IDFC FIRST Bank vs Mahindra Finance vs Union Bank of India at a glance
| Detail | IDFC FIRST Bank | Mahindra Finance | Union Bank of India |
|---|---|---|---|
| Loan provider type | Private bank | NBFC | Public sector bank |
| Legal name | IDFC FIRST Bank | Mahindra & Mahindra Financial Services Ltd (Mahindra Finance) | Union Bank of India |
| Vehicle loans with a published rate | Car loan, Two-wheeler loan, Used car loan, Tractor loan | Car loan, Used car loan, Three-wheeler loan, Tractor loan, Commercial vehicle loan | Car loan, Two-wheeler loan, Used car loan, Electric car loan |
| Car loan: published rate | From 8.99% | 8% - 25% p.a.policy range, new assets | 7.60% - 10.00% |
| Car loan: maximum tenure | 10 years (120 months) | 5 years | Not published |
| Used car loan: published rate | From 11.99%repurchase; from 13.99% refinance | 8% - 25% p.a.policy range, pre-owned assets | 11.60% - 11.70% |
| Used car loan: maximum tenure | 7 years (repurchase) | 5 years | Not published |
| Official website | idfcfirst.bank.in | mahindrafinance.com | unionbankofindia.bank.in |
IDFC FIRST Bank vs Mahindra Finance vs Union Bank of India car loan: rate, fees and tenure
Starting car loan rates as published: IDFC FIRST Bank from 8.99%, Mahindra Finance from 8% and Union Bank of India from 7.60%. Union Bank of India is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. IDFC FIRST Bank lists the longer maximum tenure (10 years (120 months)).
| Detail | IDFC FIRST Bank | Mahindra Finance | Union Bank of India |
|---|---|---|---|
| Product | New Car Loan | Car Loan (also separate Utility Vehicle Loan) | Union Miles (Union Vehicle Loan) - new 4-wheeler |
| Published rate | From 8.99% | 8% - 25% p.a.policy range, new assets | 7.60% - 10.00% |
| Rate basis | Fixed or floating (fees page references fixed-rate bookings and a rate-switch fee) | Policy allows fixed, floating or hybrid; car loan FAQ quotes on flat-rate basis | EBLR-linked (EBLR 8.00% = repo 5.25% + 2.75%, w.e.f. 24.07.2026); by CIBIL score |
| Maximum tenure | 10 years (120 months) | 5 years | Not published |
| Maximum funding | Up to 100% of on-road price | Up to 100% of ex-showroom value | Not published |
| Processing fee | Up to 5% of loan amount (incl. GST) | Up to 2% of sanction amount (stated for non-Mahindra cars); not stated for Mahindra cars | Flat ₹1,000 |
| Pre-closure / prepayment | 5% of principal outstanding + GST if booked on fixed rate; part-payment 5% + GST | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | No foreclosure/prepayment penalty on floating-rate individual loans |
| Other terms published |
|
|
|
| Official source | idfcfirst.bank.in idfcfirst.bank.in | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | unionbankofindia.bank.in unionbankofindia.bank.in unionbankofindia.bank.in |
EMI illustration: ₹10 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| IDFC FIRST Bank | 8.99% | ₹20,754 | ₹2,45,210 | ₹12,45,210 |
| Mahindra Finance | 8% | ₹20,276 | ₹2,16,584 | ₹12,16,584 |
| Union Bank of India | 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 | IDFC FIRST Bank (8.99%) | Mahindra Finance (8%) | Union Bank of India (7.60%) |
|---|---|---|---|
| ₹5 lakh | ₹10,377 | ₹10,138 | ₹10,043 |
| ₹10 lakh | ₹20,754 | ₹20,276 | ₹20,086 |
| ₹15 lakh | ₹31,130 | ₹30,415 | ₹30,128 |
| ₹20 lakh | ₹41,507 | ₹40,553 | ₹40,171 |
Read the full guide: Car loan · EMI calculator
IDFC FIRST Bank vs Mahindra Finance vs Union Bank of India two-wheeler loan: rate, fees and tenure
Starting two-wheeler loan rates as published: IDFC FIRST Bank from 9% and Union Bank of India from 11.10%. 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. Mahindra Finance does not publish a two-wheeler loan rate on its website, so none is shown.
