Bajaj Finance vs Bank of India vs Chola at a glance
| Detail | Bajaj Finance | Bank of India | Chola |
|---|---|---|---|
| Loan provider type | NBFC | Public sector bank | NBFC |
| Legal name | Bajaj Finance Ltd | Bank of India | Cholamandalam Investment and Finance Company Ltd (Chola) |
| Vehicle loans with a published rate | Car loan, Two-wheeler loan, Used car loan, Three-wheeler loan | Not published | Car loan, Two-wheeler loan, Used car loan, Three-wheeler loan, Tractor loan |
| Official website | bajajfinserv.in | bankofindia.bank.in | cholamandalam.com |
Bajaj Finance vs Bank of India vs Chola car loan: rate, fees and tenure
Only Bajaj Finance and Chola publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bank of India does not publish a car loan rate on its website, so none is shown.
| Detail | Bajaj Finance | Bank of India | Chola |
|---|---|---|---|
| Product | New Car Finance | Star Vehicle Loan (Individuals) | New Car Loan |
| Published rate | Up to 12.25% p.a. | Not published | 9% - 20% p.a.car; MUV 9% - 20% |
| Rate basis | Not published | RBLR-linked (unchanged as of 01.09.2026; value not verified) | Fixed |
| Maximum tenure | 12-96 months | Not published | Not published |
| Maximum funding | Up to 100% of on-road price; loans up to Rs 10 crore | Not published | Up to 100% on-road |
| Processing fee | Up to 2.95% of loan amount (incl. taxes) | Not published | 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500 |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding, after 24 months with no bounces; part-prepayment up to 4.72% of principal prepaid | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published | Not published | Not published |
|
| Official source | bajajfinserv.in bajajfinserv.in bajajfinserv.in | bankofindia.bank.in | cholamandalam.com files.cholamandalam.com |
Read the full guide: Car loan · EMI calculator
Bajaj Finance vs Bank of India vs Chola two-wheeler loan: rate, fees and tenure
Only Bajaj Finance and Chola publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bank of India does not publish a two-wheeler loan rate on its website, so none is shown.
| Detail | Bajaj Finance | Bank of India | Chola |
|---|---|---|---|
| Product | Two-Wheeler Finance | Not published | Two Wheeler Loan (new only) |
| Published rate | Up to 24.25% p.a. | Not published | 15% - 28% p.a. |
| Rate basis | Not published | Not published | Fixed |
| Maximum funding | Up to 100% of on-road price (promotional text) | Not published | Up to 100% of bike value |
| Processing fee | Up to 5% of loan amount (incl. taxes) | Not published | 0.75% - 5% + sourcing fee Rs 500 - 2,500 |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | 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 | bajajfinserv.in bajajfinserv.in | Not published | cholamandalam.com files.cholamandalam.com |
Read the full guide: Two-wheeler loan · EMI calculator
Bajaj Finance vs Bank of India vs Chola used car loan: rate, fees and tenure
Starting used car loan rates as published: Bajaj Finance from 10% and Chola from 15%. Bajaj Finance is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Bajaj Finance lists the longer maximum tenure (12-84 months). Bank of India does not publish a used car loan rate on its website, so none is shown.
| Detail | Bajaj Finance | Bank of India | Chola |
|---|---|---|---|
| Product | Used Car Finance | Not published | Used Car Loan |
| Published rate | 10% - 18.25% p.a. | Not published | 15% - 28% p.a.MUV 14% - 28% |
| Rate basis | Not published | Not published | Fixed |
| Maximum tenure | 12-84 months | Not published | 5 years |
| Maximum funding | Rs 1 lakh to Rs 2.5 crore | Not published | Up to 100%* |
| Processing fee | Up to 2.95% of loan amount (incl. taxes) | Not published | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published | Not published | Not published |
|
| Official source | bajajfinserv.in bajajfinserv.in | Not published | cholamandalam.com files.cholamandalam.com |
EMI illustration: ₹5 lakh over 48 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Bajaj Finance | 10% | ₹12,681 | ₹1,08,702 | ₹6,08,702 |
| Chola | 15% | ₹13,915 | ₹1,67,938 | ₹6,67,938 |
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 | Bajaj Finance (10%) | Chola (15%) |
|---|---|---|
| ₹3 lakh | ₹7,609 | ₹8,349 |
| ₹5 lakh | ₹12,681 | ₹13,915 |
| ₹8 lakh | ₹20,290 | ₹22,265 |
Read the full guide: Used car loan · EMI calculator
Bajaj Finance vs Bank of India vs Chola three-wheeler loan: rate, fees and tenure
Only Bajaj Finance and Chola publish a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bank of India does not publish a three-wheeler loan rate on its website, so none is shown.
