HDFC Bank vs Hero FinCorp vs SBI at a glance
| Detail | HDFC Bank | Hero FinCorp | SBI |
|---|---|---|---|
| Loan provider type | Private bank | NBFC | Public sector bank |
| Legal name | HDFC Bank | Hero FinCorp Ltd | State Bank of India |
| Vehicle loans with a published rate | Car loan, Two-wheeler loan, Used car 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 | 7.60% - 14.00%rates given to customers, Apr-Jun 2026; average 8.63%; rack rate from 9% onwards | 9% - 18% p.a. | 8.40% - 9.35% |
| Car loan: maximum tenure | Up to 7 years | 120 months | 7 years |
| Two-wheeler loan: published rate | 9.99% - 25.02%rates given to customers, Apr-Jun 2026; average 18.22%; rack rate from 14.50% | 14% - 36% p.a. | 11.70% - 15.70% |
| Two-wheeler loan: maximum tenure | Not published | 60 months | Up to 60 months |
| Used car loan: published rate | 9.50% - 17.00%rates given to customers, Apr-Jun 2026; average 13.51%; rack rate from 11.25% | 11.5% - 26% p.a. | 10.45% - 15.60%credit-score based |
| Used car loan: maximum tenure | Not published | 60 months | Up to 5 years (10 years minus vehicle age) |
| Official website | hdfc.bank.in | herofincorp.com | sbi.bank.in |
HDFC Bank vs Hero FinCorp vs SBI car loan: rate, fees and tenure
Starting car loan rates as published: HDFC Bank from 7.60%, Hero FinCorp from 9% and SBI from 8.40%. 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. Hero FinCorp lists the longer maximum tenure (120 months).
| Detail | HDFC Bank | Hero FinCorp | SBI |
|---|---|---|---|
| Product | HDFC Bank New Car Loan | New Car Loan | SBI New Car Loan Scheme |
| Published rate | 7.60% - 14.00%rates given to customers, Apr-Jun 2026; average 8.63%; rack rate from 9% onwards | 9% - 18% p.a. | 8.40% - 9.35% |
| Rate basis | Not published | Not published | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Up to 7 years | 120 months | 7 years |
| Maximum funding | Up to 100% (profile-based) | Up to 100% of on-road price; loan Rs 50,000 to Rs 25 lakh | Up to 100% of on-road price |
| Processing fee | Up to 0.5% of loan (min Rs 3,500, max Rs 8,000) | Up to 3% of loan amount | Rs 1,000-3,000 + GST (salaried) / Rs 1,500-4,000 + GST (non-salaried), slab by loan amount |
| Pre-closure / prepayment | Full pre-closure: 6% of principal within 1 year, 5% in months 13-24, 3% after 24 months (loans from 1 Dec 2025) | Allowed subject to loan agreement terms (no figure published) | No prepayment charges; no foreclosure charges after 2 years (as published) |
| Other terms published | Not published |
|
|
| Official source | hdfc.bank.in | herofincorp.com | 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 |
|---|---|---|---|---|
| HDFC Bank | 7.60% | ₹20,086 | ₹2,05,130 | ₹12,05,130 |
| Hero FinCorp | 9% | ₹20,758 | ₹2,45,501 | ₹12,45,501 |
| 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 | HDFC Bank (7.60%) | Hero FinCorp (9%) | SBI (8.40%) |
|---|---|---|---|
| ₹5 lakh | ₹10,043 | ₹10,379 | ₹10,234 |
| ₹10 lakh | ₹20,086 | ₹20,758 | ₹20,468 |
| ₹15 lakh | ₹30,128 | ₹31,138 | ₹30,703 |
| ₹20 lakh | ₹40,171 | ₹41,517 | ₹40,937 |
Read the full guide: Car loan · EMI calculator
HDFC Bank vs Hero FinCorp vs SBI two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: HDFC Bank from 9.99%, Hero FinCorp from 14% and SBI from 11.70%. 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 | HDFC Bank | Hero FinCorp | SBI |
|---|---|---|---|
| Product | HDFC Bank Two Wheeler Loan | Two-Wheeler Loan | SBI Two Wheeler Loan Scheme |
