Chola vs Hero FinCorp vs Punjab National Bank at a glance
| Detail | Chola | Hero FinCorp | Punjab National Bank |
|---|---|---|---|
| Loan provider type | NBFC | NBFC | Public sector bank |
| Legal name | Cholamandalam Investment and Finance Company Ltd (Chola) | Hero FinCorp Ltd | 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, Electric two- and three-wheeler loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Car loan: published rate | 9% - 20% p.a.car; MUV 9% - 20% | 9% - 18% p.a. | From 7.60%up to 9.70% floating, CIBIL-based |
| Car loan: maximum tenure | Not published | 120 months | 84 months |
| Two-wheeler loan: published rate | 15% - 28% p.a. | 14% - 36% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others |
| Two-wheeler loan: maximum tenure | Not published | 60 months | 60 EMIs (scooters/motorcycles) |
| Used car loan: published rate | 15% - 28% p.a.MUV 14% - 28% | 11.5% - 26% p.a. | From 9.45% floating / 10.45% fixed |
| Used car loan: maximum tenure | 5 years | 60 months | 60 months |
| Official website | cholamandalam.com | herofincorp.com | pnb.bank.in |
Chola vs Hero FinCorp vs Punjab National Bank car loan: rate, fees and tenure
Starting car loan rates as published: Chola from 9%, Hero FinCorp from 9% and Punjab National Bank from 7.60%. 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. Hero FinCorp lists the longer maximum tenure (120 months).
| Detail | Chola | Hero FinCorp | Punjab National Bank |
|---|---|---|---|
| Product | New Car Loan | New Car Loan | PNB Car Loan |
| Published rate | 9% - 20% p.a.car; MUV 9% - 20% | 9% - 18% p.a. | 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 | 120 months | 84 months |
| Maximum funding | Up to 100% on-road | Up to 100% of on-road price; loan Rs 50,000 to Rs 25 lakh | 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 3% of loan amount | 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 | Allowed subject to loan agreement terms (no figure published) | Floating: nil; fixed: 2% on amount prepaid (exceptions apply) |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | herofincorp.com | 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 |
| Hero FinCorp | 9% | ₹20,758 | ₹2,45,501 | ₹12,45,501 |
| 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%) | Hero FinCorp (9%) | Punjab National Bank (7.60%) |
|---|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,379 | ₹10,043 |
| ₹10 lakh | ₹20,758 | ₹20,758 | ₹20,086 |
| ₹15 lakh | ₹31,138 | ₹31,138 | ₹30,128 |
| ₹20 lakh | ₹41,517 | ₹41,517 | ₹40,171 |
Read the full guide: Car loan · EMI calculator
Chola vs Hero FinCorp vs Punjab National Bank two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Chola from 15%, Hero FinCorp from 14% and Punjab National Bank from 10%. 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 | Hero FinCorp | Punjab National Bank |
|---|---|---|---|
| Product | Two Wheeler Loan (new only) | Two-Wheeler Loan | PNB Saarthi / PNB Power Ride (women) |
| Published rate | 15% - 28% p.a. | 14% - 36% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others |
| Rate basis | Fixed | Not published | RLLR-linked |
| Maximum tenure | Not published | 60 months | 60 EMIs (scooters/motorcycles) |
| Maximum funding | Up to 100% of bike value | Up to 95% of cost / 100% on-road (as advertised); up to Rs 3.5 lakh | 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 | Varies by approved loan; no figure published | 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 | Foreclosure charges apply per loan agreement (no figure published) | Nil |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | herofincorp.com herofincorp.com | 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 |
| Hero FinCorp | 14% | ₹3,418 | ₹23,039 | ₹1,23,039 |
| 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%) | Hero FinCorp (14%) | Punjab National Bank (10%) |
|---|---|---|---|
| ₹0.5 lakh | ₹1,733 | ₹1,709 | ₹1,613 |
| ₹1 lakh | ₹3,467 | ₹3,418 | ₹3,227 |
| ₹1.5 lakh | ₹5,200 | ₹5,127 | ₹4,840 |
Read the full guide: Two-wheeler loan · EMI calculator
Chola vs Hero FinCorp vs Punjab National Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: Chola from 15%, Hero FinCorp from 11.50% 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 | Hero FinCorp | Punjab National Bank |
|---|---|---|---|
| Product | Used Car Loan | Used Car Loan (Pre-Owned Car Loan) | PNB Car Loan (used vehicles) |
| Published rate | 15% - 28% p.a.MUV 14% - 28% | 11.5% - 26% p.a. | From 9.45% floating / 10.45% fixed |
| Rate basis | Fixed | Not published | RLLR-linked (floating) or fixed |
| Maximum tenure | 5 years | 60 months | 60 months |
| Maximum funding | Up to 100%* | Rs 50,000 to Rs 50 lakh | 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 4% | Not published |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | 5% of principal outstanding, plus up to 6 months' interest if foreclosed within 6 months of disbursal | Floating: nil; fixed: 2% on amount prepaid |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | herofincorp.com herofincorp.com | 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 |
| Hero FinCorp | 11.50% | ₹13,045 | ₹1,26,136 | ₹6,26,136 |
| 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%) | Hero FinCorp (11.50%) | Punjab National Bank (9.45%) |
|---|---|---|---|
| ₹3 lakh | ₹8,349 | ₹7,827 | ₹7,530 |
| ₹5 lakh | ₹13,915 | ₹13,045 | ₹12,550 |
| ₹8 lakh | ₹22,265 | ₹20,871 | ₹20,079 |
Read the full guide: Used car loan · EMI calculator
Chola vs Hero FinCorp 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 Hero FinCorp do not publish an electric car loan rate on their website, so none is shown.