| Detail | IDFC FIRST Bank | Mahindra Finance | Union Bank of India |
|---|---|---|---|
| Product | Two-Wheeler Loan | Not published | Union Miles - new 2-wheeler |
| Published rate | From 9%premium; from 10% commuter, mid-premium, EV | Not published | 11.10% - 11.20% |
| Rate basis | Not published | Not published | EBLR-linked (EBLR 8.00%); by CIBIL score |
| Maximum tenure | 60 months | Not published | Not published |
| Maximum funding | Up to 95% of on-road price | Not published | Not published |
| Processing fee | Up to 5% (product page advertises zero processing fees) | Not published | Flat ₹500 |
| Pre-closure / prepayment | 5% of principal outstanding; part-payment 5% | Not published | No foreclosure/prepayment penalty on floating-rate individual loans |
| Other terms published |
| Not published |
|
| Official source | idfcfirst.bank.in idfcfirst.bank.in | Not published | unionbankofindia.bank.in unionbankofindia.bank.in unionbankofindia.bank.in |
EMI illustration: ₹1 lakh over 36 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| IDFC FIRST Bank | 9% | ₹3,180 | ₹14,479 | ₹1,14,479 |
| Union Bank of India | 11.10% | ₹3,279 | ₹18,030 | ₹1,18,030 |
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 | IDFC FIRST Bank (9%) | Union Bank of India (11.10%) |
|---|---|---|
| ₹0.5 lakh | ₹1,590 | ₹1,639 |
| ₹1 lakh | ₹3,180 | ₹3,279 |
| ₹1.5 lakh | ₹4,770 | ₹4,918 |
Read the full guide: Two-wheeler loan · EMI calculator
IDFC FIRST Bank vs Mahindra Finance vs Union Bank of India used car loan: rate, fees and tenure
Starting used car loan rates as published: IDFC FIRST Bank from 11.99%, Mahindra Finance from 8% and Union Bank of India from 11.60%. Mahindra Finance is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. IDFC FIRST Bank lists the longer maximum tenure (7 years (repurchase)).
| Detail | IDFC FIRST Bank | Mahindra Finance | Union Bank of India |
|---|---|---|---|
| Product | Pre-owned Car Loan | Used Car Loan | Union Miles - old 4-wheeler |
| Published rate | From 11.99%repurchase; from 13.99% refinance | 8% - 25% p.a.policy range, pre-owned assets | 11.60% - 11.70% |
| Rate basis | Not published | Not published | EBLR-linked (EBLR 8.00%); by CIBIL score |
| Maximum tenure | 7 years (repurchase) | 5 years | Not published |
| Maximum funding | Up to 200% LTV of market value (Car N Cash refinance) | Up to 90% of car value | Not published |
| Processing fee | Up to 5% of loan amount (incl. GST) | Up to 2% of sanction amount | Flat ₹1,000 |
| Pre-closure / prepayment | 5% of principal outstanding + GST; part-payment 5% + GST | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | No foreclosure/prepayment penalty on floating-rate individual loans |
| Other terms published |
|
|
|
| Official source | idfcfirst.bank.in idfcfirst.bank.in | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | unionbankofindia.bank.in unionbankofindia.bank.in unionbankofindia.bank.in |
EMI illustration: ₹5 lakh over 48 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| IDFC FIRST Bank | 11.99% | ₹13,164 | ₹1,31,894 | ₹6,31,894 |
| Mahindra Finance | 8% | ₹12,206 | ₹85,910 | ₹5,85,910 |
| Union Bank of India | 11.60% | ₹13,069 | ₹1,27,309 | ₹6,27,309 |
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 | IDFC FIRST Bank (11.99%) | Mahindra Finance (8%) | Union Bank of India (11.60%) |
|---|---|---|---|
| ₹3 lakh | ₹7,899 | ₹7,324 | ₹7,841 |
| ₹5 lakh | ₹13,164 | ₹12,206 | ₹13,069 |
| ₹8 lakh | ₹21,063 | ₹19,530 | ₹20,910 |
Read the full guide: Used car loan · EMI calculator
IDFC FIRST Bank vs Mahindra Finance vs Union Bank of India electric car loan: rate, fees and tenure
Only Union Bank of India publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. IDFC FIRST Bank and Mahindra Finance do not publish an electric car loan rate on their website, so none is shown.