| Published rate | 9.99% - 25.02%rates given to customers, Apr-Jun 2026; average 18.22%; rack rate from 14.50% | 14% - 36% p.a. | 11.70% - 15.70% |
| Rate basis | Fixed (floating not offered) | Not published | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | 60 months | Up to 60 months |
| Maximum funding | Not published | Up to 95% of cost / 100% on-road (as advertised); up to Rs 3.5 lakh | 85% of on-road price; max Rs 3 lakh |
| Processing fee | Up to 2.5% of loan, plus documentation charges up to 2.25% | Varies by approved loan; no figure published | 3% of loan + GST (50% waiver for salary package customers) |
| Pre-closure / prepayment | 5% of principal outstanding up to 24 months, 3% after | Foreclosure charges apply per loan agreement (no figure published) | Not published |
| Other terms published | Not published |
|
|
| Official source | hdfc.bank.in | herofincorp.com herofincorp.com | 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 |
|---|---|---|---|---|
| HDFC Bank | 9.99% | ₹3,226 | ₹16,145 | ₹1,16,145 |
| Hero FinCorp | 14% | ₹3,418 | ₹23,039 | ₹1,23,039 |
| 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 | HDFC Bank (9.99%) | Hero FinCorp (14%) | SBI (11.70%) |
|---|---|---|---|
| ₹0.5 lakh | ₹1,613 | ₹1,709 | ₹1,654 |
| ₹1 lakh | ₹3,226 | ₹3,418 | ₹3,307 |
| ₹1.5 lakh | ₹4,839 | ₹5,127 | ₹4,961 |
Read the full guide: Two-wheeler loan · EMI calculator
HDFC Bank vs Hero FinCorp vs SBI used car loan: rate, fees and tenure
Starting used car loan rates as published: HDFC Bank from 9.50%, Hero FinCorp from 11.50% and SBI from 10.45%. 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 | HDFC Bank | Hero FinCorp | SBI |
|---|---|---|---|
| Product | HDFC Bank Pre-Owned Car Loan | Used Car Loan (Pre-Owned Car Loan) | SBI Certified Pre-Owned Car Loan |
| Published rate | 9.50% - 17.00%rates given to customers, Apr-Jun 2026; average 13.51%; rack rate from 11.25% | 11.5% - 26% p.a. | 10.45% - 15.60%credit-score based |
| Rate basis | Not published | Not published | MCLR-linked (1-year MCLR) |
| Maximum tenure | Not published | 60 months | Up to 5 years (10 years minus vehicle age) |
| Maximum funding | Not published | Rs 50,000 to Rs 50 lakh | Up to 85% of valuation; loan Rs 2 lakh - Rs 150 lakh |
| Processing fee | Up to 1% of loan (min Rs 3,500, max Rs 9,000) | Up to 4% | 1.50% of loan + GST (min Rs 3,000, max Rs 10,000 + GST) |
| Pre-closure / prepayment | Full pre-closure: 6% within 1 year, 5% in months 13-24, 3% after 24 months | 5% of principal outstanding, plus up to 6 months' interest if foreclosed within 6 months of disbursal | Not published |
| Other terms published | Not published |
|
|
| Official source | hdfc.bank.in | herofincorp.com herofincorp.com | 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 |
|---|---|---|---|---|
| HDFC Bank | 9.50% | ₹12,562 | ₹1,02,955 | ₹6,02,955 |
| Hero FinCorp | 11.50% | ₹13,045 | ₹1,26,136 | ₹6,26,136 |
| 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 | HDFC Bank (9.50%) | Hero FinCorp (11.50%) | SBI (10.45%) |
|---|---|---|---|
| ₹3 lakh | ₹7,537 | ₹7,827 | ₹7,674 |
| ₹5 lakh | ₹12,562 | ₹13,045 | ₹12,790 |
| ₹8 lakh | ₹20,099 | ₹20,871 | ₹20,463 |
Read the full guide: Used car loan · EMI calculator
HDFC Bank vs Hero FinCorp vs SBI electric car loan: rate, fees and tenure
Only SBI publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. HDFC Bank and Hero FinCorp do not publish an electric car loan rate on their website, so none is shown.
