Chola vs Federal Bank vs IDFC FIRST Bank at a glance
| Detail | Chola | Federal Bank | IDFC FIRST Bank |
|---|---|---|---|
| Loan provider type | NBFC | Private bank | Private bank |
| Legal name | Cholamandalam Investment and Finance Company Ltd (Chola) | Federal Bank | IDFC FIRST Bank |
| Vehicle loans with a published rate | 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, Two-wheeler loan, Used car loan, Tractor loan |
| Car loan: published rate | 9% - 20% p.a.car; MUV 9% - 20% | 7.90% - 9.00% | From 8.99% |
| Car loan: maximum tenure | Not published | 84 months | 10 years (120 months) |
| Two-wheeler loan: published rate | 15% - 28% p.a. | 12.60% - 16.00% | From 9%premium; from 10% commuter, mid-premium, EV |
| Two-wheeler loan: maximum tenure | Not published | 60 months | 60 months |
| Used car loan: published rate | 15% - 28% p.a.MUV 14% - 28% | 10.15% - 14.00% | From 11.99%repurchase; from 13.99% refinance |
| Used car loan: maximum tenure | 5 years | 60 months | 7 years (repurchase) |
| Official website | cholamandalam.com | federal.bank.in | idfcfirst.bank.in |
Chola vs Federal Bank vs IDFC FIRST Bank car loan: rate, fees and tenure
Starting car loan rates as published: Chola from 9%, Federal Bank from 7.90% and IDFC FIRST Bank from 8.99%. 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. IDFC FIRST Bank lists the longer maximum tenure (10 years (120 months)).
| Detail | Chola | Federal Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | New Car Loan | Federal Personal Car Loan (new) | New Car Loan |
| Published rate | 9% - 20% p.a.car; MUV 9% - 20% | 7.90% - 9.00% | From 8.99% |
| Rate basis | Fixed | Fixed (product page also lists 10.15% floating, repo-linked) | Fixed or floating (fees page references fixed-rate bookings and a rate-switch fee) |
| Maximum tenure | Not published | 84 months | 10 years (120 months) |
| Maximum funding | Up to 100% on-road | Up to 95% of on-road price | Up to 100% of on-road price |
| Processing fee | 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500 | 1% of loan (min ₹1,000, max ₹50,000) | Up to 5% of loan amount (incl. GST) |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Nil | 5% of principal outstanding + GST if booked on fixed rate; part-payment 5% + GST |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | federal.bank.in federal.bank.in federal.bank.in | idfcfirst.bank.in idfcfirst.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 |
| IDFC FIRST Bank | 8.99% | ₹20,754 | ₹2,45,210 | ₹12,45,210 |
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%) | IDFC FIRST Bank (8.99%) |
|---|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,114 | ₹10,377 |
| ₹10 lakh | ₹20,758 | ₹20,229 | ₹20,754 |
| ₹15 lakh | ₹31,138 | ₹30,343 | ₹31,130 |
| ₹20 lakh | ₹41,517 | ₹40,457 | ₹41,507 |
Read the full guide: Car loan · EMI calculator
Chola vs Federal Bank vs IDFC FIRST Bank two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Chola from 15%, Federal Bank from 12.60% and IDFC FIRST Bank from 9%. 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.
| Detail | Chola | Federal Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Two Wheeler Loan (new only) | Federal Personal Car Loan (new two-wheeler) | Two-Wheeler Loan |
| Published rate | 15% - 28% p.a. | 12.60% - 16.00% | From 9%premium; from 10% commuter, mid-premium, EV |
| Rate basis | Fixed | Fixed | Not published |
| Maximum tenure | Not published | 60 months | 60 months |
| Maximum funding | Up to 100% of bike value | Not published | Up to 95% of on-road price |
| Processing fee | 0.75% - 5% + sourcing fee Rs 500 - 2,500 | 2.50% (min ₹2,500) | Up to 5% (product page advertises zero processing fees) |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Nil | 5% of principal outstanding; part-payment 5% |
| Other terms published |
| Not published |
|
| Official source | cholamandalam.com files.cholamandalam.com | federal.bank.in federal.bank.in federal.bank.in | idfcfirst.bank.in idfcfirst.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 |
| IDFC FIRST Bank | 9% | ₹3,180 | ₹14,479 | ₹1,14,479 |
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%) | IDFC FIRST Bank (9%) |
|---|---|---|---|
| ₹0.5 lakh | ₹1,733 | ₹1,675 | ₹1,590 |
| ₹1 lakh | ₹3,467 | ₹3,350 | ₹3,180 |
| ₹1.5 lakh | ₹5,200 | ₹5,025 | ₹4,770 |
Read the full guide: Two-wheeler loan · EMI calculator
Chola vs Federal Bank vs IDFC FIRST Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: Chola from 15%, Federal Bank from 10.15% and IDFC FIRST Bank from 11.99%. 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. IDFC FIRST Bank lists the longer maximum tenure (7 years (repurchase)).