| Detail | IDFC FIRST Bank | Mahindra Finance | Union Bank of India |
|---|---|---|---|
| Product | Not published | Not published | Union Green Miles - new 4-wheeler |
| Published rate | Not published | Not published | 7.50% - 9.90% |
| Rate basis | Not published | Not published | EBLR-linked (EBLR 8.00%); by CIBIL score |
| Other terms published | Not published | Not published |
|
| Official source | Not published | Not published | unionbankofindia.bank.in unionbankofindia.bank.in |
Read the full guide: Electric car loan
IDFC FIRST Bank vs Mahindra Finance vs Union Bank of India three-wheeler loan: rate, fees and tenure
Only Mahindra Finance publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. IDFC FIRST Bank and Union Bank of India do not publish a three-wheeler loan rate on their website, so none is shown.
| Detail | IDFC FIRST Bank | Mahindra Finance | Union Bank of India |
|---|---|---|---|
| Product | Not published | Three-Wheeler Loan | Not published |
| Published rate | Not published | 8% - 25% p.a.policy range, 3-wheelers | Not published |
| Maximum tenure | Not published | 4 years | Not published |
| Maximum funding | Not published | Based on vehicle and customer profile | Not published |
| Pre-closure / prepayment | Not published | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | Not published |
| Other terms published | Not published |
| Not published |
| Official source | Not published | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | Not published |
Read the full guide: Three-wheeler loan
IDFC FIRST Bank vs Mahindra Finance vs Union Bank of India tractor loan: rate, fees and tenure
Starting tractor loan rates as published: IDFC FIRST Bank from 12% and Mahindra Finance from 8%. Mahindra Finance is lower at the starting rate, but the top of each range and your own credit profile decide what you are actually offered. IDFC FIRST Bank lists the longer maximum tenure (72 months (new); 60 months (used)). Union Bank of India does not publish a tractor loan rate on its website, so none is shown.
| Detail | IDFC FIRST Bank | Mahindra Finance | Union Bank of India |
|---|---|---|---|
| Product | Tractor Loan | Tractor Loan | Farm Mechanization Scheme |
| Published rate | 12% - 16%new; 16% - 20% used | 8% - 25% p.a.policy range, new/pre-owned assets | Not published |
| Maximum tenure | 72 months (new); 60 months (used) | 5 years (6-60 months) | Not published |
| Maximum funding | ₹1-15 lakh (new); ₹1-5.5 lakh (used) | No fixed minimum or maximum amount | 85% of unit cost (15% margin) |
| Processing fee | 1% of sanctioned amount | Up to 2% of sanction amount (farm equipment) | Not published |
| Pre-closure / prepayment | 2% of principal outstanding + GST | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | Not published |
| Other terms published | Not published |
|
|
| Official source | idfcfirst.bank.in | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | unionbankofindia.bank.in |
EMI illustration: ₹8 lakh over 60 months
| Loan provider | Rate used | Monthly EMI | Total interest | Total repayable |
|---|---|---|---|---|
| IDFC FIRST Bank | 12% | ₹17,796 | ₹2,67,733 | ₹10,67,733 |
| Mahindra Finance | 8% | ₹16,221 | ₹1,73,267 | ₹9,73,267 |
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 | IDFC FIRST Bank (12%) | Mahindra Finance (8%) |
|---|---|---|
| ₹5 lakh | ₹11,122 | ₹10,138 |
| ₹8 lakh | ₹17,796 | ₹16,221 |
| ₹12 lakh | ₹26,693 | ₹24,332 |
Read the full guide: Tractor loan
IDFC FIRST Bank vs Mahindra Finance vs Union Bank of India commercial vehicle loan: rate, fees and tenure
Only Mahindra Finance publishes a rate for this product with a stated starting figure, so a like-for-like ranking is not possible. IDFC FIRST Bank and Union Bank of India do not publish a commercial vehicle loan rate on their website, so none is shown.
