Chola and SBI?
Over 36 months at each loan provider's lowest published rate: Chola about ₹3,467 a month at 15%; SBI about ₹3,307 a month at 11.70%. 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 two-wheeler loan from Bajaj Auto Credit, Chola and SBI?
Bajaj Auto Credit: Rs 9,999 to Rs 20 lakh. Chola: Up to 100% of bike value. SBI: 85% of on-road price; max Rs 3 lakh. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Bajaj Auto Credit, Chola and SBI publish for a two-wheeler loan?
Bajaj Auto Credit: Rate varies by BACL credit and risk policy. Chola: No funding of used two-wheelers; Rural and semi-urban focus. SBI: 0.50% rate concession for electric two-wheelers; Separate Super Bike Loan: 12.55% - 14.55%, fee 2% (max Rs 10,000 + GST). Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a two-wheeler loan early at Bajaj Auto Credit, Chola and SBI?
Bajaj Auto Credit: 'Nominal foreclosure charges' (no figure published on page). Chola: Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST. SBI: not published. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Bajaj Auto Credit, Chola and SBI publish rates for?
Bajaj Auto Credit: two-wheeler loan, electric two- and three-wheeler loan, three-wheeler loan. Chola: car loan, two-wheeler loan, used car loan, three-wheeler loan, tractor 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.