Chola vs Punjab National Bank vs SBI at a glance
| Detail | Chola | Punjab National Bank | SBI |
|---|---|---|---|
| Loan provider type | NBFC | Public sector bank | Public sector bank |
| Legal name | Cholamandalam Investment and Finance Company Ltd (Chola) | Punjab National Bank | State Bank of India |
| 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 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% | From 7.60%up to 9.70% floating, CIBIL-based | 8.40% - 9.35% |
| Car loan: maximum tenure | Not published | 84 months | 7 years |
| Two-wheeler loan: published rate | 15% - 28% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others | 11.70% - 15.70% |
| Two-wheeler loan: maximum tenure | Not published | 60 EMIs (scooters/motorcycles) | Up to 60 months |
| Used car loan: published rate | 15% - 28% p.a.MUV 14% - 28% | From 9.45% floating / 10.45% fixed | 10.45% - 15.60%credit-score based |
| Used car loan: maximum tenure | 5 years | 60 months | Up to 5 years (10 years minus vehicle age) |
| Official website | cholamandalam.com | pnb.bank.in | sbi.bank.in |
Chola vs Punjab National Bank vs SBI car loan: rate, fees and tenure
Starting car loan rates as published: Chola from 9%, Punjab National Bank from 7.60% and SBI from 8.40%. 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 | Punjab National Bank | SBI |
|---|---|---|---|
| Product | New Car Loan | PNB Car Loan | SBI New Car Loan Scheme |
| Published rate | 9% - 20% p.a.car; MUV 9% - 20% | From 7.60%up to 9.70% floating, CIBIL-based | 8.40% - 9.35% |
| Rate basis | Fixed | RLLR-linked (floating); fixed option available | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | 84 months | 7 years |
| Maximum funding | Up to 100% on-road | 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh | Up to 100% of on-road price |
| Processing fee | 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500 | 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation | Rs 1,000-3,000 + GST (salaried) / Rs 1,500-4,000 + GST (non-salaried), slab by loan amount |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Floating: nil; fixed: 2% on amount prepaid (exceptions apply) | No prepayment charges; no foreclosure charges after 2 years (as published) |
| Other terms published |
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|
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| Official source | cholamandalam.com files.cholamandalam.com | pnb.bank.in pnb.bank.in pnb.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 |
|---|---|---|---|---|
| Chola | 9% | ₹20,758 | ₹2,45,501 | ₹12,45,501 |
| Punjab National Bank | 7.60% | ₹20,086 | ₹2,05,130 | ₹12,05,130 |
| 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 | Chola (9%) | Punjab National Bank (7.60%) | SBI (8.40%) |
|---|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,043 | ₹10,234 |
| ₹10 lakh | ₹20,758 | ₹20,086 | ₹20,468 |
| ₹15 lakh | ₹31,138 | ₹30,128 | ₹30,703 |
| ₹20 lakh | ₹41,517 | ₹40,171 | ₹40,937 |
Read the full guide: Car loan · EMI calculator
Chola vs Punjab National Bank vs SBI two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Chola from 15%, Punjab National Bank from 10% and SBI from 11.70%. 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 | Punjab National Bank | SBI |
|---|---|---|---|
| Product | Two Wheeler Loan (new only) | PNB Saarthi / PNB Power Ride (women) | SBI Two Wheeler Loan Scheme |
| Published rate | 15% - 28% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others | 11.70% - 15.70% |
| Rate basis | Fixed | RLLR-linked | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | 60 EMIs (scooters/motorcycles) | Up to 60 months |
| Maximum funding | Up to 100% of bike value | 90% (salaried, salary via PNB) or 75% of cost; max Rs 1.5 lakh (Rs 10 lakh for 200cc+) | 85% of on-road price; max Rs 3 lakh |
| Processing fee | 0.75% - 5% + sourcing fee Rs 500 - 2,500 | 0.50% of loan (min Rs 500, max Rs 1,000) | 3% of loan + GST (50% waiver for salary package customers) |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Nil | Not published |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | pnb.bank.in pnb.bank.in pnb.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 |