| Detail | IDFC FIRST Bank | Mahindra Finance | Union Bank of India |
|---|---|---|---|
| Product | Commercial Vehicle Loan | Commercial Vehicle Loan | Union Parivahan |
| Published rate | Not published | 8% - 25% p.a.policy range, new/pre-owned assets | Not published |
| Rate basis | Fixed | Monthly reducing balance (per product page) | Not published |
| Maximum tenure | 60 months | 60 months new; 36 months used | Not published |
| Maximum funding | Up to 95% of on-road price | Not published | Not published |
| Processing fee | Not published | Up to 2% of sanction amount | Not published |
| Pre-closure / prepayment | Not published | 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months) | Not published |
| Other terms published |
|
|
|
| Official source | idfcfirst.bank.in | mahindrafinance.com media.mahindrafinance.com mahindrafinance.com | unionbankofindia.bank.in |
Read the full guide: Commercial vehicle loan
Which is better: IDFC FIRST Bank, Mahindra Finance or Union Bank of India?
No loan provider is best for everyone. This is how the published figures split, product by product.
- Car loan, lower starting rate: Union Bank of India (7.60%) versus 8.99% at IDFC FIRST Bank and 8% at Mahindra Finance.
- Used car loan, lower starting rate: Mahindra Finance (8%) versus 11.99% at IDFC FIRST Bank and 11.60% at Union Bank of India.
- Car loan, longer maximum tenure: IDFC FIRST Bank (10 years (120 months)). A longer tenure lowers the EMI but raises total interest.
- Used car loan, longer maximum tenure: IDFC FIRST Bank (7 years (repurchase)). A longer tenure lowers the EMI but raises total interest.
- Tractor loan, longer maximum tenure: IDFC FIRST Bank (72 months (new); 60 months (used)). 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
IDFC FIRST Bank is a private bank, Mahindra Finance is a nbfc and Union Bank of India is a public sector bank.
What the loan providers' own pages say about how their rates are set:
- 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.
- Mahindra Finance car loan: Policy allows fixed, floating or hybrid; car loan FAQ quotes on flat-rate basis.
- Mahindra Finance commercial vehicle loan: Monthly reducing balance (per product page).
- Union Bank of India car loan: EBLR-linked (EBLR 8.00% = repo 5.25% + 2.75%, w.e.f. 24.07.2026); by CIBIL score.
- Union Bank of India two-wheeler loan: EBLR-linked (EBLR 8.00%); by CIBIL score.
- Union Bank of India used car loan: EBLR-linked (EBLR 8.00%); by CIBIL score.
- Union Bank of India electric car loan: EBLR-linked (EBLR 8.00%); by CIBIL score.
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 IDFC FIRST Bank, Mahindra Finance and Union Bank of India
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)
Mahindra Finance
NBFC · Mahindra & Mahindra Financial Services Ltd (Mahindra Finance)
Mahindra Group vehicle financier focused on rural and semi-urban India; finances Mahindra UVs/tractors and other brands
Lowest published starting rate: 8% (Car loan)
Union Bank of India
Public sector bank
PSU loan provider whose Union Miles scheme covers new cars, cars up to 3 years old and new two-wheelers, priced off its repo-linked EBLR by CIBIL score, with a cheaper Green Miles variant for EVs.
Lowest published starting rate: 7.50% (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.
