Bank of India vs HDFC Bank vs Punjab National Bank at a glance
| Detail | Bank of India | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Loan provider type | Public sector bank | Private bank | Public sector bank |
| Legal name | Bank of India | HDFC Bank | Punjab National Bank |
| Vehicle loans with a published rate | Not published | Car loan, Two-wheeler loan, Used car loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Official website | bankofindia.bank.in | hdfc.bank.in | pnb.bank.in |
Bank of India vs HDFC Bank vs Punjab National Bank car loan: rate, fees and tenure
Starting car loan rates as published: HDFC Bank from 7.60% and Punjab National Bank from 7.60%. Bank of India does not publish a car loan rate on its website, so none is shown.
| Detail | Bank of India | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Product | Star Vehicle Loan (Individuals) | HDFC Bank New Car Loan | PNB Car Loan |
| Published rate | Not published | 7.60% - 14.00%rates given to customers, Apr-Jun 2026; average 8.63%; rack rate from 9% onwards | From 7.60%up to 9.70% floating, CIBIL-based |
| Rate basis | RBLR-linked (unchanged as of 01.09.2026; value not verified) | Not published | RLLR-linked (floating); fixed option available |
| Maximum tenure | Not published | Up to 7 years | 84 months |
| Maximum funding | Not published | Up to 100% (profile-based) | 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh |
| Processing fee | Not published | Up to 0.5% of loan (min Rs 3,500, max Rs 8,000) | 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation |
| Pre-closure / prepayment | Not published | Full pre-closure: 6% of principal within 1 year, 5% in months 13-24, 3% after 24 months (loans from 1 Dec 2025) | Floating: nil; fixed: 2% on amount prepaid (exceptions apply) |
| Other terms published | Not published | Not published |
|
| Official source | bankofindia.bank.in | hdfc.bank.in | pnb.bank.in pnb.bank.in pnb.bank.in |
EMI illustration: ₹10 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| HDFC Bank | 7.60% | ₹20,086 | ₹2,05,130 | ₹12,05,130 |
| Punjab National Bank | 7.60% | ₹20,086 | ₹2,05,130 | ₹12,05,130 |
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 | HDFC Bank (7.60%) | Punjab National Bank (7.60%) |
|---|---|---|
| ₹5 lakh | ₹10,043 | ₹10,043 |
| ₹10 lakh | ₹20,086 | ₹20,086 |
| ₹15 lakh | ₹30,128 | ₹30,128 |
| ₹20 lakh | ₹40,171 | ₹40,171 |
Read the full guide: Car loan · EMI calculator
Bank of India vs HDFC Bank vs Punjab National Bank two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: HDFC Bank from 9.99% and Punjab National Bank from 10%. HDFC Bank 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 two-wheeler loan rate on its website, so none is shown.
| Detail | Bank of India | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Product | Not published | HDFC Bank Two Wheeler Loan | PNB Saarthi / PNB Power Ride (women) |
| Published rate | Not published | 9.99% - 25.02%rates given to customers, Apr-Jun 2026; average 18.22%; rack rate from 14.50% | From 10.00%Power Ride; 10.85% salaried; 11.35% others |
| Rate basis | Not published | Fixed (floating not offered) | RLLR-linked |
| Maximum tenure | Not published | Not published | 60 EMIs (scooters/motorcycles) |
| Maximum funding | Not published | Not published | 90% (salaried, salary via PNB) or 75% of cost; max Rs 1.5 lakh (Rs 10 lakh for 200cc+) |
| Processing fee | Not published | Up to 2.5% of loan, plus documentation charges up to 2.25% | 0.50% of loan (min Rs 500, max Rs 1,000) |
| Pre-closure / prepayment | Not published | 5% of principal outstanding up to 24 months, 3% after | Nil |
| Other terms published | Not published | Not published |
|
| Official source | Not published | hdfc.bank.in | pnb.bank.in pnb.bank.in pnb.bank.in |
EMI illustration: ₹1 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| HDFC Bank | 9.99% | ₹3,226 | ₹16,145 | ₹1,16,145 |
| Punjab National Bank | 10% | ₹3,227 | ₹16,162 | ₹1,16,162 |
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 | HDFC Bank (9.99%) | Punjab National Bank (10%) |
|---|---|---|
| ₹0.5 lakh | ₹1,613 | ₹1,613 |
| ₹1 lakh | ₹3,226 | ₹3,227 |
| ₹1.5 lakh | ₹4,839 | ₹4,840 |
Read the full guide: Two-wheeler loan · EMI calculator
Bank of India vs HDFC Bank vs Punjab National Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: HDFC Bank from 9.50% and Punjab National Bank from 9.45%. Punjab National Bank 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 used car loan rate on its website, so none is shown.
