Chola vs Punjab National Bank vs Tata Capital at a glance
| Detail | Chola | Punjab National Bank | Tata Capital |
|---|---|---|---|
| Loan provider type | NBFC | Public sector bank | NBFC |
| Legal name | Cholamandalam Investment and Finance Company Ltd (Chola) | Punjab National Bank | Tata Capital Ltd |
| 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, Commercial vehicle loan |
| Car loan: published rate | 9% - 20% p.a.car; MUV 9% - 20% | From 7.60%up to 9.70% floating, CIBIL-based | From 9.49% p.a. |
| Car loan: maximum tenure | Not published | 84 months | 84 months (product page); rates page calculator shows 72 months |
| Two-wheeler loan: published rate | 15% - 28% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others | From 12.5% p.a. |
| Two-wheeler loan: maximum tenure | Not published | 60 EMIs (scooters/motorcycles) | 60 months |
| Used car loan: published rate | 15% - 28% p.a.MUV 14% - 28% | From 9.45% floating / 10.45% fixed | From 10.49% p.a. |
| Used car loan: maximum tenure | 5 years | 60 months | 72 months |
| Official website | cholamandalam.com | pnb.bank.in | tatacapital.com |
Chola vs Punjab National Bank vs Tata Capital car loan: rate, fees and tenure
Starting car loan rates as published: Chola from 9%, Punjab National Bank from 7.60% and Tata Capital from 9.49%. 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 | Tata Capital |
|---|---|---|---|
| Product | New Car Loan | PNB Car Loan | New Car Loan |
| Published rate | 9% - 20% p.a.car; MUV 9% - 20% | From 7.60%up to 9.70% floating, CIBIL-based | From 9.49% p.a. |
| Rate basis | Fixed | RLLR-linked (floating); fixed option available | Fixed and floating options |
| Maximum tenure | Not published | 84 months | 84 months (product page); rates page calculator shows 72 months |
| 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% on-road; loan up to Rs 5 crore |
| 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 | Up to 2.95% of 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) | 6% of principal outstanding within 12 months; 5% after 12 months (same for part-prepayment) |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | pnb.bank.in pnb.bank.in pnb.bank.in | tatacapital.com tatacapital.com |
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 |
| Tata Capital | 9.49% | ₹20,997 | ₹2,59,818 | ₹12,59,818 |
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%) | Tata Capital (9.49%) |
|---|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,043 | ₹10,498 |
| ₹10 lakh | ₹20,758 | ₹20,086 | ₹20,997 |
| ₹15 lakh | ₹31,138 | ₹30,128 | ₹31,495 |
| ₹20 lakh | ₹41,517 | ₹40,171 | ₹41,994 |
Read the full guide: Car loan · EMI calculator
Chola vs Punjab National Bank vs Tata Capital two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Chola from 15%, Punjab National Bank from 10% and Tata Capital from 12.50%. 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 | Tata Capital |
|---|---|---|---|
| Product | Two Wheeler Loan (new only) | PNB Saarthi / PNB Power Ride (women) | Two-Wheeler Loan |
| Published rate | 15% - 28% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others | From 12.5% p.a. |
| Rate basis | Fixed | RLLR-linked | Fixed |
| Maximum tenure | Not published | 60 EMIs (scooters/motorcycles) | 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+) | Up to 100% for loans up to Rs 2.85 lakh; up to Rs 15 lakh for premium/superbikes |
| Processing fee | 0.75% - 5% + sourcing fee Rs 500 - 2,500 | 0.50% of loan (min Rs 500, max Rs 1,000) | Up to 4% + taxes |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Nil | Foreclosure 5% of principal outstanding; part-prepayment 5% of amount |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | pnb.bank.in pnb.bank.in pnb.bank.in | tatacapital.com |
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 |
| Tata Capital | 12.50% | ₹3,345 | ₹20,433 | ₹1,20,433 |
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%) | Tata Capital (12.50%) |
|---|---|---|---|
| ₹0.5 lakh | ₹1,733 | ₹1,613 | ₹1,673 |
| ₹1 lakh | ₹3,467 | ₹3,227 | ₹3,345 |
| ₹1.5 lakh | ₹5,200 | ₹4,840 | ₹5,018 |
Read the full guide: Two-wheeler loan · EMI calculator
Chola vs Punjab National Bank vs Tata Capital used car loan: rate, fees and tenure
Starting used car loan rates as published: Chola from 15%, Punjab National Bank from 9.45% and Tata Capital from 10.49%. 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. Tata Capital lists the longer maximum tenure (72 months).