|---|---|---|---|---|
| Chola | 15% | ₹3,467 | ₹24,795 | ₹1,24,795 |
| Punjab National Bank | 10% | ₹3,227 | ₹16,162 | ₹1,16,162 |
| 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 | Chola (15%) | Punjab National Bank (10%) | SBI (11.70%) |
|---|---|---|---|
| ₹0.5 lakh | ₹1,733 | ₹1,613 | ₹1,654 |
| ₹1 lakh | ₹3,467 | ₹3,227 | ₹3,307 |
| ₹1.5 lakh | ₹5,200 | ₹4,840 | ₹4,961 |
Read the full guide: Two-wheeler loan · EMI calculator
Chola vs Punjab National Bank vs SBI used car loan: rate, fees and tenure
Starting used car loan rates as published: Chola from 15%, Punjab National Bank from 9.45% and SBI from 10.45%. 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 | Punjab National Bank | SBI |
|---|---|---|---|
| Product | Used Car Loan | PNB Car Loan (used vehicles) | SBI Certified Pre-Owned Car Loan |
| Published rate | 15% - 28% p.a.MUV 14% - 28% | From 9.45% floating / 10.45% fixed | 10.45% - 15.60%credit-score based |
| Rate basis | Fixed | RLLR-linked (floating) or fixed | MCLR-linked (1-year MCLR) |
| Maximum tenure | 5 years | 60 months | Up to 5 years (10 years minus vehicle age) |
| Maximum funding | Up to 100%* | 75% of vehicle value (25% margin); vehicle up to 3 years old | Up to 85% of valuation; loan Rs 2 lakh - Rs 150 lakh |
| Processing fee | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 | Not published | 1.50% of loan + GST (min Rs 3,000, max Rs 10,000 + GST) |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Floating: nil; fixed: 2% on amount prepaid | Not published |
| Other terms published |
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|
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| Official source | cholamandalam.com files.cholamandalam.com | pnb.bank.in pnb.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 |
|---|---|---|---|---|
| Chola | 15% | ₹13,915 | ₹1,67,938 | ₹6,67,938 |
| Punjab National Bank | 9.45% | ₹12,550 | ₹1,02,382 | ₹6,02,382 |
| 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 | Chola (15%) | Punjab National Bank (9.45%) | SBI (10.45%) |
|---|---|---|---|
| ₹3 lakh | ₹8,349 | ₹7,530 | ₹7,674 |
| ₹5 lakh | ₹13,915 | ₹12,550 | ₹12,790 |
| ₹8 lakh | ₹22,265 | ₹20,079 | ₹20,463 |
Read the full guide: Used car loan · EMI calculator
Chola vs Punjab National Bank vs SBI electric car loan: rate, fees and tenure
Starting electric car loan rates as published: Punjab National Bank from 7.60% and SBI from 8.30%. 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. Punjab National Bank lists the longer maximum tenure (120 emis (10 years)). Chola does not publish an electric car loan rate on its website, so none is shown.
| Detail | Chola | Punjab National Bank | SBI |
|---|---|---|---|
| Product | Not published | PNB Green Car (E-Vehicle) Loan | SBI Green Car Loan |
| Published rate | Not published | From 7.60% | 8.30% - 9.35% |
| Rate basis | Not published | RLLR-linked | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | 120 EMIs (10 years) | Up to 8 years |
| Maximum funding | Not published | 90% of on-road price (10% margin), or nil margin on ex-showroom price | Up to 100% of on-road price |
| Processing fee | Not published | Nil | Nil |
| Pre-closure / prepayment | Not published | Nil | Not published |
| Other terms published | Not published |
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| Official source | Not published | pnb.bank.in pnb.bank.in | sbi.bank.in sbi.bank.in sbi.bank.in |
EMI illustration: ₹15 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Punjab National Bank | 7.60% | ₹30,128 | ₹3,07,695 | ₹18,07,695 |
| SBI | 8.30% | ₹30,630 | ₹3,37,825 | ₹18,37,825 |
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 | Punjab National Bank (7.60%) | SBI (8.30%) |
|---|---|---|
| ₹10 lakh | ₹20,086 | ₹20,420 |
| ₹15 lakh | ₹30,128 | ₹30,630 |
| ₹25 lakh | ₹50,214 | ₹51,051 |
Read the full guide: Electric car loan
Chola vs Punjab National Bank vs SBI 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. Punjab National Bank and SBI do not publish a three-wheeler loan rate on their website, so none is shown.