- 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
- Mahindra Finance: mahindrafinance.com/loans/car-loan · media.mahindrafinance.com/2025/02/Interest-Rate-Policy_Updated_21-July26_clean.pdf · mahindrafinance.com/loans/retail-loan-fees-and-charges · mahindrafinance.com/loans/used-car-loan · mahindrafinance.com/loans/three-wheeler-loan · mahindrafinance.com/loans/tractor-loan
- Union Bank of India: unionbankofindia.bank.in/pdf/retail_roi.pdf · unionbankofindia.bank.in/en/details/union-vehicle · unionbankofindia.bank.in/pdf/Service Charges-Domestic Rupee Advances-Corp Website.pdf · unionbankofindia.bank.in/en/Details/farm-mechanization-scheme · unionbankofindia.bank.in/en/details/union-parivahan
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
IDFC FIRST Bank compared with other loan providers
Mahindra Finance compared with other loan providers
Union Bank of India 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: IDFC FIRST Bank, Mahindra Finance or Union Bank of India?
Union Bank of India has the lowest published starting car loan rate at 7.60%, against 8.99% at IDFC FIRST Bank and 8% at Mahindra Finance. IDFC FIRST Bank allows the longer maximum tenure (10 years (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: IDFC FIRST Bank, Mahindra Finance or Union Bank of India?
Union Bank of India has the lower published starting rate. Published starting rates: IDFC FIRST Bank 8.99%, Mahindra Finance 8% and Union Bank of India 7.60% (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 IDFC FIRST Bank, Mahindra Finance and Union Bank of India?
IDFC FIRST Bank: Up to 5% of loan amount (incl. GST). Mahindra Finance: Up to 2% of sanction amount (stated for non-Mahindra cars); not stated for Mahindra cars. Union Bank of India: Flat ₹1,000. Fees can change and GST is usually extra, so check the Key Fact Statement.
What is the maximum car loan tenure at IDFC FIRST Bank, Mahindra Finance and Union Bank of India?
IDFC FIRST Bank: 10 years (120 months). Mahindra Finance: 5 years. Union Bank of India: not published.
What is the EMI on a ₹10 lakh car loan at IDFC FIRST Bank, Mahindra Finance and Union Bank of India?
Over 60 months at each loan provider's lowest published rate: IDFC FIRST Bank about ₹20,754 a month at 8.99%; Mahindra Finance about ₹20,276 a month at 8%; Union Bank of India about ₹20,086 a month at 7.60%. 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 IDFC FIRST Bank, Mahindra Finance and Union Bank of India?
IDFC FIRST Bank: Up to 100% of on-road price. Mahindra Finance: Up to 100% of ex-showroom value. Union Bank of India: not published. Funding is usually profile-based, so the loan provider decides the final amount.
What other terms do IDFC FIRST Bank, Mahindra Finance and Union Bank of India publish for a car loan?
IDFC FIRST Bank: Longest tenure among peers at 10 years; Online car marketplace. Mahindra Finance: Finances most passenger and multi-utility vehicles across brands; No collateral security required. Union Bank of India: No ceiling on loan amount; Minimum CIBIL 700 indicated; Sanction in about 2 business days. Check each loan provider's page for eligibility and documents before you apply.
Can I prepay or foreclose a car loan early at IDFC FIRST Bank, Mahindra Finance and Union Bank of India?
IDFC FIRST Bank: 5% of principal outstanding + GST if booked on fixed rate; part-payment 5% + GST. Mahindra Finance: 6% of principal outstanding in first 24 months, 3% thereafter; part-payment 5% (13-24 months) / 3% (after 24 months). Union Bank of India: No foreclosure/prepayment penalty on floating-rate individual loans. Floating-rate loans to individuals cannot carry pre-closure charges; fixed-rate loans often do.
Which vehicle loans do IDFC FIRST Bank, Mahindra Finance and Union Bank of India publish rates for?
IDFC FIRST Bank: car loan, two-wheeler loan, used car loan, tractor loan. Mahindra Finance: car loan, used car loan, three-wheeler loan, tractor loan, commercial vehicle loan. Union Bank of India: 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.