Bajaj Finance vs Chola vs Federal Bank at a glance
| Detail | Bajaj Finance | Chola | Federal Bank |
|---|---|---|---|
| Loan provider type | NBFC | NBFC | Private bank |
| Legal name | Bajaj Finance Ltd | Cholamandalam Investment and Finance Company Ltd (Chola) | Federal Bank |
| Vehicle loans with a published rate | Car loan, Two-wheeler loan, Used car 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, Commercial vehicle loan |
| Car loan: published rate | Up to 12.25% p.a. | 9% - 20% p.a.car; MUV 9% - 20% | 7.90% - 9.00% |
| Car loan: maximum tenure | 12-96 months | Not published | 84 months |
| Two-wheeler loan: published rate | Up to 24.25% p.a. | 15% - 28% p.a. | 12.60% - 16.00% |
| Two-wheeler loan: maximum tenure | Not published | Not published | 60 months |
| Used car loan: published rate | 10% - 18.25% p.a. | 15% - 28% p.a.MUV 14% - 28% | 10.15% - 14.00% |
| Used car loan: maximum tenure | 12-84 months | 5 years | 60 months |
| Official website | bajajfinserv.in | cholamandalam.com | federal.bank.in |
Bajaj Finance vs Chola vs Federal Bank car loan: rate, fees and tenure
Starting car loan rates as published: Chola from 9% and Federal Bank from 7.90%. Federal Bank 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 (12-96 months).
| Detail | Bajaj Finance | Chola | Federal Bank |
|---|---|---|---|
| Product | New Car Finance | New Car Loan | Federal Personal Car Loan (new) |
| Published rate | Up to 12.25% p.a. | 9% - 20% p.a.car; MUV 9% - 20% | 7.90% - 9.00% |
| Rate basis | Not published | Fixed | Fixed (product page also lists 10.15% floating, repo-linked) |
| Maximum tenure | 12-96 months | Not published | 84 months |
| Maximum funding | Up to 100% of on-road price; loans up to Rs 10 crore | Up to 100% on-road | Up to 95% of on-road price |
| Processing fee | Up to 2.95% of loan amount (incl. taxes) | 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500 | 1% of loan (min ₹1,000, max ₹50,000) |
| 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 | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Nil |
| Other terms published | Not published |
|
|
| Official source | bajajfinserv.in bajajfinserv.in bajajfinserv.in | cholamandalam.com files.cholamandalam.com | federal.bank.in federal.bank.in federal.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 |
| Federal Bank | 7.90% | ₹20,229 | ₹2,13,714 | ₹12,13,714 |
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%) | Federal Bank (7.90%) |
|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,114 |
| ₹10 lakh | ₹20,758 | ₹20,229 |
| ₹15 lakh | ₹31,138 | ₹30,343 |
| ₹20 lakh | ₹41,517 | ₹40,457 |
Read the full guide: Car loan · EMI calculator
Bajaj Finance vs Chola vs Federal Bank two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Chola from 15% and Federal Bank from 12.60%. Federal 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 | Bajaj Finance | Chola | Federal Bank |
|---|---|---|---|
| Product | Two-Wheeler Finance | Two Wheeler Loan (new only) | Federal Personal Car Loan (new two-wheeler) |
| Published rate | Up to 24.25% p.a. | 15% - 28% p.a. | 12.60% - 16.00% |
| Rate basis | Not published | Fixed | Fixed |
| Maximum tenure | Not published | Not published | 60 months |
| Maximum funding | Up to 100% of on-road price (promotional text) | Up to 100% of bike value | Not published |
| Processing fee | Up to 5% of loan amount (incl. taxes) | 0.75% - 5% + sourcing fee Rs 500 - 2,500 | 2.50% (min ₹2,500) |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Nil |
| Other terms published |
|
| Not published |
| Official source | bajajfinserv.in bajajfinserv.in | cholamandalam.com files.cholamandalam.com | federal.bank.in federal.bank.in federal.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 |
| Federal Bank | 12.60% | ₹3,350 | ₹20,606 | ₹1,20,606 |
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%) | Federal Bank (12.60%) |
|---|---|---|
| ₹0.5 lakh | ₹1,733 | ₹1,675 |
| ₹1 lakh | ₹3,467 | ₹3,350 |
| ₹1.5 lakh | ₹5,200 | ₹5,025 |
Read the full guide: Two-wheeler loan · EMI calculator
Bajaj Finance vs Chola vs Federal Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: Bajaj Finance from 10%, Chola from 15% and Federal Bank from 10.15%. 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).
