Hero FinCorp vs ICICI Bank vs IDFC FIRST Bank at a glance
| Detail | Hero FinCorp | ICICI Bank | IDFC FIRST Bank |
|---|---|---|---|
| Loan provider type | NBFC | Private bank | Private bank |
| Legal name | Hero FinCorp Ltd | ICICI Bank | IDFC FIRST Bank |
| Vehicle loans with a published rate | 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, Tractor loan | Car loan, Two-wheeler loan, Used car loan, Tractor loan |
| Car loan: published rate | 9% - 18% p.a. | From 8.40%tenure >36 months; Q1 FY27 disbursed range 7.90% - 11.20% | From 8.99% |
| Car loan: maximum tenure | 120 months | Up to 84 months | 10 years (120 months) |
| Two-wheeler loan: published rate | 14% - 36% p.a. | 10.25% - 26.10% | From 9%premium; from 10% commuter, mid-premium, EV |
| Two-wheeler loan: maximum tenure | 60 months | Up to 36 months | 60 months |
| Used car loan: published rate | 11.5% - 26% p.a. | From 9.75%; Q1 FY27 disbursed range 9.75% - 16.90% | From 11.99%repurchase; from 13.99% refinance |
| Used car loan: maximum tenure | 60 months | Up to 84 months | 7 years (repurchase) |
| Official website | herofincorp.com | icici.bank.in | idfcfirst.bank.in |
Hero FinCorp vs ICICI Bank vs IDFC FIRST Bank car loan: rate, fees and tenure
Starting car loan rates as published: Hero FinCorp from 9%, ICICI Bank from 8.40% and IDFC FIRST Bank from 8.99%. ICICI 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 | Hero FinCorp | ICICI Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | New Car Loan | ICICI Bank Car Loan | New Car Loan |
| Published rate | 9% - 18% p.a. | From 8.40%tenure >36 months; Q1 FY27 disbursed range 7.90% - 11.20% | From 8.99% |
| Rate basis | Not published | Not published | Fixed or floating (fees page references fixed-rate bookings and a rate-switch fee) |
| Maximum tenure | 120 months | Up to 84 months | 10 years (120 months) |
| Maximum funding | Up to 100% of on-road price; loan Rs 50,000 to Rs 25 lakh | Up to 100% of on-road price | Up to 100% of on-road price |
| Processing fee | Up to 3% of loan amount | Up to Rs 8,500 + GST | Up to 5% of loan amount (incl. GST) |
| Pre-closure / prepayment | Allowed subject to loan agreement terms (no figure published) | Foreclosure: 3% (up to 12 months), 2% (13-24 months), nil after 24 months; part-prepay 3% up to 24 months, nil after | 5% of principal outstanding + GST if booked on fixed rate; part-payment 5% + GST |
| Other terms published |
|
|
|
| Official source | herofincorp.com | icici.bank.in icici.bank.in | idfcfirst.bank.in idfcfirst.bank.in |
EMI illustration: ₹10 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Hero FinCorp | 9% | ₹20,758 | ₹2,45,501 | ₹12,45,501 |
| ICICI Bank | 8.40% | ₹20,468 | ₹2,28,102 | ₹12,28,102 |
| IDFC FIRST Bank | 8.99% | ₹20,754 | ₹2,45,210 | ₹12,45,210 |
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 | Hero FinCorp (9%) | ICICI Bank (8.40%) | IDFC FIRST Bank (8.99%) |
|---|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,234 | ₹10,377 |
| ₹10 lakh | ₹20,758 | ₹20,468 | ₹20,754 |
| ₹15 lakh | ₹31,138 | ₹30,703 | ₹31,130 |
| ₹20 lakh | ₹41,517 | ₹40,937 | ₹41,507 |
Read the full guide: Car loan · EMI calculator
Hero FinCorp vs ICICI Bank vs IDFC FIRST Bank two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: Hero FinCorp from 14%, ICICI Bank from 10.25% and IDFC FIRST Bank from 9%. IDFC FIRST 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 (60 months).
