Bank of India vs Chola vs TVS Credit at a glance
| Detail | Bank of India | Chola | TVS Credit |
|---|---|---|---|
| Loan provider type | Public sector bank | NBFC | NBFC |
| Legal name | Bank of India | Cholamandalam Investment and Finance Company Ltd (Chola) | TVS Credit Services Ltd |
| Vehicle loans with a published rate | Not published | Car loan, Two-wheeler loan, Used car loan, Three-wheeler loan, Tractor loan | Two-wheeler loan, Used car loan, Three-wheeler loan, Tractor loan, Commercial vehicle loan |
| Official website | bankofindia.bank.in | cholamandalam.com | tvscredit.com |
Bank of India vs Chola vs TVS Credit 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. Bank of India and TVS Credit do not publish a car loan rate on their website, so none is shown.
| Detail | Bank of India | Chola | TVS Credit |
|---|---|---|---|
| Product | Star Vehicle Loan (Individuals) | New Car Loan | Not published |
| Published rate | Not published | 9% - 20% p.a.car; MUV 9% - 20% | Not published |
| Rate basis | RBLR-linked (unchanged as of 01.09.2026; value not verified) | Fixed | Not published |
| Maximum funding | Not published | Up to 100% on-road | Not published |
| Processing fee | Not published | 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500 | 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 |
| Not published |
| Official source | bankofindia.bank.in | cholamandalam.com files.cholamandalam.com | Not published |
Read the full guide: Car loan · EMI calculator
Bank of India vs Chola vs TVS Credit two-wheeler loan: rate, fees and tenure
Only Chola and TVS Credit 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 | Bank of India | Chola | TVS Credit |
|---|---|---|---|
| Product | Not published | Two Wheeler Loan (new only) | Two Wheeler Loan |
| Published rate | Not published | 15% - 28% p.a. | Up to 36% p.a.policy, 2023 |
| Rate basis | Not published | Fixed | Fixed IRR |
| Maximum tenure | Not published | Not published | 12-60 months |
| Maximum funding | Not published | Up to 100% of bike value | Up to 95% of on-road price |
| Processing fee | Not published | 0.75% - 5% + sourcing fee Rs 500 - 2,500 | New 2W up to 8.85%; used 2W up to 5.9% (incl. GST) |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 3% of principal outstanding up to 12 months; 4% for 12-24 months; 5% after 24 months |
| Other terms published | Not published |
|
|
| Official source | Not published | cholamandalam.com files.cholamandalam.com | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Two-wheeler loan · EMI calculator
Bank of India vs Chola vs TVS Credit used car loan: rate, fees and tenure
Only Chola and TVS Credit 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 used car loan rate on its website, so none is shown.
| Detail | Bank of India | Chola | TVS Credit |
|---|---|---|---|
| Product | Not published | Used Car Loan | Used Car Loan |
| Published rate | Not published | 15% - 28% p.a.MUV 14% - 28% | Up to 30% p.a.policy, 2023 |
| Rate basis | Not published | Fixed | Fixed IRR |
| Maximum tenure | Not published | 5 years | 12-60 months |
| Maximum funding | Not published | Up to 100%* | Up to 95% of asset value |
| Processing fee | Not published | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 | Up to 5.9% (schedule of charges) |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 6.5% of principal outstanding up to 12 months; 6% for 12-24 months; 5.5% after 24 months |
| Other terms published | Not published |
|
|
| Official source | Not published | cholamandalam.com files.cholamandalam.com | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Used car loan · EMI calculator
Bank of India vs Chola vs TVS Credit three-wheeler loan: rate, fees and tenure
Starting three-wheeler loan rates as published: Chola from 21% and TVS Credit from 13%. TVS Credit is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Bank of India does not publish a three-wheeler loan rate on its website, so none is shown.
| Detail | Bank of India | Chola | TVS Credit |
|---|---|---|---|
| Product | Not published | Three Wheeler Loans | Three Wheeler Loan |
| Published rate | Not published | New non-EV 21% - 28%; used non-EV 25% - 28% p.a. | 13% - 29% p.a.policy, 2023 |
| Rate basis | Not published | Fixed | Fixed IRR |
| Maximum tenure | Not published | Not published | 4 years |
| Maximum funding | Not published | Not published | Based on vehicle and customer profile |
| Processing fee | Not published | New 1.5% - 3.5%; used 1% - 2.5% + sourcing fee | Up to 5.9% |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 3% of principal outstanding up to 12 months; 4% for 12-24 months; 5% after 24 months |
| Other terms published | Not published |
|
|
| Official source | Not published | cholamandalam.com files.cholamandalam.com | tvscredit.com tvscredit.com tvscredit.com |
EMI illustration: ₹3 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Chola | 21% | ₹11,303 | ₹1,06,891 | ₹4,06,891 |
| TVS Credit | 13% | ₹10,108 | ₹63,895 | ₹3,63,895 |
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 (21%) | TVS Credit (13%) |
|---|---|---|
| ₹2 lakh | ₹7,535 | ₹6,739 |
| ₹3 lakh | ₹11,303 | ₹10,108 |
| ₹5 lakh | ₹18,838 | ₹16,847 |
Read the full guide: Three-wheeler loan
Bank of India vs Chola vs TVS Credit tractor loan: rate, fees and tenure
Starting tractor loan rates as published: Chola from 12% and TVS Credit from 11%. TVS Credit is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. Bank of India does not publish a tractor loan rate on its website, so none is shown.