| Detail | Bajaj Finance | Chola | Federal Bank |
|---|---|---|---|
| Product | Used Car Finance | Used Car Loan | Loan for Pre-Owned Cars |
| Published rate | 10% - 18.25% p.a. | 15% - 28% p.a.MUV 14% - 28% | 10.15% - 14.00% |
| Rate basis | Not published | Fixed | Fixed (product page also lists 15.05% floating) |
| Maximum tenure | 12-84 months | 5 years | 60 months |
| Maximum funding | Rs 1 lakh to Rs 2.5 crore | Up to 100%* | Up to 90% of vehicle value |
| Processing fee | Up to 2.95% of loan amount (incl. taxes) | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 | 1% of loan (min ₹5,000, max ₹2,50,000) |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Nil |
| Other terms published | Not published |
| Not published |
| Official source | bajajfinserv.in bajajfinserv.in | cholamandalam.com files.cholamandalam.com | federal.bank.in federal.bank.in federal.bank.in |
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 |
| Federal Bank | 10.15% | ₹12,717 | ₹1,10,432 | ₹6,10,432 |
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%) | Federal Bank (10.15%) |
|---|---|---|---|
| ₹3 lakh | ₹7,609 | ₹8,349 | ₹7,630 |
| ₹5 lakh | ₹12,681 | ₹13,915 | ₹12,717 |
| ₹8 lakh | ₹20,290 | ₹22,265 | ₹20,348 |
Read the full guide: Used car loan · EMI calculator
Bajaj Finance vs Chola vs Federal Bank 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. Federal Bank does not publish a three-wheeler loan rate on its website, so none is shown.
| Detail | Bajaj Finance | Chola | Federal Bank |
|---|---|---|---|
| Product | Three-Wheeler Finance | Three Wheeler Loans | Not published |
| Published rate | Up to 27.25% p.a. | New non-EV 21% - 28%; used non-EV 25% - 28% p.a. | Not published |
| Rate basis | Not published | Fixed | Not published |
| Processing fee | Up to 5% of loan amount (incl. taxes) | New 1.5% - 3.5%; used 1% - 2.5% + sourcing fee | Not published |
| Pre-closure / prepayment | Foreclosure up to 4.72% (incl. taxes) of outstanding; part-prepayment up to 4.72% of principal prepaid | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published |
| Other terms published | Not published |
| Not published |
| Official source | bajajfinserv.in | cholamandalam.com files.cholamandalam.com | Not published |
Read the full guide: Three-wheeler loan
Bajaj Finance vs Chola vs Federal Bank 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 Federal Bank do not publish a tractor loan rate on their website, so none is shown.
| Detail | Bajaj Finance | Chola | Federal Bank |
|---|---|---|---|
| Product | New Tractor Loan (also Used Tractor Loan, Loan Against Tractor) | Tractor & Farm Equipment Loans | Not published |
| Published rate | Not published | New 12% - 28%; used 17% - 28% p.a. | Not published |
| Rate basis | Not published | Fixed | Not published |
| Processing fee | Not published | New 0.25% - 2%; used 0.75% - 3.25% + 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 | bajajfinserv.in bajajfinserv.in | cholamandalam.com files.cholamandalam.com | Not published |
Read the full guide: Tractor loan
Bajaj Finance vs Chola vs Federal Bank commercial vehicle loan: rate, fees and tenure
Only Federal Bank publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bajaj Finance and Chola do not publish a commercial vehicle loan rate on their website, so none is shown.