| Detail | Hero FinCorp | ICICI Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Two-Wheeler Loan | ICICI Bank Two-Wheeler Loan | Two-Wheeler Loan |
| Published rate | 14% - 36% p.a. | 10.25% - 26.10% | From 9%premium; from 10% commuter, mid-premium, EV |
| Rate basis | Not published | Fixed | Not published |
| Maximum tenure | 60 months | Up to 36 months | 60 months |
| Maximum funding | Up to 95% of cost / 100% on-road (as advertised); up to Rs 3.5 lakh | Up to 100% of on-road price | Up to 95% of on-road price |
| Processing fee | Varies by approved loan; no figure published | Up to 4% of loan amount | Up to 5% (product page advertises zero processing fees) |
| Pre-closure / prepayment | Foreclosure charges apply per loan agreement (no figure published) | 4% of principal outstanding (nil for eligible micro/small segment) | 5% of principal outstanding; part-payment 5% |
| Other terms published |
|
|
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| Official source | herofincorp.com herofincorp.com | icici.bank.in icici.bank.in | idfcfirst.bank.in idfcfirst.bank.in |
EMI illustration: ₹1 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Hero FinCorp | 14% | ₹3,418 | ₹23,039 | ₹1,23,039 |
| ICICI Bank | 10.25% | ₹3,238 | ₹16,585 | ₹1,16,585 |
| IDFC FIRST Bank | 9% | ₹3,180 | ₹14,479 | ₹1,14,479 |
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 | Hero FinCorp (14%) | ICICI Bank (10.25%) | IDFC FIRST Bank (9%) |
|---|---|---|---|
| ₹0.5 lakh | ₹1,709 | ₹1,619 | ₹1,590 |
| ₹1 lakh | ₹3,418 | ₹3,238 | ₹3,180 |
| ₹1.5 lakh | ₹5,127 | ₹4,858 | ₹4,770 |
Read the full guide: Two-wheeler loan · EMI calculator
Hero FinCorp vs ICICI Bank vs IDFC FIRST Bank used car loan: rate, fees and tenure
Starting used car loan rates as published: Hero FinCorp from 11.50%, ICICI Bank from 9.75% and IDFC FIRST Bank from 11.99%. ICICI Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. ICICI Bank lists the longer maximum tenure (up to 84 months).
| Detail | Hero FinCorp | ICICI Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Used Car Loan (Pre-Owned Car Loan) | ICICI Bank Used Car Loan | Pre-owned Car Loan |
| Published rate | 11.5% - 26% p.a. | From 9.75%; Q1 FY27 disbursed range 9.75% - 16.90% | From 11.99%repurchase; from 13.99% refinance |
| Maximum tenure | 60 months | Up to 84 months | 7 years (repurchase) |
| Maximum funding | Rs 50,000 to Rs 50 lakh | Up to 100% (as published) | Up to 200% LTV of market value (Car N Cash refinance) |
| Processing fee | Up to 4% | 2% of loan, max Rs 20,000 + GST | Up to 5% of loan amount (incl. GST) |
| Pre-closure / prepayment | 5% of principal outstanding, plus up to 6 months' interest if foreclosed within 6 months of disbursal | Same schedule as new car loan (per service-charges page) | 5% of principal outstanding + GST; part-payment 5% + GST |
| Other terms published |
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|
|
| Official source | herofincorp.com herofincorp.com | icici.bank.in icici.bank.in | idfcfirst.bank.in idfcfirst.bank.in |
EMI illustration: ₹5 lakh over 48 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| Hero FinCorp | 11.50% | ₹13,045 | ₹1,26,136 | ₹6,26,136 |
| ICICI Bank | 9.75% | ₹12,621 | ₹1,05,825 | ₹6,05,825 |
| IDFC FIRST Bank | 11.99% | ₹13,164 | ₹1,31,894 | ₹6,31,894 |
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 | Hero FinCorp (11.50%) | ICICI Bank (9.75%) | IDFC FIRST Bank (11.99%) |
|---|---|---|---|
| ₹3 lakh | ₹7,827 | ₹7,573 | ₹7,899 |
| ₹5 lakh | ₹13,045 | ₹12,621 | ₹13,164 |
| ₹8 lakh | ₹20,871 | ₹20,194 | ₹21,063 |
Read the full guide: Used car loan · EMI calculator
Hero FinCorp vs ICICI Bank vs IDFC FIRST Bank electric car loan: rate, fees and tenure
Only ICICI Bank publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. Hero FinCorp and IDFC FIRST Bank do not publish an electric car loan rate on their website, so none is shown.