| Detail | Chola | Federal Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Used Car Loan | Loan for Pre-Owned Cars | Pre-owned Car Loan |
| Published rate | 15% - 28% p.a.MUV 14% - 28% | 10.15% - 14.00% | From 11.99%repurchase; from 13.99% refinance |
| Rate basis | Fixed | Fixed (product page also lists 15.05% floating) | Not published |
| Maximum tenure | 5 years | 60 months | 7 years (repurchase) |
| Maximum funding | Up to 100%* | Up to 90% of vehicle value | Up to 200% LTV of market value (Car N Cash refinance) |
| Processing fee | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 | 1% of loan (min ₹5,000, max ₹2,50,000) | Up to 5% of loan amount (incl. GST) |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Nil | 5% of principal outstanding + GST; part-payment 5% + GST |
| Other terms published |
| Not published |
|
| Official source | cholamandalam.com files.cholamandalam.com | federal.bank.in federal.bank.in federal.bank.in | idfcfirst.bank.in idfcfirst.bank.in |
EMI illustration: ₹5 lakh over 48 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Chola | 15% | ₹13,915 | ₹1,67,938 | ₹6,67,938 |
| Federal Bank | 10.15% | ₹12,717 | ₹1,10,432 | ₹6,10,432 |
| IDFC FIRST Bank | 11.99% | ₹13,164 | ₹1,31,894 | ₹6,31,894 |
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 | Chola (15%) | Federal Bank (10.15%) | IDFC FIRST Bank (11.99%) |
|---|---|---|---|
| ₹3 lakh | ₹8,349 | ₹7,630 | ₹7,899 |
| ₹5 lakh | ₹13,915 | ₹12,717 | ₹13,164 |
| ₹8 lakh | ₹22,265 | ₹20,348 | ₹21,063 |
Read the full guide: Used car loan · EMI calculator
Chola vs Federal Bank vs IDFC FIRST Bank three-wheeler 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. Federal Bank and IDFC FIRST Bank do not publish a three-wheeler loan rate on their website, so none is shown.
| Detail | Chola | Federal Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Three Wheeler Loans | Not published | Not published |
| Published rate | New non-EV 21% - 28%; used non-EV 25% - 28% p.a. | Not published | Not published |
| Rate basis | Fixed | Not published | Not published |
| Processing fee | New 1.5% - 3.5%; used 1% - 2.5% + sourcing fee | Not published | Not published |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published | Not published |
| Other terms published |
| Not published | Not published |
| Official source | cholamandalam.com files.cholamandalam.com | Not published | Not published |
Read the full guide: Three-wheeler loan
Chola vs Federal Bank vs IDFC FIRST Bank tractor loan: rate, fees and tenure
Starting tractor loan rates as published: Chola from 12% and IDFC FIRST Bank from 12%. Federal Bank does not publish a tractor loan rate on its website, so none is shown.
| Detail | Chola | Federal Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Tractor & Farm Equipment Loans | Not published | Tractor Loan |
| Published rate | New 12% - 28%; used 17% - 28% p.a. | Not published | 12% - 16%new; 16% - 20% used |
| Rate basis | Fixed | Not published | Not published |
| Maximum tenure | Not published | Not published | 72 months (new); 60 months (used) |
| Maximum funding | Not published | Not published | ₹1-15 lakh (new); ₹1-5.5 lakh (used) |
| Processing fee | New 0.25% - 2%; used 0.75% - 3.25% + sourcing fee | Not published | 1% of sanctioned amount |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published | 2% of principal outstanding + GST |
| Other terms published |
| Not published | Not published |
| Official source | cholamandalam.com files.cholamandalam.com | Not published | idfcfirst.bank.in |
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 |
| IDFC FIRST Bank | 12% | ₹17,796 | ₹2,67,733 | ₹10,67,733 |
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%) | IDFC FIRST Bank (12%) |
|---|---|---|
| ₹5 lakh | ₹11,122 | ₹11,122 |
| ₹8 lakh | ₹17,796 | ₹17,796 |
| ₹12 lakh | ₹26,693 | ₹26,693 |
Read the full guide: Tractor loan
Chola vs Federal Bank vs IDFC FIRST 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. Chola lists the longer maximum tenure (84 months (new)). Chola and IDFC FIRST Bank do not publish a commercial vehicle loan rate on their website, so none is shown.