| Detail | HDFC Bank | Hero FinCorp | SBI |
|---|---|---|---|
| Product | Not published | Not published | SBI Green Car Loan |
| Published rate | Not published | Not published | 8.30% - 9.35% |
| Rate basis | Not published | Not published | MCLR-linked (per SBI auto loan rate page) |
| Maximum tenure | Not published | Not published | Up to 8 years |
| Maximum funding | Not published | Not published | Up to 100% of on-road price |
| Processing fee | Not published | Not published | Nil |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | sbi.bank.in sbi.bank.in sbi.bank.in |
Read the full guide: Electric car loan
HDFC Bank vs Hero FinCorp vs SBI 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. HDFC Bank and SBI do not publish an electric two- and three-wheeler loan rate on their website, so none is shown.
| Detail | HDFC Bank | Hero FinCorp | SBI |
|---|---|---|---|
| Product | Not published | Electric Vehicle Loan (Electric Two Wheeler) | Not published |
| Published rate | Not published | From 5.99%as advertised on application page | Not published |
| Maximum tenure | Not published | 6-60 months | Not published |
| Maximum funding | Not published | Up to Rs 2 lakh | Not published |
| Processing fee | Not published | 1-2% of loan amount | Not published |
| Other terms published | Not published |
| Not published |
| Official source | Not published | herofincorp.com | Not published |
Read the full guide: Electric two- and three-wheeler loan
Which is better: HDFC Bank, Hero FinCorp or SBI?
No loan provider 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 Hero FinCorp and 8.40% at SBI.
- Two-wheeler loan, lower starting rate: HDFC Bank (9.99%) versus 14% at Hero FinCorp and 11.70% at SBI.
- Used car loan, lower starting rate: HDFC Bank (9.50%) versus 11.50% at Hero FinCorp and 10.45% at SBI.
- 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
HDFC Bank is a private bank, Hero FinCorp is a nbfc and SBI is a public sector bank.
What the loan providers' own pages say about how their rates are set:
- HDFC Bank two-wheeler loan: Fixed (floating not offered).
- SBI car loan: MCLR-linked (per SBI auto loan rate page).
- SBI two-wheeler loan: MCLR-linked (1-year MCLR).
- SBI used car loan: MCLR-linked (1-year MCLR).
- SBI electric car loan: MCLR-linked (per SBI auto loan rate page).
- SBI tractor loan: MCLR-linked (1-year MCLR).
- SBI commercial vehicle loan: EBR (repo) linked.
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 HDFC Bank, Hero FinCorp and SBI
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)
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)
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.
- 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
- 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
- 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
HDFC Bank compared with other loan providers
Hero FinCorp compared with other loan providers
SBI compared with other loan providers
Head-to-head pages for these three loan providers
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HDFC Bank vs Hero FinCorp vs SBI: personal, home and other loans
Comparing these loan providers 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: HDFC Bank, Hero FinCorp or SBI?
HDFC Bank has the lowest published starting car loan rate at 7.60%, against 9% at Hero FinCorp and 8.40% at SBI. 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: HDFC Bank, Hero FinCorp or SBI?
HDFC Bank has the lower published starting rate. Published starting rates: HDFC Bank 7.60%, Hero FinCorp 9% 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 HDFC Bank, Hero FinCorp and SBI?
HDFC Bank: Up to 0.5% of loan (min Rs 3,500, max Rs 8,000). Hero FinCorp: Up to 3% of loan amount. 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 HDFC Bank, Hero FinCorp and SBI?
HDFC Bank: up to 7 years. Hero FinCorp: 120 months. SBI: 7 years.
What is the EMI on a ₹10 lakh car loan at HDFC Bank, Hero FinCorp and SBI?
Over 60 months at each loan provider's lowest published rate: HDFC Bank about ₹20,086 a month at 7.60%; Hero FinCorp about ₹20,758 a month at 9%; 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 HDFC Bank, Hero FinCorp and SBI?
HDFC Bank: Up to 100% (profile-based). Hero FinCorp: Up to 100% of on-road price; loan Rs 50,000 to Rs 25 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 HDFC Bank, Hero FinCorp and SBI publish for a car loan?
Hero FinCorp: All Care Car Loan funds car service cost; Overdraft (flexi-credit) option bundled; Guarantor-based program; Tier 2/3 focus. 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 HDFC Bank, Hero FinCorp and SBI?
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). Hero FinCorp: Allowed subject to loan agreement terms (no figure published). 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 HDFC Bank, Hero FinCorp and SBI publish rates for?
HDFC Bank: car loan, two-wheeler loan, used car loan. Hero FinCorp: car loan, two-wheeler loan, used car loan, electric two- and three-wheeler 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.