| Detail | Bank of India | Chola | TVS Credit |
|---|---|---|---|
| Product | Tractor & Farm Mechanization Loan | Tractor & Farm Equipment Loans | Tractor Loan (also Used Tractor Loan) |
| Published rate | Not published | New 12% - 28%; used 17% - 28% p.a. | New 11% - 25% p.a.; used 14% - 34% p.a.policy, 2023 |
| Rate basis | Not published | Fixed | Fixed IRR |
| Maximum tenure | Not published | Not published | 12-72 months |
| Maximum funding | Not published | Not published | Up to 90% of tractor price |
| Processing fee | Not published | New 0.25% - 2%; used 0.75% - 3.25% + sourcing fee | Up to 5.9% |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 6% of future principal outstanding up to 12 months; 5% after |
| Other terms published |
|
|
|
| Official source | bankofindia.bank.in | cholamandalam.com files.cholamandalam.com | tvscredit.com tvscredit.com tvscredit.com |
EMI illustration: ₹8 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Chola | 12% | ₹17,796 | ₹2,67,733 | ₹10,67,733 |
| TVS Credit | 11% | ₹17,394 | ₹2,43,636 | ₹10,43,636 |
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 (12%) | TVS Credit (11%) |
|---|---|---|
| ₹5 lakh | ₹11,122 | ₹10,871 |
| ₹8 lakh | ₹17,796 | ₹17,394 |
| ₹12 lakh | ₹26,693 | ₹26,091 |
Read the full guide: Tractor loan
Bank of India vs Chola vs TVS Credit commercial vehicle loan: rate, fees and tenure
Only TVS Credit publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Chola lists the longer maximum tenure (84 months (new)). Bank of India and Chola do not publish a commercial vehicle loan rate on their website, so none is shown.
| Detail | Bank of India | Chola | TVS Credit |
|---|---|---|---|
| Product | Not published | Commercial Vehicle Loan (new and used) | Used Commercial Vehicle Loan (used only) |
| Published rate | Not published | New: HCV/LCV 9% - 18%, MLCV 11% - 20%; Used: HCV 12% - 28%, LCV 14% - 28%, MLCV 15% - 28% p.a. | Up to 30% p.a.policy, 2023 |
| Rate basis | Not published | Fixed | Fixed IRR |
| Maximum tenure | Not published | 84 months (new) | 6-36 months |
| 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 | Up to 5.9% |
| Pre-closure / prepayment | Not published | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 4% of principal outstanding up to 12 months; 5% for 13-36 months; 6% after 36 months |
| Other terms published | Not published |
|
|
| Official source | Not published | cholamandalam.com files.cholamandalam.com | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Commercial vehicle loan
Which is better: Bank of India, Chola or TVS Credit?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Commercial vehicle loan, longer maximum tenure: Chola (84 months (new)). 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
Bank of India is a public sector bank and Chola and TVS Credit are nbfcs.
What the loan providers' own pages say about how their rates are set:
- 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.
- 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 Bank of India, Chola and TVS Credit
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)
TVS Credit
NBFC · TVS Credit Services Ltd
Captive-linked financier for TVS Motor two-wheelers with wide rural reach; also used car, tractor, 3W and used CV loans
Lowest published starting rate: 11% (Tractor 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.
- 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
- TVS Credit: tvscredit.com/loans/two-wheeler-loans/ · tvscredit.com/wp-content/uploads/2023/11/Interest-Rate-Policy-Ver-2.1-Final.pdf · tvscredit.com/wp-content/uploads/2026/08/Schedule-of-Charges_-V4.2.pdf · tvscredit.com/loans/used-car-loans/ · tvscredit.com/loans/three-wheeler-loans/ · tvscredit.com/loans/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
Chola compared with other loan providers
TVS Credit 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: Bank of India, Chola or TVS Credit?
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 Bank of India, Chola and TVS Credit publish rates for?
Bank of India: no published rate found. Chola: car loan, two-wheeler loan, used car loan, three-wheeler loan, tractor loan. TVS Credit: two-wheeler loan, used car loan, three-wheeler loan, tractor 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.