Hero FinCorp vs Punjab National Bank vs TVS Credit at a glance
| Detail | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Loan provider type | NBFC | Public sector bank | NBFC |
| Legal name | Hero FinCorp Ltd | Punjab National Bank | TVS Credit Services Ltd |
| 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 | Two-wheeler loan, Used car loan, Three-wheeler loan, Tractor loan, Commercial vehicle loan |
| Two-wheeler loan: published rate | 14% - 36% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others | Up to 36% p.a.policy, 2023 |
| Two-wheeler loan: maximum tenure | 60 months | 60 EMIs (scooters/motorcycles) | 12-60 months |
| Used car loan: published rate | 11.5% - 26% p.a. | From 9.45% floating / 10.45% fixed | Up to 30% p.a.policy, 2023 |
| Used car loan: maximum tenure | 60 months | 60 months | 12-60 months |
| Official website | herofincorp.com | pnb.bank.in | tvscredit.com |
Hero FinCorp vs Punjab National Bank vs TVS Credit car loan: rate, fees and tenure
Starting car loan rates as published: 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). TVS Credit does not publish a car loan rate on its website, so none is shown.
| Detail | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | New Car Loan | PNB Car Loan | Not published |
| Published rate | 9% - 18% p.a. | From 7.60%up to 9.70% floating, CIBIL-based | Not published |
| Rate basis | Not published | RLLR-linked (floating); fixed option available | Not published |
| Maximum tenure | 120 months | 84 months | Not published |
| Maximum funding | 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 | Not published |
| Processing fee | Up to 3% of loan amount | 0.25% of loan (min Rs 1,000, max Rs 1,500); nil documentation | Not published |
| Pre-closure / prepayment | Allowed subject to loan agreement terms (no figure published) | Floating: nil; fixed: 2% on amount prepaid (exceptions apply) | Not published |
| Other terms published |
|
| Not published |
| Official source | herofincorp.com | pnb.bank.in pnb.bank.in pnb.bank.in | Not published |
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 |
| 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 | Hero FinCorp (9%) | Punjab National Bank (7.60%) |
|---|---|---|
| ₹5 lakh | ₹10,379 | ₹10,043 |
| ₹10 lakh | ₹20,758 | ₹20,086 |
| ₹15 lakh | ₹31,138 | ₹30,128 |
| ₹20 lakh | ₹41,517 | ₹40,171 |
Read the full guide: Car loan · EMI calculator
Hero FinCorp vs Punjab National Bank vs TVS Credit two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: 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 | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Two-Wheeler Loan | PNB Saarthi / PNB Power Ride (women) | Two Wheeler Loan |
| Published rate | 14% - 36% p.a. | From 10.00%Power Ride; 10.85% salaried; 11.35% others | Up to 36% p.a.policy, 2023 |
| Rate basis | Not published | RLLR-linked | Fixed IRR |
| Maximum tenure | 60 months | 60 EMIs (scooters/motorcycles) | 12-60 months |
| Maximum funding | 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+) | Up to 95% of on-road price |
| Processing fee | Varies by approved loan; no figure published | 0.50% of loan (min Rs 500, max Rs 1,000) | New 2W up to 8.85%; used 2W up to 5.9% (incl. GST) |
| Pre-closure / prepayment | Foreclosure charges apply per loan agreement (no figure published) | Nil | 3% of principal outstanding up to 12 months; 4% for 12-24 months; 5% after 24 months |
| Other terms published |
|
|
|
| Official source | herofincorp.com herofincorp.com | pnb.bank.in pnb.bank.in pnb.bank.in | tvscredit.com tvscredit.com tvscredit.com |
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 |
| 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 | Hero FinCorp (14%) | Punjab National Bank (10%) |
|---|---|---|
| ₹0.5 lakh | ₹1,709 | ₹1,613 |
| ₹1 lakh | ₹3,418 | ₹3,227 |
| ₹1.5 lakh | ₹5,127 | ₹4,840 |
Read the full guide: Two-wheeler loan · EMI calculator
Hero FinCorp vs Punjab National Bank vs TVS Credit used car loan: rate, fees and tenure
Starting used car loan rates as published: 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 | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Used Car Loan (Pre-Owned Car Loan) | PNB Car Loan (used vehicles) | Used Car Loan |
| Published rate | 11.5% - 26% p.a. | From 9.45% floating / 10.45% fixed | Up to 30% p.a.policy, 2023 |
| Rate basis | Not published | RLLR-linked (floating) or fixed | Fixed IRR |
| Maximum tenure | 60 months | 60 months | 12-60 months |
| Maximum funding | Rs 50,000 to Rs 50 lakh | 75% of vehicle value (25% margin); vehicle up to 3 years old | Up to 95% of asset value |
| Processing fee | Up to 4% | Not published | Up to 5.9% (schedule of charges) |
| Pre-closure / prepayment | 5% of principal outstanding, plus up to 6 months' interest if foreclosed within 6 months of disbursal | Floating: nil; fixed: 2% on amount prepaid | 6.5% of principal outstanding up to 12 months; 6% for 12-24 months; 5.5% after 24 months |
| Other terms published |
|
|
|
| Official source | herofincorp.com herofincorp.com | pnb.bank.in pnb.bank.in | tvscredit.com tvscredit.com tvscredit.com |
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 |
| 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 | Hero FinCorp (11.50%) | Punjab National Bank (9.45%) |
|---|---|---|
| ₹3 lakh | ₹7,827 | ₹7,530 |
| ₹5 lakh | ₹13,045 | ₹12,550 |
| ₹8 lakh | ₹20,871 | ₹20,079 |
Read the full guide: Used car loan · EMI calculator
Hero FinCorp vs Punjab National Bank vs TVS Credit 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. Hero FinCorp and TVS Credit do not publish an electric car loan rate on their website, so none is shown.
