Bank of India vs IDFC FIRST Bank vs SBI at a glance
| Detail | Bank of India | IDFC FIRST Bank | SBI |
|---|---|---|---|
| Loan provider type | Public sector bank | Private bank | Public sector bank |
| Legal name | Bank of India | IDFC FIRST Bank | State Bank of India |
| Vehicle loans with a published rate | Not published | Car loan, Two-wheeler loan, Used car loan, Tractor loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Official website | bankofindia.bank.in | idfcfirst.bank.in | sbi.bank.in |
Bank of India vs IDFC FIRST Bank vs SBI car loan: rate, fees and tenure
Starting car loan rates as published: IDFC FIRST Bank from 8.99% and SBI from 8.40%. SBI is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. IDFC FIRST Bank lists the longer maximum tenure (10 years (120 months)). Bank of India does not publish a car loan rate on its website, so none is shown.
| Detail | Bank of India | IDFC FIRST Bank | SBI |
|---|---|---|---|
| Product | Star Vehicle Loan (Individuals) | New Car Loan | SBI New Car Loan Scheme |
| Published rate | Not published | From 8.99% | 8.40% - 9.35% |
| Rate basis | RBLR-linked (unchanged as of 01.09.2026; value not verified) | Fixed or floating (fees page references fixed-rate bookings and a rate-switch fee) | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | 10 years (120 months) | 7 years |
| Maximum funding | Not published | Up to 100% of on-road price | Up to 100% of on-road price |
| Processing fee | Not published | Up to 5% of loan amount (incl. GST) | Rs 1,000-3,000 + GST (salaried) / Rs 1,500-4,000 + GST (non-salaried), slab by loan amount |
| Pre-closure / prepayment | Not published | 5% of principal outstanding + GST if booked on fixed rate; part-payment 5% + GST | No prepayment charges; no foreclosure charges after 2 years (as published) |
| Other terms published | Not published |
|
|
| Official source | bankofindia.bank.in | idfcfirst.bank.in idfcfirst.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
EMI illustration: ₹10 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| IDFC FIRST Bank | 8.99% | ₹20,754 | ₹2,45,210 | ₹12,45,210 |
| SBI | 8.40% | ₹20,468 | ₹2,28,102 | ₹12,28,102 |
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 | IDFC FIRST Bank (8.99%) | SBI (8.40%) |
|---|---|---|
| ₹5 lakh | ₹10,377 | ₹10,234 |
| ₹10 lakh | ₹20,754 | ₹20,468 |
| ₹15 lakh | ₹31,130 | ₹30,703 |
| ₹20 lakh | ₹41,507 | ₹40,937 |
Read the full guide: Car loan · EMI calculator
Bank of India vs IDFC FIRST Bank vs SBI two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: IDFC FIRST Bank from 9% and SBI from 11.70%. IDFC FIRST 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 | IDFC FIRST Bank | SBI |
|---|---|---|---|
| Product | Not published | Two-Wheeler Loan | SBI Two Wheeler Loan Scheme |
| Published rate | Not published | From 9%premium; from 10% commuter, mid-premium, EV | 11.70% - 15.70% |
| Rate basis | Not published | Not published | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | 60 months | Up to 60 months |
| Maximum funding | Not published | Up to 95% of on-road price | 85% of on-road price; max Rs 3 lakh |
| Processing fee | Not published | Up to 5% (product page advertises zero processing fees) | 3% of loan + GST (50% waiver for salary package customers) |
| Pre-closure / prepayment | Not published | 5% of principal outstanding; part-payment 5% | Not published |
| Other terms published | Not published |
|
|
| Official source | Not published | idfcfirst.bank.in idfcfirst.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
EMI illustration: ₹1 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| IDFC FIRST Bank | 9% | ₹3,180 | ₹14,479 | ₹1,14,479 |
| SBI | 11.70% | ₹3,307 | ₹19,056 | ₹1,19,056 |
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 | IDFC FIRST Bank (9%) | SBI (11.70%) |
|---|---|---|
| ₹0.5 lakh | ₹1,590 | ₹1,654 |
| ₹1 lakh | ₹3,180 | ₹3,307 |
| ₹1.5 lakh | ₹4,770 | ₹4,961 |
Read the full guide: Two-wheeler loan · EMI calculator
Bank of India vs IDFC FIRST Bank vs SBI used car loan: rate, fees and tenure
Starting used car loan rates as published: IDFC FIRST Bank from 11.99% and SBI from 10.45%. SBI is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. IDFC FIRST Bank lists the longer maximum tenure (7 years (repurchase)). Bank of India does not publish a used car loan rate on its website, so none is shown.
| Detail | Bank of India | IDFC FIRST Bank | SBI |
|---|---|---|---|
| Product | Not published | Pre-owned Car Loan | SBI Certified Pre-Owned Car Loan |
| Published rate | Not published | From 11.99%repurchase; from 13.99% refinance | 10.45% - 15.60%credit-score based |
| Rate basis | Not published | Not published | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | 7 years (repurchase) | Up to 5 years (10 years minus vehicle age) |
| Maximum funding | Not published | Up to 200% LTV of market value (Car N Cash refinance) | Up to 85% of valuation; loan Rs 2 lakh - Rs 150 lakh |
| Processing fee | Not published | Up to 5% of loan amount (incl. GST) | 1.50% of loan + GST (min Rs 3,000, max Rs 10,000 + GST) |
| Pre-closure / prepayment | Not published | 5% of principal outstanding + GST; part-payment 5% + GST | Not published |
| Other terms published | Not published |
|
|
| Official source | Not published | idfcfirst.bank.in idfcfirst.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
EMI illustration: ₹5 lakh over 48 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| IDFC FIRST Bank | 11.99% | ₹13,164 | ₹1,31,894 | ₹6,31,894 |
| SBI | 10.45% | ₹12,790 | ₹1,13,902 | ₹6,13,902 |
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 | IDFC FIRST Bank (11.99%) | SBI (10.45%) |
|---|---|---|
| ₹3 lakh | ₹7,899 | ₹7,674 |
| ₹5 lakh | ₹13,164 | ₹12,790 |
| ₹8 lakh | ₹21,063 | ₹20,463 |
Read the full guide: Used car loan · EMI calculator
Bank of India vs IDFC FIRST Bank vs SBI electric car loan: rate, fees and tenure
Only SBI publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Bank of India and IDFC FIRST Bank do not publish an electric car loan rate on their website, so none is shown.
