Chola vs HDFC Bank vs Punjab National Bank at a glance
| Detail | Chola | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Loan provider type | NBFC | Private bank | Public sector bank |
| Legal name | Cholamandalam Investment and Finance Company Ltd (Chola) | HDFC Bank | Punjab National 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 | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Car loan: published rate | 9% - 20% p.a.car; MUV 9% - 20% | 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 |
| Car loan: maximum tenure | Not published | Up to 7 years | 84 months |
| Two-wheeler loan: published rate | 15% - 28% p.a. | 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 |
| Two-wheeler loan: maximum tenure | Not published | Not published | 60 EMIs (scooters/motorcycles) |
| Used car loan: published rate | 15% - 28% p.a.MUV 14% - 28% | 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 |
| Used car loan: maximum tenure | 5 years | Not published | 60 months |
| Official website | cholamandalam.com | hdfc.bank.in | pnb.bank.in |
Chola vs HDFC Bank vs Punjab National Bank car loan: rate, fees and tenure
Starting car loan rates as published: Chola from 9%, HDFC Bank from 7.60% and Punjab National Bank from 7.60%. HDFC Bank and 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.
| Detail | Chola | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Product | New Car Loan | HDFC Bank New Car Loan | PNB Car Loan |
| Published rate | 9% - 20% p.a.car; MUV 9% - 20% | 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 | Fixed | Not published | RLLR-linked (floating); fixed option available |
| Maximum tenure | Not published | Up to 7 years | 84 months |
| Maximum funding | Up to 100% on-road | Up to 100% (profile-based) | 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh |
| Processing fee | 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500 | 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 | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 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 |
|
| Official source | cholamandalam.com files.cholamandalam.com | 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 |
|---|---|---|---|---|
| Chola | 9% | ₹20,758 | ₹2,45,501 | ₹12,45,501 |
| 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 | Chola (9%) | HDFC Bank (7.60%) | Punjab National Bank (7.60%) |
|---|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,043 | ₹10,043 |
| ₹10 lakh | ₹20,758 | ₹20,086 | ₹20,086 |
| ₹15 lakh | ₹31,138 | ₹30,128 | ₹30,128 |
| ₹20 lakh | ₹41,517 | ₹40,171 | ₹40,171 |
Read the full guide: Car loan · EMI calculator
Chola vs HDFC Bank vs Punjab National Bank two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Chola from 15%, 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.
| Detail | Chola | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Product | Two Wheeler Loan (new only) | HDFC Bank Two Wheeler Loan | PNB Saarthi / PNB Power Ride (women) |
| Published rate | 15% - 28% p.a. | 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 | Fixed | Fixed (floating not offered) | RLLR-linked |
| Maximum tenure | Not published | Not published | 60 EMIs (scooters/motorcycles) |
| Maximum funding | Up to 100% of bike value | Not published | 90% (salaried, salary via PNB) or 75% of cost; max Rs 1.5 lakh (Rs 10 lakh for 200cc+) |
| Processing fee | 0.75% - 5% + sourcing fee Rs 500 - 2,500 | 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 | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 5% of principal outstanding up to 24 months, 3% after | Nil |
| Other terms published |
| Not published |
|
| Official source | cholamandalam.com files.cholamandalam.com | 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 |
|---|---|---|---|---|
| Chola | 15% | ₹3,467 | ₹24,795 | ₹1,24,795 |
| 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 | Chola (15%) | HDFC Bank (9.99%) | Punjab National Bank (10%) |
|---|---|---|---|
| ₹0.5 lakh | ₹1,733 | ₹1,613 | ₹1,613 |
| ₹1 lakh | ₹3,467 | ₹3,226 | ₹3,227 |
| ₹1.5 lakh | ₹5,200 | ₹4,839 | ₹4,840 |
Read the full guide: Two-wheeler loan · EMI calculator
Chola vs HDFC Bank vs Punjab National Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: Chola from 15%, 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.
| Detail | Chola | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Product | Used Car Loan | HDFC Bank Pre-Owned Car Loan | PNB Car Loan (used vehicles) |
| Published rate | 15% - 28% p.a.MUV 14% - 28% | 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 | Fixed | Not published | RLLR-linked (floating) or fixed |
| Maximum tenure | 5 years | Not published | 60 months |
| Maximum funding | Up to 100%* | Not published | 75% of vehicle value (25% margin); vehicle up to 3 years old |
| Processing fee | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 | Up to 1% of loan (min Rs 3,500, max Rs 9,000) | Not published |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 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 |
|
| Official source | cholamandalam.com files.cholamandalam.com | 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 |
|---|---|---|---|---|
| Chola | 15% | ₹13,915 | ₹1,67,938 | ₹6,67,938 |
| 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 | Chola (15%) | HDFC Bank (9.50%) | Punjab National Bank (9.45%) |
|---|---|---|---|
| ₹3 lakh | ₹8,349 | ₹7,537 | ₹7,530 |
| ₹5 lakh | ₹13,915 | ₹12,562 | ₹12,550 |
| ₹8 lakh | ₹22,265 | ₹20,099 | ₹20,079 |
Read the full guide: Used car loan · EMI calculator
Chola 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. Chola and HDFC Bank do not publish an electric car loan rate on their website, so none is shown.