| Detail | Bajaj Finance | Bank of India | Chola |
|---|---|---|---|
| Product | Three-Wheeler Finance | Not published | Three Wheeler Loans |
| Published rate | Up to 27.25% p.a. | Not published | New non-EV 21% - 28%; used non-EV 25% - 28% p.a. |
| Rate basis | Not published | Not published | Fixed |
| Processing fee | Up to 5% of loan amount (incl. taxes) | Not published | New 1.5% - 3.5%; used 1% - 2.5% + sourcing fee |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published | Not published | Not published |
|
| Official source | bajajfinserv.in | Not published | cholamandalam.com files.cholamandalam.com |
Read the full guide: Three-wheeler loan
Bajaj Finance vs Bank of India 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. Bajaj Finance and Bank of India do not publish a tractor loan rate on their website, so none is shown.
| Detail | Bajaj Finance | Bank of India | Chola |
|---|---|---|---|
| Product | New Tractor Loan (also Used Tractor Loan, Loan Against Tractor) | Tractor & Farm Mechanization Loan | Tractor & Farm Equipment Loans |
| Published rate | Not published | Not published | New 12% - 28%; used 17% - 28% p.a. |
| Rate basis | Not published | Not published | Fixed |
| Processing fee | Not published | Not published | New 0.25% - 2%; used 0.75% - 3.25% + sourcing fee |
| Pre-closure / prepayment | Not published | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
| Other terms published |
|
|
|
| Official source | bajajfinserv.in bajajfinserv.in | bankofindia.bank.in | cholamandalam.com files.cholamandalam.com |
Read the full guide: Tractor loan
Which is better: Bajaj Finance, Bank of India or Chola?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Used car loan, longer maximum tenure: Bajaj Finance (12-84 months). A longer tenure lowers the EMI but raises total interest.
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 Finance and Chola are nbfcs and Bank of India is a public sector bank.
What the loan providers' own pages say about how their rates are set:
- Bajaj Finance publishes only a ceiling for its car loan (Up to 12.25% p.a.), so it cannot be ranked on a starting rate.
- Bajaj Finance publishes only a ceiling for its two-wheeler loan (Up to 24.25% p.a.), so it cannot be ranked on a starting rate.
- Bajaj Finance publishes only a ceiling for its three-wheeler loan (Up to 27.25% p.a.), so it cannot be ranked on a starting rate.
- Bank of India car loan: RBLR-linked (unchanged as of 01.09.2026; value not verified).
- Chola car loan: Fixed.
- Chola two-wheeler loan: Fixed.
- Chola used car loan: Fixed.
- Chola electric two- and 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 Finance, Bank of India and Chola
Bajaj Finance
NBFC · Bajaj Finance Ltd
Large diversified consumer-lending NBFC; vehicle finance alongside personal, consumer durable, home and business loans
Lowest published starting rate: 10% (Used car loan)
Bank of India
Public sector bank
PSU loan provider offering vehicle finance under its Star Vehicle Loan scheme for individuals and other entities, plus tractor and farm-vehicle loans for agriculturists.
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.
- Bajaj Finance: bajajfinserv.in/new-car-finance-interest-rates-and-charges · bajajfinserv.in/new-car-loan · bajajfinserv.in/all-fees-and-charges · bajajfinserv.in/two-wheeler-loan-interest-rates · bajajfinserv.in/used-car-loan · bajajfinserv.in/tractor-loan
- Bank of India: bankofindia.bank.in/vehicle-loan/star-vehicle-loan-individual · bankofindia.bank.in/en/farm-mechanization-loans
- 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
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Chola 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 vehicle loan: Bajaj Finance, Bank of India or Chola?
These loan providers do not all publish a rate for the same vehicle loan, so they cannot be ranked on rate alone here. Compare the fees, tenure and pre-closure terms in the tables above and ask each loan provider for its Key Fact Statement.
Which vehicle loans do Bajaj Finance, Bank of India and Chola publish rates for?
Bajaj Finance: car loan, two-wheeler loan, used car loan, three-wheeler loan. Bank of India: no published rate found. 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.