| Detail | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| 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
Hero FinCorp vs Punjab National Bank vs TVS Credit 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. Punjab National Bank and TVS Credit do not publish an electric two- and three-wheeler loan rate on their website, so none is shown.
| Detail | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Electric Vehicle Loan (Electric Two Wheeler) | Not published | Electric Vehicle on EMI (under two-wheeler loans) |
| 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 |
|
| Official source | herofincorp.com | Not published | tvscredit.com |
Read the full guide: Electric two- and three-wheeler loan
Hero FinCorp vs Punjab National Bank vs TVS Credit three-wheeler loan: rate, fees and tenure
Only TVS Credit 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 | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Not published | Not published | Three Wheeler Loan |
| Published rate | Not published | Not published | 13% - 29% p.a.policy, 2023 |
| Rate basis | Not published | Not published | Fixed IRR |
| Maximum tenure | Not published | Not published | 4 years |
| Maximum funding | Not published | Not published | Based on vehicle and customer profile |
| Processing fee | Not published | Not published | Up to 5.9% |
| Pre-closure / prepayment | Not published | Not published | 3% of principal outstanding up to 12 months; 4% for 12-24 months; 5% after 24 months |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Three-wheeler loan
Hero FinCorp vs Punjab National Bank vs TVS Credit tractor loan: rate, fees and tenure
Only TVS Credit 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). Hero FinCorp and Punjab National Bank do not publish a tractor loan rate on their website, so none is shown.
| Detail | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Not published | PNB Farm Mechanisation Scheme (tractor financing) | Tractor Loan (also Used Tractor Loan) |
| Published rate | Not published | Not published | New 11% - 25% p.a.; used 14% - 34% p.a.policy, 2023 |
| Rate basis | Not published | Not published | Fixed IRR |
| Maximum tenure | Not published | New tractor: 7-9 years; no-mortgage variant: 5 years | 12-72 months |
| Maximum funding | Not published | Need based, net of margin (min 40% margin for no-mortgage variant) | Up to 90% of tractor price |
| Processing fee | Not published | Not published | Up to 5.9% |
| Pre-closure / prepayment | Not published | Not published | 6% of future principal outstanding up to 12 months; 5% after |
| Other terms published | Not published |
|
|
| Official source | Not published | pnb.bank.in pnb.bank.in | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Tractor loan
Hero FinCorp vs Punjab National Bank vs TVS Credit commercial vehicle loan: rate, fees and tenure
Only TVS Credit 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 commercial vehicle loan rate on their website, so none is shown.
| Detail | Hero FinCorp | Punjab National Bank | TVS Credit |
|---|---|---|---|
| Product | Not published | Not published | Used Commercial Vehicle Loan (used only) |
| Published rate | Not published | Not published | Up to 30% p.a.policy, 2023 |
| Rate basis | Not published | Not published | Fixed IRR |
| Maximum tenure | Not published | Not published | 6-36 months |
| Processing fee | Not published | Not published | Up to 5.9% |
| Pre-closure / prepayment | Not published | Not published | 4% of principal outstanding up to 12 months; 5% for 13-36 months; 6% after 36 months |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | tvscredit.com tvscredit.com tvscredit.com |
Read the full guide: Commercial vehicle loan
Which is better: Hero FinCorp, Punjab National Bank or TVS Credit?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Two-wheeler loan, lower starting rate: Punjab National Bank (10%) versus 14% at Hero FinCorp.