| Detail | Chola | Punjab National Bank | Tata Capital |
|---|---|---|---|
| Product | Used Car Loan | PNB Car Loan (used vehicles) | Used Car Loan |
| Published rate | 15% - 28% p.a.MUV 14% - 28% | From 9.45% floating / 10.45% fixed | From 10.49% p.a. |
| Rate basis | Fixed | RLLR-linked (floating) or fixed | Reducing balance; fixed EMI |
| Maximum tenure | 5 years | 60 months | 72 months |
| Maximum funding | Up to 100%* | 75% of vehicle value (25% margin); vehicle up to 3 years old | Up to 95% of car value (100% on select cars); loan up to Rs 50 lakh |
| Processing fee | 0.5% - 3.25% + sourcing fee Rs 1,000 - 2,500 | Not published | Up to 2.95% of 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 | 6% of principal outstanding within 12 months; 5% after 12 months (same for part-prepayment) |
| Other terms published |
|
|
|
| Official source | cholamandalam.com files.cholamandalam.com | pnb.bank.in pnb.bank.in | tatacapital.com tatacapital.com |
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 |
| Tata Capital | 10.49% | ₹12,799 | ₹1,14,365 | ₹6,14,365 |
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%) | Tata Capital (10.49%) |
|---|---|---|---|
| ₹3 lakh | ₹8,349 | ₹7,530 | ₹7,680 |
| ₹5 lakh | ₹13,915 | ₹12,550 | ₹12,799 |
| ₹8 lakh | ₹22,265 | ₹20,079 | ₹20,479 |
Read the full guide: Used car loan · EMI calculator
Chola vs Punjab National Bank vs Tata Capital 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 Tata Capital do not publish an electric car loan rate on their website, so none is shown.
| Detail | Chola | Punjab National Bank | Tata Capital |
|---|---|---|---|
| Product | Not published | PNB Green Car (E-Vehicle) Loan | Not published |
| Published rate | Not published | From 7.60% | Not published |
| Rate basis | Not published | RLLR-linked | Not published |
| Maximum tenure | Not published | 120 EMIs (10 years) | Not published |
| Maximum funding | Not published | 90% of on-road price (10% margin), or nil margin on ex-showroom price | Not published |
| Processing fee | Not published | Nil | Not published |
| Pre-closure / prepayment | Not published | Nil | Not published |
| Other terms published | Not published |
| Not published |
| Official source | Not published | pnb.bank.in pnb.bank.in | Not published |
Read the full guide: Electric car loan
Chola vs Punjab National Bank vs Tata Capital 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 Tata Capital do not publish a three-wheeler loan rate on their website, so none is shown.
| Detail | Chola | Punjab National Bank | Tata Capital |
|---|---|---|---|
| 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 Tata Capital 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 and Tata Capital do not publish a tractor loan rate on their website, so none is shown.
| Detail | Chola | Punjab National Bank | Tata Capital |
|---|---|---|---|
| Product | Tractor & Farm Equipment Loans | PNB Farm Mechanisation Scheme (tractor financing) | Not published |
| 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 | New tractor: 7-9 years; no-mortgage variant: 5 years | Not published |
| Maximum funding | Not published | Need based, net of margin (min 40% margin for no-mortgage variant) | Not published |
| 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 | pnb.bank.in pnb.bank.in | Not published |
Read the full guide: Tractor loan
Chola vs Punjab National Bank vs Tata Capital commercial vehicle loan: rate, fees and tenure
Only Tata Capital 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 Punjab National Bank do not publish a commercial vehicle loan rate on their website, so none is shown.