| Detail | Bajaj Finance | Chola | Federal Bank |
|---|---|---|---|
| Product | New Commercial Vehicle Loan (also Used CV Loan, Loan Against CV) | Commercial Vehicle Loan (new and used) | Commercial Vehicles & Construction Equipment Finance |
| Published rate | Not published | New: HCV/LCV 9% - 18%, MLCV 11% - 20%; Used: HCV 12% - 28%, LCV 14% - 28%, MLCV 15% - 28% p.a. | 7.50% - 15% |
| Rate basis | Not published | Fixed | Not published |
| Maximum tenure | Not published | 84 months (new) | Not published |
| Maximum funding | Not published | Up to 100% (new) | Not published |
| Processing fee | Not published | New 0.25% - 2%; used 0.25% - 3.25% (by segment) + sourcing fee | 0.25% + GST (product page); charges schedule lists 2% |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Up to 3% |
| Other terms published |
|
|
|
| Official source | bajajfinserv.in bajajfinserv.in | cholamandalam.com files.cholamandalam.com | federal.bank.in federal.bank.in |
Read the full guide: Commercial vehicle loan
Which is better: Bajaj Finance, Chola or Federal Bank?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Car loan, lower starting rate: Federal Bank (7.90%) versus 9% at Chola.
- Two-wheeler loan, lower starting rate: Federal Bank (12.60%) versus 15% at Chola.
- Used car loan, lower starting rate: Bajaj Finance (10%) versus 15% at Chola and 10.15% at Federal Bank.
- Car loan, longer maximum tenure: Bajaj Finance (12-96 months). A longer tenure lowers the EMI but raises total interest.
- 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 Federal Bank is a private 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.
- 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 Finance, Chola and Federal Bank
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)
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)
Federal Bank
Private bank
Kerala-based private bank whose Personal Car Loan covers new cars, used cars and new two-wheelers on fixed rates, with no prepayment charges and free personal accident cover.
Lowest published starting rate: 7.50% (Commercial vehicle 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
- 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
- Federal Bank: federal.bank.in/retail-loans-interest-rates · federal.bank.in/personal-car-loan · federal.bank.in/car-loan-interest-rate · federal.bank.in/documents/d/guest/retail-loan-charges-07092926 · federal.bank.in/pre-owned-car-loan · federal.bank.in/commercial-vehicles
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 Finance compared with other loan providers
Chola compared with other loan providers
Federal Bank 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 car loan: Bajaj Finance, Chola or Federal Bank?
On the car loan, Federal Bank starts lower at 7.90%, compared with 9% at Chola. Bajaj Finance allows the longer maximum tenure (12-96 months). 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: Bajaj Finance, Chola or Federal Bank?
Federal Bank has the lower published starting rate. Published starting rates: Chola 9% and Federal Bank 7.90% (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 Bajaj Finance, Chola and Federal Bank?
Bajaj Finance: Up to 2.95% of loan amount (incl. taxes). Chola: 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500. Federal Bank: 1% of loan (min ₹1,000, max ₹50,000). Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum car loan tenure at Bajaj Finance, Chola and Federal Bank?
Bajaj Finance: 12-96 months. Chola: not published. Federal Bank: 84 months.
What is the EMI on a ₹10 lakh car loan at Bajaj Finance, Chola and Federal Bank?
Over 60 months at each loan provider's lowest published rate: Chola about ₹20,758 a month at 9%; Federal Bank about ₹20,229 a month at 7.90%. 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 Bajaj Finance, Chola and Federal Bank?
Bajaj Finance: Up to 100% of on-road price; loans up to Rs 10 crore. Chola: Up to 100% on-road. Federal Bank: Up to 95% of on-road price. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Bajaj Finance, Chola and Federal Bank publish for a car loan?
Chola: In-principle sanction at customer's place; Low down payment. Federal Bank: Free personal accident cover up to ₹10 lakh; No-income-document scheme. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a car loan early at Bajaj Finance, Chola and Federal Bank?
Bajaj Finance: Foreclosure up to 4.72% (incl. taxes) of outstanding, after 24 months with no bounces; part-prepayment up to 4.72% of principal prepaid. Chola: Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST. Federal Bank: Nil. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Bajaj Finance, Chola and Federal Bank publish rates for?
Bajaj Finance: car loan, two-wheeler loan, used car loan, three-wheeler loan. Chola: car loan, two-wheeler loan, used car loan, three-wheeler loan, tractor loan. Federal Bank: car loan, two-wheeler loan, used car loan, commercial vehicle 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.