Bajaj Finance vs Chola at a glance
| Detail | Bajaj Finance | Chola |
|---|---|---|
| Loan provider type | NBFC | NBFC |
| Legal name | Bajaj Finance Ltd | Cholamandalam Investment and Finance Company Ltd (Chola) |
| 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: published rate | Up to 12.25% p.a. | 9% - 20% p.a.car; MUV 9% - 20% |
| Car loan: maximum tenure | 12-96 months | Not published |
| Two-wheeler loan: published rate | Up to 24.25% p.a. | 15% - 28% p.a. |
| Two-wheeler loan: maximum tenure | Not published | Not published |
| Used car loan: published rate | 10% - 18.25% p.a. | 15% - 28% p.a.MUV 14% - 28% |
| Used car loan: maximum tenure | 12-84 months | 5 years |
| Official website | bajajfinserv.in | cholamandalam.com |
Bajaj Finance 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.
| Detail | Bajaj Finance | Chola |
|---|---|---|
| Product | New Car Finance | New Car Loan |
| Published rate | Up to 12.25% p.a. | 9% - 20% p.a.car; MUV 9% - 20% |
| Rate basis | Not published | Fixed |
| Maximum tenure | 12-96 months | Not published |
| Maximum funding | Up to 100% of on-road price; loans up to Rs 10 crore | Up to 100% on-road |
| Processing fee | Up to 2.95% of loan amount (incl. taxes) | 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 | 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 bajajfinserv.in | cholamandalam.com files.cholamandalam.com |
Read the full guide: Car loan · EMI calculator
Bajaj Finance 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.
| Detail | Bajaj Finance | Chola |
|---|---|---|
| Product | Two-Wheeler Finance | Two Wheeler Loan (new only) |
| Published rate | Up to 24.25% p.a. | 15% - 28% p.a. |
| Rate basis | Not published | Fixed |
| Maximum funding | Up to 100% of on-road price (promotional text) | Up to 100% of bike value |
| Processing fee | Up to 5% of loan amount (incl. taxes) | 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 | 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 | cholamandalam.com files.cholamandalam.com |
Read the full guide: Two-wheeler loan · EMI calculator
Bajaj Finance 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).
| Detail | Bajaj Finance | Chola |
|---|---|---|
| Product | Used Car Finance | Used Car Loan |
| Published rate | 10% - 18.25% p.a. | 15% - 28% p.a.MUV 14% - 28% |
| Rate basis | Not published | Fixed |
| Maximum tenure | 12-84 months | 5 years |
| Maximum funding | Rs 1 lakh to Rs 2.5 crore | Up to 100%* |
| Processing fee | Up to 2.95% of loan amount (incl. taxes) | 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 | 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 | 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 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.
| Detail | Bajaj Finance | Chola |
|---|---|---|
| Product | Three-Wheeler Finance | Three Wheeler Loans |
| Published rate | Up to 27.25% p.a. | New non-EV 21% - 28%; used non-EV 25% - 28% p.a. |
| Rate basis | Not published | Fixed |
| Processing fee | Up to 5% of loan amount (incl. taxes) | 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 | 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 | cholamandalam.com files.cholamandalam.com |
Read the full guide: Three-wheeler loan
Bajaj Finance 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 does not publish a tractor loan rate on its website, so none is shown.
| Detail | Bajaj Finance | Chola |
|---|---|---|
| Product | New Tractor Loan (also Used Tractor Loan, Loan Against Tractor) | 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 |
|
|
| Official source | bajajfinserv.in bajajfinserv.in | cholamandalam.com files.cholamandalam.com |
Read the full guide: Tractor loan
Which is better: Bajaj Finance or Chola?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Used car loan, lower starting rate: Bajaj Finance (10%) versus 15% at Chola.
- 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.
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 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)
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
- 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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Compare any two or three loan providers · Personal loans · Home loans · Vehicle loans
Bajaj Finance 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 used car loan: Bajaj Finance or Chola?
Bajaj Finance has the lower published starting used car loan rate at 10%, against 15% at Chola. Bajaj Finance allows the longer maximum tenure (12-84 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 used car loan interest rate: Bajaj Finance or Chola?
Bajaj Finance has the lower published starting rate. Published starting rates: Bajaj Finance 10% and Chola 15% (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 used car loan at Bajaj Finance and Chola?
Bajaj Finance: Up to 2.95% of loan amount (incl. taxes). Chola: 0.5% - 3.25% + 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 used car loan tenure at Bajaj Finance and Chola?
Bajaj Finance: 12-84 months. Chola: 5 years.
What is the EMI on a ₹5 lakh used car loan at Bajaj Finance and Chola?
Over 48 months at each loan provider's lowest published rate: Bajaj Finance about ₹12,681 a month at 10%; Chola about ₹13,915 a month at 15%. 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 used car loan from Bajaj Finance and Chola?
Bajaj Finance: Rs 1 lakh to Rs 2.5 crore. Chola: Up to 100%*. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Bajaj Finance and Chola publish for a used car loan?
Chola: Instant approval. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a used car loan early at Bajaj Finance and Chola?
Bajaj Finance: Foreclosure up to 4.72% (incl. taxes) of outstanding; 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. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Bajaj Finance and Chola 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. 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.