| Detail | Bank of India | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Product | Not published | HDFC Bank Pre-Owned Car Loan | PNB Car Loan (used vehicles) |
| Published rate | Not published | 9.50% - 17.00%rates given to customers, Apr-Jun 2026; average 13.51%; rack rate from 11.25% | From 9.45% floating / 10.45% fixed |
| Rate basis | Not published | Not published | RLLR-linked (floating) or fixed |
| Maximum tenure | Not published | Not published | 60 months |
| Maximum funding | Not published | Not published | 75% of vehicle value (25% margin); vehicle up to 3 years old |
| Processing fee | Not published | Up to 1% of loan (min Rs 3,500, max Rs 9,000) | Not published |
| Pre-closure / prepayment | Not published | Full pre-closure: 6% within 1 year, 5% in months 13-24, 3% after 24 months | Floating: nil; fixed: 2% on amount prepaid |
| Other terms published | Not published | Not published |
|
| Official source | Not published | hdfc.bank.in | pnb.bank.in pnb.bank.in |
EMI illustration: ₹5 lakh over 48 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| HDFC Bank | 9.50% | ₹12,562 | ₹1,02,955 | ₹6,02,955 |
| Punjab National Bank | 9.45% | ₹12,550 | ₹1,02,382 | ₹6,02,382 |
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 | HDFC Bank (9.50%) | Punjab National Bank (9.45%) |
|---|---|---|
| ₹3 lakh | ₹7,537 | ₹7,530 |
| ₹5 lakh | ₹12,562 | ₹12,550 |
| ₹8 lakh | ₹20,099 | ₹20,079 |
Read the full guide: Used car loan · EMI calculator
Bank of India vs HDFC Bank vs Punjab National Bank electric car loan: rate, fees and tenure
Only Punjab National Bank publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bank of India and HDFC Bank do not publish an electric car loan rate on their website, so none is shown.
| Detail | Bank of India | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Product | Not published | Not published | PNB Green Car (E-Vehicle) Loan |
| Published rate | Not published | Not published | From 7.60% |
| Rate basis | Not published | Not published | RLLR-linked |
| Maximum tenure | Not published | Not published | 120 EMIs (10 years) |
| Maximum funding | Not published | Not published | 90% of on-road price (10% margin), or nil margin on ex-showroom price |
| Processing fee | Not published | Not published | Nil |
| Pre-closure / prepayment | Not published | Not published | Nil |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | pnb.bank.in pnb.bank.in |
Read the full guide: Electric car loan
Which is better: Bank of India, HDFC Bank or Punjab National Bank?
No loan provider is best for everyone. This is how the published figures split, product by product.
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 and Punjab National Bank are public sector banks and HDFC Bank is a private bank.
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).
- HDFC Bank two-wheeler loan: Fixed (floating not offered).
- Punjab National Bank car loan: RLLR-linked (floating); fixed option available.
- Punjab National Bank two-wheeler loan: RLLR-linked.
- Punjab National Bank used car loan: RLLR-linked (floating) or fixed.
- Punjab National Bank electric car loan: RLLR-linked.
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, HDFC Bank and Punjab National Bank
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.
HDFC Bank
Private bank
Large private-sector car financier offering new and pre-owned car, two-wheeler, MSME commercial vehicle and tractor loans with up to 100% funding on select profiles.
Lowest published starting rate: 7.60% (Car loan)
Punjab National Bank
Public sector bank
Public sector bank with RLLR-linked vehicle loans, low capped processing fees and rate concessions for women and electric vehicles.
Lowest published starting rate: 7.60% (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.
- Bank of India: bankofindia.bank.in/vehicle-loan/star-vehicle-loan-individual · bankofindia.bank.in/en/farm-mechanization-loans
- HDFC Bank: hdfc.bank.in/car-loan/interest-rates-and-charges · hdfc.bank.in/two-wheeler-loan/interest-rates-and-charges · hdfc.bank.in/pre-owned-car-loan/interest-rates-and-charges · hdfc.bank.in/agri-banking/rural-loans/tractor-loan · hdfc.bank.in/msme-banking/msme-vehicle-loan/commercial-vehicle-loan
- Punjab National Bank: pnb.bank.in/carloaninnerpage.html · pnb.bank.in/Retail-Advances-interst-rate-on-advances-linked-to-mclr.html · pnb.bank.in/service-charges-related-to-retail-advances.html · pnb.bank.in/pnbsaarthi.html · pnb.bank.in/PNB-GREEN-CAR-LOAN.html · pnb.bank.in/agriculture-credit-schemes.html
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
HDFC Bank compared with other loan providers
Punjab National 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 vehicle loan: Bank of India, HDFC Bank or Punjab National Bank?
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, HDFC Bank and Punjab National Bank publish rates for?
Bank of India: no published rate found. HDFC Bank: car loan, two-wheeler loan, used car loan. Punjab National Bank: 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.