Chola vs HDFC Bank at a glance
| Detail | Chola | HDFC Bank |
|---|---|---|
| Lender type | NBFC | Private bank |
| Legal name | Cholamandalam Investment and Finance Company Ltd (Chola) | HDFC 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: 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 |
| Car loan: maximum tenure | Not published | Up to 7 years |
| 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% |
| Two-wheeler loan: maximum tenure | Not published | Not published |
| 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% |
| Used car loan: maximum tenure | 5 years | Not published |
| Official website | cholamandalam.com | hdfc.bank.in |
Chola vs HDFC Bank car loan: rate, fees and tenure
Starting car loan rates as published: Chola from 9% and HDFC Bank from 7.60%. 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 |
|---|---|---|
| Product | New Car Loan | HDFC Bank New 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 |
| Rate basis | Fixed | Not published |
| Maximum tenure | Not published | Up to 7 years |
| Maximum funding | Up to 100% on-road | Up to 100% (profile-based) |
| 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) |
| 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) |
| Other terms published |
| Not published |
| Official source | cholamandalam.com files.cholamandalam.com | hdfc.bank.in |
EMI illustration: ₹10 lakh over 60 months
| Lender | 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 |
Illustration only, at each lender'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%) |
|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,043 |
| ₹10 lakh | ₹20,758 | ₹20,086 |
| ₹15 lakh | ₹31,138 | ₹30,128 |
| ₹20 lakh | ₹41,517 | ₹40,171 |
Read the full guide: Car loan · EMI calculator
Chola vs HDFC Bank two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Chola from 15% and HDFC Bank from 9.99%. 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 |
|---|---|---|
| Product | Two Wheeler Loan (new only) | HDFC Bank 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% |
| Rate basis | Fixed | Fixed (floating not offered) |
| Maximum funding | Up to 100% of bike value | Not published |
| Processing fee | 0.75% - 5% + sourcing fee Rs 500 - 2,500 | Up to 2.5% of loan, plus documentation charges up to 2.25% |
| 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 |
| Other terms published |
| Not published |
| Official source | cholamandalam.com files.cholamandalam.com | hdfc.bank.in |
EMI illustration: ₹1 lakh over 36 months
| Lender | 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 |
Illustration only, at each lender'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%) |
|---|---|---|
| ₹0.5 lakh | ₹1,733 | ₹1,613 |
| ₹1 lakh | ₹3,467 | ₹3,226 |
| ₹1.5 lakh | ₹5,200 | ₹4,839 |
Read the full guide: Two-wheeler loan · EMI calculator
Chola vs HDFC Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: Chola from 15% and HDFC Bank from 9.50%. 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 |
|---|---|---|
| Product | Used Car Loan | HDFC Bank Pre-Owned 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% |
| Rate basis | Fixed | Not published |
| Maximum tenure | 5 years | Not published |
| Maximum funding | Up to 100%* | Not published |
| 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) |
| 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 |
| Other terms published |
| Not published |
| Official source | cholamandalam.com files.cholamandalam.com | hdfc.bank.in |
EMI illustration: ₹5 lakh over 48 months
| Lender | 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 |
Illustration only, at each lender'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%) |
|---|---|---|
| ₹3 lakh | ₹8,349 | ₹7,537 |
| ₹5 lakh | ₹13,915 | ₹12,562 |
| ₹8 lakh | ₹22,265 | ₹20,099 |
Read the full guide: Used car loan · EMI calculator
Chola vs HDFC 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 does not publish a three-wheeler loan rate on its website, so none is shown.
| Detail | Chola | HDFC Bank |
|---|---|---|
| Product | Three Wheeler Loans | Not published |
| Published rate | New non-EV 21% - 28%; used non-EV 25% - 28% p.a. | Not published |
| Rate basis | Fixed | Not published |
| Processing fee | New 1.5% - 3.5%; used 1% - 2.5% + sourcing fee | Not published |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published |
| Other terms published |
| Not published |
| Official source | cholamandalam.com files.cholamandalam.com | Not published |
Read the full guide: Three-wheeler loan
Chola vs HDFC 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 does not publish a tractor loan rate on its website, so none is shown.
| Detail | Chola | HDFC Bank |
|---|---|---|
| Product | Tractor & Farm Equipment Loans | HDFC Bank Tractor Loan |
| Published rate | New 12% - 28%; used 17% - 28% p.a. | Not published |
| Rate basis | Fixed | Not published |
| Processing fee | New 0.25% - 2%; used 0.75% - 3.25% + sourcing fee | Not published |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published |
| Other terms published |
| Not published |
| Official source | cholamandalam.com files.cholamandalam.com | hdfc.bank.in |
Read the full guide: Tractor loan
Which is better: Chola or HDFC Bank?
No lender is best for everyone. This is how the published figures split, product by product.
- Car loan, lower starting rate: HDFC Bank (7.60%) versus 9% at Chola.
- Two-wheeler loan, lower starting rate: HDFC Bank (9.99%) versus 15% at Chola.
- Used car loan, lower starting rate: HDFC Bank (9.50%) versus 15% at Chola.
Pick on total cost, not the headline rate: ask each lender 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 lender sets its rate
Chola is a nbfc and HDFC Bank is a private bank.
What the lenders' 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 and HDFC 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)
What to check before you choose a vehicle loan
- Ask for the Key Fact Statement (KFS). RBI requires lenders 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 lender's name is noted on the registration certificate. After the last EMI, collect the NOC and have it removed at the RTO.
Sources, method and last check
Every figure above comes from the lender'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
Method: we list only figures we could find on the lender's official pages. A blank means the lender 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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Chola vs HDFC Bank: personal, home and other loans
Comparing these lenders for something other than a vehicle loan? See their published personal loan, home loan, loan against property, business, gold and education loan terms in one place.
Frequently asked questions
Which is better for a car loan: Chola or HDFC Bank?
For a car loan, HDFC Bank advertises the lower starting rate here (7.60%), versus 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 lender's Key Fact Statement. Figures are as published on the lenders' 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 or HDFC Bank?
HDFC Bank has the lower published starting rate. Published starting rates: Chola 9% and HDFC Bank 7.60% (checked 4 October 2026). Your actual rate depends on your credit profile and the lender's approval.
What is the processing fee on a car loan at Chola and HDFC 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). Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum car loan tenure at Chola and HDFC Bank?
Chola: not published. HDFC Bank: up to 7 years.
What is the EMI on a ₹10 lakh car loan at Chola and HDFC Bank?
Over 60 months at each lender's lowest published rate: Chola about ₹20,758 a month at 9%; HDFC 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 and HDFC Bank?
Chola: Up to 100% on-road. HDFC Bank: Up to 100% (profile-based). Funding is usually profile-based, so the lender decides the final amount.
What other terms do Chola and HDFC Bank publish for a car loan?
Chola: In-principle sanction at customer's place; Low down payment. Check each lender's page for eligibility and documents before you apply.
Can I prepay or foreclose a car loan early at Chola and HDFC 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). Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Chola and HDFC 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. Based on each lender's own website, checked 4 October 2026.
Are the rates on this page the rate I will get?
No. They are the rates the lenders 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 lender. The lender decides approval, rate and terms. Our comparisons are free to read, and we are not paid by the lenders named here to rank them. See how we make money on our advertiser disclosure page.
KhatuLoans is not a lender and is not paid by the lenders named here to rank them. Rates, fees and prices change; always confirm with the lender and dealer. Read our editorial policy and how we make money.