| Detail | Bank of India | IDFC FIRST Bank | SBI |
|---|---|---|---|
| Product | Not published | Not published | SBI Green Car Loan |
| Published rate | Not published | Not published | 8.30% - 9.35% |
| Rate basis | Not published | Not published | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | Not published | Up to 8 years |
| Maximum funding | Not published | Not published | Up to 100% of on-road price |
| Processing fee | Not published | Not published | Nil |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | sbi.bank.in sbi.bank.in sbi.bank.in |
Read the full guide: Electric car loan
Bank of India vs IDFC FIRST Bank vs SBI tractor loan: rate, fees and tenure
Only IDFC FIRST Bank publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. IDFC FIRST Bank lists the longer maximum tenure (72 months (new); 60 months (used)). Bank of India and SBI do not publish a tractor loan rate on their website, so none is shown.
| Detail | Bank of India | IDFC FIRST Bank | SBI |
|---|---|---|---|
| Product | Tractor & Farm Mechanization Loan | Tractor Loan | SBI New Tractor Loan Scheme |
| Published rate | Not published | 12% - 16%new; 16% - 20% used | 1-year MCLR + 3.60% to + 4.35%by collateral |
| Rate basis | Not published | Not published | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | 72 months (new); 60 months (used) | Up to 5 years (half-yearly instalments) |
| Maximum funding | Not published | ₹1-15 lakh (new); ₹1-5.5 lakh (used) | 75% of tractor + accessories cost (25% margin); loan Rs 2 lakh - Rs 25 lakh |
| Processing fee | Not published | 1% of sanctioned amount | 1.50% of loan amount |
| Pre-closure / prepayment | Not published | 2% of principal outstanding + GST | Not published |
| Other terms published |
| Not published |
|
| Official source | bankofindia.bank.in | idfcfirst.bank.in | sbi.bank.in |
Read the full guide: Tractor loan
Which is better: Bank of India, IDFC FIRST Bank or SBI?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Car loan, longer maximum tenure: IDFC FIRST Bank (10 years (120 months)). A longer tenure lowers the EMI but raises total interest.
- Used car loan, longer maximum tenure: IDFC FIRST Bank (7 years (repurchase)). A longer tenure lowers the EMI but raises total interest.
- Tractor loan, longer maximum tenure: IDFC FIRST Bank (72 months (new); 60 months (used)). 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 and SBI are public sector banks and IDFC FIRST 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).
- IDFC FIRST Bank car loan: Fixed or floating (fees page references fixed-rate bookings and a rate-switch fee).
- IDFC FIRST Bank commercial vehicle loan: Fixed.
- SBI car loan: MCLR-linked (per SBI auto loan rate page).
- SBI two-wheeler loan: MCLR-linked (1-year MCLR).
- SBI used car loan: MCLR-linked (1-year MCLR).
- SBI electric car loan: MCLR-linked (per SBI auto loan rate page).
- SBI tractor loan: MCLR-linked (1-year MCLR).
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, IDFC FIRST Bank and SBI
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.
IDFC FIRST Bank
Private bank
Private bank pitching long tenures (up to 10 years on new cars) and high funding across new and used cars, two-wheelers, commercial vehicles and tractors, mostly on fixed rates.
Lowest published starting rate: 8.99% (Car loan)
SBI
Public sector bank · State Bank of India
India's largest bank, offering MCLR-linked car, green (EV) car, certified pre-owned car and two-wheeler loans, plus SME commercial vehicle and agri tractor loans.
Lowest published starting rate: 8.30% (Electric 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
- IDFC FIRST Bank: idfcfirst.bank.in/personal-banking/loans/car-loan · idfcfirst.bank.in/personal-banking/loans/car-loan/fees-and-charges · idfcfirst.bank.in/personal-banking/loans/two-wheeler-loan · idfcfirst.bank.in/personal-banking/loans/two-wheeler-loan/fees-and-charges · idfcfirst.bank.in/personal-banking/loans/pre-owned-car-loan · idfcfirst.bank.in/personal-banking/loans/pre-owned-car-loan/fees-and-charges
- SBI: sbi.bank.in/web/personal-banking/loans/auto-loans/sbi-new-car-loan-scheme · sbi.bank.in/web/interest-rates/interest-rates/loan-schemes-interest-rates/auto-loans · sbi.bank.in/web/interest-rates/interest-rates/processing-fees · sbi.bank.in/web/personal-banking/loans/auto-loans/sbi-two-wheeler-loan-scheme · sbi.bank.in/web/personal-banking/loans/auto-loans/certified-pre-owned-car-loan · sbi.bank.in/web/personal-banking/loans/auto-loans/green-car-loan
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.
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Frequently asked questions
Which is better for a vehicle loan: Bank of India, IDFC FIRST Bank or SBI?
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, IDFC FIRST Bank and SBI publish rates for?
Bank of India: no published rate found. IDFC FIRST Bank: car loan, two-wheeler loan, used car loan, tractor loan. SBI: 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.