- Used car loan, lower starting rate: Punjab National Bank (9.45%) versus 11.50% at Hero FinCorp.
- Car loan, longer maximum tenure: Hero FinCorp (120 months). 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
Hero FinCorp and TVS Credit are nbfcs and Punjab National Bank is a public sector bank.
What the loan providers' own pages say about how their rates are set:
- Punjab National Bank car loan: RLLR-linked (floating); fixed option available.
- Punjab National Bank two-wheeler loan: RLLR-linked.
- Punjab National Bank used car loan: RLLR-linked (floating) or fixed.
- Punjab National Bank electric car loan: RLLR-linked.
- TVS Credit two-wheeler loan: Fixed IRR.
- TVS Credit publishes only a ceiling for its two-wheeler loan (Up to 36% p.a.), so it cannot be ranked on a starting rate.
- TVS Credit used car loan: Fixed IRR.
- TVS Credit publishes only a ceiling for its used car loan (Up to 30% p.a.), so it cannot be ranked on a starting rate.
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, Punjab National Bank and TVS Credit
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)
TVS Credit
NBFC · TVS Credit Services Ltd
Captive-linked financier for TVS Motor two-wheelers with wide rural reach; also used car, tractor, 3W and used CV loans
Lowest published starting rate: 11% (Tractor 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
- 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
- TVS Credit: tvscredit.com/loans/two-wheeler-loans/ · tvscredit.com/wp-content/uploads/2023/11/Interest-Rate-Policy-Ver-2.1-Final.pdf · tvscredit.com/wp-content/uploads/2026/08/Schedule-of-Charges_-V4.2.pdf · tvscredit.com/loans/used-car-loans/ · tvscredit.com/loans/three-wheeler-loans/ · tvscredit.com/loans/tractor-loans/
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
Punjab National Bank compared with other loan providers
TVS Credit 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 two-wheeler loan: Hero FinCorp, Punjab National Bank or TVS Credit?
Punjab National Bank has the lower published starting two-wheeler loan rate at 10%, against 14% at Hero FinCorp. 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 two-wheeler loan interest rate: Hero FinCorp, Punjab National Bank or TVS Credit?
Punjab National Bank has the lower published starting rate. Published starting rates: Hero FinCorp 14% and Punjab National Bank 10% (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 two-wheeler loan at Hero FinCorp, Punjab National Bank and TVS Credit?
Hero FinCorp: Varies by approved loan; no figure published. Punjab National Bank: 0.50% of loan (min Rs 500, max Rs 1,000). TVS Credit: New 2W up to 8.85%; used 2W up to 5.9% (incl. GST). Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum two-wheeler loan tenure at Hero FinCorp, Punjab National Bank and TVS Credit?
Hero FinCorp: 60 months. Punjab National Bank: 60 emis (scooters/motorcycles). TVS Credit: 12-60 months.
What is the EMI on a ₹1 lakh two-wheeler loan at Hero FinCorp, Punjab National Bank and TVS Credit?
Over 36 months at each loan provider's lowest published rate: Hero FinCorp about ₹3,418 a month at 14%; Punjab National Bank about ₹3,227 a month at 10%. 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 two-wheeler loan from Hero FinCorp, Punjab National Bank and TVS Credit?
Hero FinCorp: Up to 95% of cost / 100% on-road (as advertised); up to Rs 3.5 lakh. Punjab National Bank: 90% (salaried, salary via PNB) or 75% of cost; max Rs 1.5 lakh (Rs 10 lakh for 200cc+). TVS Credit: Up to 95% of on-road price. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do Hero FinCorp, Punjab National Bank and TVS Credit publish for a two-wheeler loan?
Hero FinCorp: Zero down payment options. Punjab National Bank: PNB Power Ride: lower rate for women. TVS Credit: Also finances used and other-OEM two-wheelers. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a two-wheeler loan early at Hero FinCorp, Punjab National Bank and TVS Credit?
Hero FinCorp: Foreclosure charges apply per loan agreement (no figure published). Punjab National Bank: Nil. TVS Credit: 3% of principal outstanding up to 12 months; 4% for 12-24 months; 5% after 24 months. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do Hero FinCorp, Punjab National Bank and TVS Credit publish rates for?
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. TVS Credit: two-wheeler loan, used car loan, three-wheeler loan, tractor 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.