| Detail | Chola | Federal Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Commercial Vehicle Loan (new and used) | Commercial Vehicles & Construction Equipment Finance | Commercial Vehicle Loan |
| Published rate | New: HCV/LCV 9% - 18%, MLCV 11% - 20%; Used: HCV 12% - 28%, LCV 14% - 28%, MLCV 15% - 28% p.a. | 7.50% - 15% | Not published |
| Rate basis | Fixed | Not published | Fixed |
| Maximum tenure | 84 months (new) | Not published | 60 months |
| Maximum funding | Up to 100% (new) | Not published | Up to 95% of on-road price |
| Processing fee | New 0.25% - 2%; used 0.25% - 3.25% (by segment) + sourcing fee | 0.25% + GST (product page); charges schedule lists 2% | Not published |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Up to 3% | Not published |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | federal.bank.in federal.bank.in | idfcfirst.bank.in |
Read the full guide: Commercial vehicle loan
Which is better: Chola, Federal Bank or IDFC FIRST 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 and 8.99% at IDFC FIRST Bank.
- Two-wheeler loan, lower starting rate: IDFC FIRST Bank (9%) versus 15% at Chola and 12.60% at Federal Bank.
- Used car loan, lower starting rate: Federal Bank (10.15%) versus 15% at Chola and 11.99% at IDFC FIRST Bank.
- 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.
- 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
Chola is a nbfc and Federal Bank and IDFC FIRST Bank are private banks.
What the loan providers' own pages say about how their rates are set:
- 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.
- Federal Bank car loan: Fixed (product page also lists 10.15% floating, repo-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 Chola, Federal Bank and IDFC FIRST Bank
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)
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)
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.
- 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
- 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
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
Federal Bank compared with other loan providers
IDFC FIRST 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: Chola, Federal Bank or IDFC FIRST Bank?
On the car loan, Federal Bank starts lowest at 7.90%, compared with 9% at Chola and 8.99% at IDFC FIRST Bank. IDFC FIRST Bank allows the longer maximum tenure (10 years (120 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: Chola, Federal Bank or IDFC FIRST Bank?
Federal Bank has the lower published starting rate. Published starting rates: Chola 9%, Federal Bank 7.90% and IDFC FIRST Bank 8.99% (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 Chola, Federal Bank and IDFC FIRST Bank?
Chola: 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500. Federal Bank: 1% of loan (min ₹1,000, max ₹50,000). IDFC FIRST Bank: Up to 5% of loan amount (incl. GST). Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum car loan tenure at Chola, Federal Bank and IDFC FIRST Bank?
Chola: not published. Federal Bank: 84 months. IDFC FIRST Bank: 10 years (120 months).
What is the EMI on a ₹10 lakh car loan at Chola, Federal Bank and IDFC FIRST 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%; IDFC FIRST Bank about ₹20,754 a month at 8.99%. 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 Chola, Federal Bank and IDFC FIRST Bank?
Chola: Up to 100% on-road. Federal Bank: Up to 95% of on-road price. IDFC FIRST Bank: Up to 100% of on-road price. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Chola, Federal Bank and IDFC FIRST 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. IDFC FIRST Bank: Longest tenure among peers at 10 years; Online car marketplace. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a car loan early at Chola, Federal Bank and IDFC FIRST Bank?
Chola: Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST. Federal Bank: Nil. IDFC FIRST Bank: 5% of principal outstanding + GST if booked on fixed rate; part-payment 5% + GST. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Chola, Federal Bank and IDFC FIRST Bank publish rates for?
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. IDFC FIRST Bank: car loan, two-wheeler loan, used car 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.