| Detail | Chola | Hero FinCorp | 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 Hero FinCorp vs Punjab National Bank electric two- and three-wheeler loan: rate, fees and tenure
Only Hero FinCorp publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Chola and Punjab National Bank do not publish an electric two- and three-wheeler loan rate on their website, so none is shown.
| Detail | Chola | Hero FinCorp | Punjab National Bank |
|---|---|---|---|
| Product | EV variants under 2W and 3W loans (no separate EV product page) | Electric Vehicle Loan (Electric Two Wheeler) | Not published |
| Published rate | 2W EV 15% - 28%; 3W EVnew 16% - 28% p.a. | From 5.99%as advertised on application page | Not published |
| Rate basis | Fixed | Not published | Not published |
| Maximum tenure | Not published | 6-60 months | Not published |
| Maximum funding | Not published | Up to Rs 2 lakh | Not published |
| Processing fee | 2W 0.75% - 5%; 3W 1.5% - 3.5% + sourcing fee | 1-2% of loan amount | 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 | files.cholamandalam.com | herofincorp.com | Not published |
Read the full guide: Electric two- and three-wheeler loan
Chola vs Hero FinCorp 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. Hero FinCorp and Punjab National Bank do not publish a three-wheeler loan rate on their website, so none is shown.
| Detail | Chola | Hero FinCorp | 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 Hero FinCorp 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. Hero FinCorp and Punjab National Bank do not publish a tractor loan rate on their website, so none is shown.
| Detail | Chola | Hero FinCorp | Punjab National Bank |
|---|---|---|---|
| Product | Tractor & Farm Equipment Loans | Not published | 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 | Not published | pnb.bank.in pnb.bank.in |
Read the full guide: Tractor loan
Which is better: Chola, Hero FinCorp 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: Punjab National Bank (7.60%) versus 9% at Chola and 9% at Hero FinCorp.
- Two-wheeler loan, lower starting rate: Punjab National Bank (10%) versus 15% at Chola and 14% at Hero FinCorp.
- Used car loan, lower starting rate: Punjab National Bank (9.45%) versus 15% at Chola and 11.50% at Hero FinCorp.
- Car loan, longer maximum tenure: Hero FinCorp (120 months). 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 and Hero FinCorp are nbfcs 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.
- Punjab National Bank car loan: RLLR-linked (floating); fixed option available.
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, Hero FinCorp 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)
Hero FinCorp
NBFC · Hero FinCorp Ltd
Captive financier for Hero MotoCorp two-wheelers, also offering car, personal, business and property loans
Lowest published starting rate: 5.99% (Electric two- and three-wheeler 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
- Hero FinCorp: herofincorp.com/new-car-loan · herofincorp.com/two-wheeler-loan-interest-rates · herofincorp.com/two-wheeler-loan · herofincorp.com/pre-owned-car-loan-interest-rates · herofincorp.com/used-car-loans · herofincorp.com/apply-now/electric-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
Hero FinCorp 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, Hero FinCorp or Punjab National Bank?
On the car loan, Punjab National Bank starts lowest at 7.60%, compared with 9% at Chola and 9% at Hero FinCorp. Hero FinCorp allows the longer maximum tenure (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, Hero FinCorp or Punjab National Bank?
Punjab National Bank has the lower published starting rate. Published starting rates: Chola 9%, Hero FinCorp 9% 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, Hero FinCorp and Punjab National Bank?
Chola: 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500. Hero FinCorp: Up to 3% of loan amount. 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, Hero FinCorp and Punjab National Bank?
Chola: not published. Hero FinCorp: 120 months. Punjab National Bank: 84 months.
What is the EMI on a ₹10 lakh car loan at Chola, Hero FinCorp and Punjab National Bank?
Over 60 months at each loan provider's lowest published rate: Chola about ₹20,758 a month at 9%; Hero FinCorp about ₹20,758 a month at 9%; 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, Hero FinCorp and Punjab National Bank?
Chola: Up to 100% on-road. Hero FinCorp: Up to 100% of on-road price; loan Rs 50,000 to Rs 25 lakh. 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, Hero FinCorp and Punjab National Bank publish for a car loan?
Chola: In-principle sanction at customer's place; Low down payment. Hero FinCorp: All Care Car Loan funds car service cost; Overdraft (flexi-credit) option bundled; Guarantor-based program; Tier 2/3 focus. 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, Hero FinCorp and Punjab National Bank?
Chola: Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST. Hero FinCorp: Allowed subject to loan agreement terms (no figure published). 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, Hero FinCorp and Punjab National Bank publish rates for?
Chola: car loan, two-wheeler loan, used car loan, three-wheeler loan, tractor loan. Hero FinCorp: car loan, two-wheeler loan, used car loan, electric two- and three-wheeler 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.