| Detail | Hero FinCorp | ICICI Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Not published | ICICI Bank EV Car Loan | Not published |
| Published rate | Not published | From 9.10% | Not published |
| Maximum funding | Not published | Up to 100% of on-road price | Not published |
| Official source | Not published | icici.bank.in | Not published |
Read the full guide: Electric car loan
Hero FinCorp vs ICICI Bank vs IDFC FIRST 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. ICICI Bank and IDFC FIRST Bank do not publish an electric two- and three-wheeler loan rate on their website, so none is shown.
| Detail | Hero FinCorp | ICICI Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Electric Vehicle Loan (Electric Two Wheeler) | Not published | Not published |
| Published rate | From 5.99%as advertised on application page | Not published | Not published |
| Maximum tenure | 6-60 months | Not published | Not published |
| Maximum funding | Up to Rs 2 lakh | Not published | Not published |
| Processing fee | 1-2% of loan amount | Not published | Not published |
| Other terms published |
| Not published | Not published |
| Official source | herofincorp.com | Not published | Not published |
Read the full guide: Electric two- and three-wheeler loan
Hero FinCorp vs ICICI Bank vs IDFC FIRST Bank tractor loan: rate, fees and tenure
Starting tractor loan rates as published: ICICI Bank from 12% and IDFC FIRST Bank from 12%. Hero FinCorp does not publish a tractor loan rate on its website, so none is shown.
| Detail | Hero FinCorp | ICICI Bank | IDFC FIRST Bank |
|---|---|---|---|
| Product | Not published | ICICI Bank Tractor Loan | Tractor Loan |
| Published rate | Not published | 12.00% - 21.00%Oct-Dec 2025 disbursed range | 12% - 16%new; 16% - 20% used |
| Maximum tenure | Not published | 12 - 72 months | 72 months (new); 60 months (used) |
| Maximum funding | Not published | Not published | ₹1-15 lakh (new); ₹1-5.5 lakh (used) |
| Processing fee | Not published | Up to 2% of loan + GST | 1% of sanctioned amount |
| Pre-closure / prepayment | Not published | 4% of prepaid amount | 2% of principal outstanding + GST |
| Other terms published | Not published |
| Not published |
| Official source | Not published | icici.bank.in icici.bank.in | idfcfirst.bank.in |
EMI illustration: ₹8 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| ICICI Bank | 12% | ₹17,796 | ₹2,67,733 | ₹10,67,733 |
| IDFC FIRST Bank | 12% | ₹17,796 | ₹2,67,733 | ₹10,67,733 |
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 | ICICI Bank (12%) | IDFC FIRST Bank (12%) |
|---|---|---|
| ₹5 lakh | ₹11,122 | ₹11,122 |
| ₹8 lakh | ₹17,796 | ₹17,796 |
| ₹12 lakh | ₹26,693 | ₹26,693 |
Read the full guide: Tractor loan
Which is better: Hero FinCorp, ICICI Bank or IDFC FIRST Bank?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Car loan, lower starting rate: ICICI Bank (8.40%) versus 9% at Hero FinCorp and 8.99% at IDFC FIRST Bank.
- Two-wheeler loan, lower starting rate: IDFC FIRST Bank (9%) versus 14% at Hero FinCorp and 10.25% at ICICI Bank.
- Used car loan, lower starting rate: ICICI Bank (9.75%) versus 11.50% at Hero FinCorp and 11.99% at IDFC FIRST Bank.
- Car loan, longer maximum tenure: Hero FinCorp (120 months). A longer tenure lowers the EMI but raises total interest.
- Two-wheeler loan, longer maximum tenure: Hero FinCorp (60 months). A longer tenure lowers the EMI but raises total interest.
- Used car loan, longer maximum tenure: ICICI Bank (up to 84 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
Hero FinCorp is a nbfc and ICICI Bank and IDFC FIRST Bank are private banks.
What the loan providers' own pages say about how their rates are set:
- ICICI Bank two-wheeler loan: Fixed.
- ICICI Bank commercial vehicle loan: Flat rate scheme.
- IDFC FIRST Bank car loan: Fixed or floating (fees page references fixed-rate bookings and a rate-switch fee).
- IDFC FIRST Bank commercial vehicle loan: Fixed.
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 Hero FinCorp, ICICI Bank and IDFC FIRST Bank
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)
ICICI Bank
Private bank
Large private-sector loan provider with a digital-first car loan process, covering new, used and EV cars, two-wheelers, commercial vehicles and tractors.