| Detail | Chola | Punjab National Bank | SBI |
|---|---|---|---|
| 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 Punjab National Bank vs SBI 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. Punjab National Bank lists the longer maximum tenure (new tractor: 7-9 years; no-mortgage variant: 5 years). Punjab National Bank and SBI do not publish a tractor loan rate on their website, so none is shown.
| Detail | Chola | Punjab National Bank | SBI |
|---|---|---|---|
| Product | Tractor & Farm Equipment Loans | PNB Farm Mechanisation Scheme (tractor financing) | SBI New Tractor Loan Scheme |
| Published rate | New 12% - 28%; used 17% - 28% p.a. | Not published | 1-year MCLR + 3.60% to + 4.35%by collateral |
| Rate basis | Fixed | Not published | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | New tractor: 7-9 years; no-mortgage variant: 5 years | Up to 5 years (half-yearly instalments) |
| Maximum funding | Not published | Need based, net of margin (min 40% margin for no-mortgage variant) | 75% of tractor + accessories cost (25% margin); loan Rs 2 lakh - Rs 25 lakh |
| Processing fee | New 0.25% - 2%; used 0.75% - 3.25% + sourcing fee | Not published | 1.50% of loan amount |
| 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 |
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| Official source | cholamandalam.com files.cholamandalam.com | pnb.bank.in pnb.bank.in | sbi.bank.in |
Read the full guide: Tractor loan
Which is better: Chola, Punjab National Bank or SBI?
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 8.40% at SBI.
- Two-wheeler loan, lower starting rate: Punjab National Bank (10%) versus 15% at Chola and 11.70% at SBI.
- Used car loan, lower starting rate: Punjab National Bank (9.45%) versus 15% at Chola and 10.45% at SBI.
- Electric car loan, longer maximum tenure: Punjab National Bank (120 emis (10 years)). A longer tenure lowers the EMI but raises total interest.
- Tractor loan, longer maximum tenure: Punjab National Bank (new tractor: 7-9 years; no-mortgage variant: 5 years). 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 Punjab National Bank and SBI are public sector 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.
- 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, Punjab National Bank and SBI
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)
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)
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.
- 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
- 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
- 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.
More loan provider comparisons
Chola compared with other loan providers
Punjab National Bank compared with other loan providers
SBI 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, Punjab National Bank or SBI?
Punjab National Bank has the lowest published starting car loan rate at 7.60%, against 9% at Chola and 8.40% at SBI. 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, Punjab National Bank or SBI?
Punjab National Bank has the lower published starting rate. Published starting rates: Chola 9%, Punjab National Bank 7.60% and SBI 8.40% (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, Punjab National Bank and SBI?
Chola: 0.5% - 2.5% + sourcing fee Rs 1,000 - 2,500. Punjab National Bank: 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation. SBI: Rs 1,000-3,000 + GST (salaried) / Rs 1,500-4,000 + GST (non-salaried), slab by loan amount. Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum car loan tenure at Chola, Punjab National Bank and SBI?
Chola: not published. Punjab National Bank: 84 months. SBI: 7 years.
What is the EMI on a ₹10 lakh car loan at Chola, Punjab National Bank and SBI?
Over 60 months at each loan provider's lowest published rate: Chola about ₹20,758 a month at 9%; Punjab National Bank about ₹20,086 a month at 7.60%; SBI about ₹20,468 a month at 8.40%. 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, Punjab National Bank and SBI?
Chola: Up to 100% on-road. Punjab National Bank: 85% of on-road price (90% with manufacturer tie-ups); individuals up to Rs 100 lakh. SBI: 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, Punjab National Bank and SBI 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. SBI: No advance EMI; Interest on daily reducing balance; Flexi-pay option: reduced EMI in initial months. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a car loan early at Chola, Punjab National Bank and SBI?
Chola: Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST. Punjab National Bank: Floating: nil; fixed: 2% on amount prepaid (exceptions apply). SBI: No prepayment charges; no foreclosure charges after 2 years (as published). Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Chola, Punjab National Bank and SBI publish rates for?
Chola: car loan, two-wheeler loan, used car loan, three-wheeler loan, tractor loan. Punjab National Bank: car loan, two-wheeler loan, used car loan, electric car 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.