| Detail | Chola | Punjab National Bank | Tata Capital |
|---|---|---|---|
| Product | Commercial Vehicle Loan (new and used) | Not published | Commercial Vehicle Loan (new and used) |
| Published rate | New: HCV/LCV 9% - 18%, MLCV 11% - 20%; Used: HCV 12% - 28%, LCV 14% - 28%, MLCV 15% - 28% p.a. | Not published | From 12% p.a.page meta description |
| Rate basis | Fixed | Not published | Not published |
| Maximum tenure | 84 months (new) | Not published | IMHCV up to 72 months; SLCV and buses up to 60 months |
| Maximum funding | Up to 100% (new) | Not published | IMHCV up to 100% of ex-showroom; SLCV up to 94% of on-road; buses up to 100% of on-road |
| Processing fee | New 0.25% - 2%; used 0.25% - 3.25% (by segment) + sourcing fee | Not published | As per sanction letter |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST | Not published | 4% of outstanding or Rs 5,000, whichever higher (excl. GST), with 30 days notice |
| Other terms published |
| Not published |
|
| Official source | cholamandalam.com files.cholamandalam.com | Not published | tatacapital.com tatacapital.com |
Read the full guide: Commercial vehicle loan
Which is better: Chola, Punjab National Bank or Tata Capital?
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 9.49% at Tata Capital.
- Two-wheeler loan, lower starting rate: Punjab National Bank (10%) versus 15% at Chola and 12.50% at Tata Capital.
- Used car loan, lower starting rate: Punjab National Bank (9.45%) versus 15% at Chola and 10.49% at Tata Capital.
- Used car loan, longer maximum tenure: Tata Capital (72 months). 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 and Tata Capital 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, Punjab National Bank and Tata Capital
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)
Tata Capital
NBFC · Tata Capital Ltd
Tata Group's diversified NBFC; absorbed Tata Motors Finance (CV/PV financier for Tata Motors) in May 2025
Lowest published starting rate: 9.49% (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
- Tata Capital: tatacapital.com/vehicle-loan/car-loan.html · tatacapital.com/vehicle-loan/car-loan/interest-rates.html · tatacapital.com/vehicle-loan/two-wheeler-loan/rates-and-charges.html · tatacapital.com/vehicle-loan/used-car-loan/rates-and-charges.html · tatacapital.com/vehicle-loan/used-car-loan/interest-rates-and-charges.html · tatacapital.com/vehicle-loan/electric-two-wheeler-loan.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
Punjab National Bank compared with other loan providers
Tata Capital compared with other loan providers
Head-to-head pages for these three loan providers
Swap one loan provider
Compare any two or three loan providers · Personal loans · Home loans · Vehicle loans
Frequently asked questions
Which is better for a car loan: Chola, Punjab National Bank or Tata Capital?
For a car loan, Punjab National Bank advertises the lowest starting rate here (7.60%), versus 9% at Chola and 9.49% at Tata Capital. 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 Tata Capital?
Punjab National Bank has the lower published starting rate. Published starting rates: Chola 9%, Punjab National Bank 7.60% and Tata Capital 9.49% (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 Tata Capital?
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. Tata Capital: Up to 2.95% of 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 Tata Capital?
Chola: not published. Punjab National Bank: 84 months. Tata Capital: 84 months (product page); rates page calculator shows 72 months.
What is the EMI on a ₹10 lakh car loan at Chola, Punjab National Bank and Tata Capital?
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%; Tata Capital about ₹20,997 a month at 9.49%. 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 Tata Capital?
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. Tata Capital: Up to 100% on-road; loan up to Rs 5 crore. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Chola, Punjab National Bank and Tata Capital 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. Tata Capital: Documentation charge up to Rs 1,999. 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 Tata Capital?
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). Tata Capital: 6% of principal outstanding within 12 months; 5% after 12 months (same for part-prepayment). Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Chola, Punjab National Bank and Tata Capital 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. Tata Capital: car loan, two-wheeler loan, used car loan, commercial vehicle 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.