| Detail | Chola | 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
Chola vs HDFC Bank vs Punjab National 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. HDFC Bank and Punjab National Bank do not publish a three-wheeler loan rate on their website, so none is shown.
| Detail | Chola | HDFC Bank | Punjab National 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 HDFC Bank vs Punjab National Bank 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. HDFC Bank and Punjab National Bank do not publish a tractor loan rate on their website, so none is shown.
| Detail | Chola | HDFC Bank | Punjab National Bank |
|---|---|---|---|
| Product | Tractor & Farm Equipment Loans | HDFC Bank Tractor Loan | PNB Farm Mechanisation Scheme (tractor financing) |
| Published rate | New 12% - 28%; used 17% - 28% p.a. | Not published | Not published |
| Rate basis | Fixed | Not published | Not published |
| Maximum tenure | Not published | Not published | New tractor: 7-9 years; no-mortgage variant: 5 years |
| Maximum funding | Not published | Not published | Need based, net of margin (min 40% margin for no-mortgage variant) |
| Processing fee | New 0.25% - 2%; used 0.75% - 3.25% + 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 |
|
| Official source | cholamandalam.com files.cholamandalam.com | hdfc.bank.in | pnb.bank.in pnb.bank.in |
Read the full guide: Tractor loan
Which is better: Chola, HDFC Bank or Punjab National Bank?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Car loan, lower starting rate: HDFC Bank and Punjab National Bank (7.60%) versus 9% at Chola.
- Two-wheeler loan, lower starting rate: HDFC Bank (9.99%) versus 15% at Chola and 10% at Punjab National Bank.
- Used car loan, lower starting rate: Punjab National Bank (9.45%) versus 15% at Chola and 9.50% at HDFC Bank.
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, HDFC Bank is a private bank and Punjab National Bank is a public sector bank.
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.
- HDFC Bank two-wheeler loan: Fixed (floating not offered).
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, HDFC Bank and Punjab National 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)
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.
- 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
- 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
Chola compared with other loan providers
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 car loan: Chola, HDFC Bank or Punjab National Bank?
On the car loan, HDFC Bank and Punjab National Bank starts lowest at 7.60%, compared with 9% at Chola. 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, HDFC Bank or Punjab National Bank?
HDFC Bank and Punjab National Bank has the lower published starting rate. Published starting rates: Chola 9%, HDFC Bank 7.60% and Punjab National Bank 7.60% (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, HDFC Bank and Punjab National Bank?
Chola: 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500. HDFC Bank: Up to 0.5% of loan (min Rs 3,500, max Rs 8,000). Punjab National Bank: 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation. Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum car loan tenure at Chola, HDFC Bank and Punjab National Bank?
Chola: not published. HDFC Bank: up to 7 years. Punjab National Bank: 84 months.
What is the EMI on a ₹10 lakh car loan at Chola, HDFC Bank and Punjab National Bank?
Over 60 months at each loan provider's lowest published rate: Chola about ₹20,758 a month at 9%; HDFC Bank about ₹20,086 a month at 7.60%; Punjab National Bank about ₹20,086 a month at 7.60%. 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, HDFC Bank and Punjab National Bank?
Chola: Up to 100% on-road. HDFC Bank: Up to 100% (profile-based). Punjab National Bank: 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Chola, HDFC Bank and Punjab National Bank publish for a car loan?
Chola: In-principle sanction at customer's place; Low down payment. Punjab National Bank: 7.60% for women borrowers and e-vehicles; Digi Car Loan online option; Reimbursement for recently bought cars. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a car loan early at Chola, HDFC Bank and Punjab National Bank?
Chola: Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST. HDFC Bank: Full pre-closure: 6% of principal within 1 year, 5% in months 13-24, 3% after 24 months (loans from 1 Dec 2025). Punjab National Bank: Floating: nil; fixed: 2% on amount prepaid (exceptions apply). Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Chola, HDFC Bank and Punjab National Bank publish rates for?
Chola: car loan, two-wheeler loan, used car loan, three-wheeler loan, tractor loan. 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.