Lowest published starting rate: 8.40% (Car loan)
IDFC FIRST Bank
Private bank
Private bank pitching long tenures (up to 10 years on new cars) and high funding across new and used cars, two-wheelers, commercial vehicles and tractors, mostly on fixed rates.
Lowest published starting rate: 8.99% (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.
- 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
- ICICI Bank: icici.bank.in/personal-banking/loans/car-loan · icici.bank.in/personal-banking/loans/car-loan/service-charges · icici.bank.in/personal-banking/loans/two-wheeler-loan · icici.bank.in/personal-banking/loans/two-wheeler-loan/interest-rate · icici.bank.in/personal-banking/loans/car-loan/pre-owned-car-loans · icici.bank.in/personal-banking/loans/car-loan/ev-car-loan
- IDFC FIRST Bank: idfcfirst.bank.in/personal-banking/loans/car-loan · idfcfirst.bank.in/personal-banking/loans/car-loan/fees-and-charges · idfcfirst.bank.in/personal-banking/loans/two-wheeler-loan · idfcfirst.bank.in/personal-banking/loans/two-wheeler-loan/fees-and-charges · idfcfirst.bank.in/personal-banking/loans/pre-owned-car-loan · idfcfirst.bank.in/personal-banking/loans/pre-owned-car-loan/fees-and-charges
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
Hero FinCorp compared with other loan providers
ICICI Bank compared with other loan providers
IDFC FIRST Bank compared with other loan providers
Head-to-head pages for these three loan providers
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Compare any two or three loan providers · Personal loans · Home loans · Vehicle loans
Hero FinCorp vs ICICI Bank vs IDFC FIRST Bank: 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.
Hero FinCorp vs ICICI Bank vs IDFC FIRST Bank compared on all loan types
Frequently asked questions
Which is better for a car loan: Hero FinCorp, ICICI Bank or IDFC FIRST Bank?
ICICI Bank has the lowest published starting car loan rate at 8.40%, against 9% at Hero FinCorp and 8.99% at IDFC FIRST Bank. 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: Hero FinCorp, ICICI Bank or IDFC FIRST Bank?
ICICI Bank has the lower published starting rate. Published starting rates: Hero FinCorp 9%, ICICI Bank 8.40% and IDFC FIRST Bank 8.99% (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 Hero FinCorp, ICICI Bank and IDFC FIRST Bank?
Hero FinCorp: Up to 3% of loan amount. ICICI Bank: Up to Rs 8,500 + GST. IDFC FIRST Bank: Up to 5% of loan amount (incl. GST). Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum car loan tenure at Hero FinCorp, ICICI Bank and IDFC FIRST Bank?
Hero FinCorp: 120 months. ICICI Bank: up to 84 months. IDFC FIRST Bank: 10 years (120 months).
What is the EMI on a ₹10 lakh car loan at Hero FinCorp, ICICI Bank and IDFC FIRST Bank?
Over 60 months at each loan provider's lowest published rate: Hero FinCorp about ₹20,758 a month at 9%; ICICI Bank about ₹20,468 a month at 8.40%; IDFC FIRST Bank about ₹20,754 a month at 8.99%. 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 Hero FinCorp, ICICI Bank and IDFC FIRST Bank?
Hero FinCorp: Up to 100% of on-road price; loan Rs 50,000 to Rs 25 lakh. ICICI Bank: Up to 100% of on-road price. IDFC FIRST Bank: Up to 100% of on-road price. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Hero FinCorp, ICICI Bank and IDFC FIRST Bank 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. ICICI Bank: Digital application; Rate depends on CIBIL score, income and car model. IDFC FIRST Bank: Longest tenure among peers at 10 years; Online car marketplace. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a car loan early at Hero FinCorp, ICICI Bank and IDFC FIRST Bank?
Hero FinCorp: Allowed subject to loan agreement terms (no figure published). ICICI Bank: Foreclosure: 3% (up to 12 months), 2% (13-24 months), nil after 24 months; part-prepay 3% up to 24 months, nil after. IDFC FIRST Bank: 5% of principal outstanding + GST if booked on fixed rate; part-payment 5% + GST. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Hero FinCorp, ICICI Bank and IDFC FIRST Bank publish rates for?
Hero FinCorp: car loan, two-wheeler loan, used car loan, electric two- and three-wheeler loan. ICICI Bank: car loan, two-wheeler loan, used car loan, electric car loan, tractor loan. IDFC FIRST Bank: car loan, two-wheeler loan, used car loan, tractor 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.