Chola Electric Vehicle Loan at a glance
| Feature | Chola Electric Vehicle Loan |
|---|---|
| Product name | EV variants under 2W and 3W loans (no separate EV product page) |
| Interest rate | 2W EV 15% - 28%; 3W EV (new) 16% - 28% p.a. |
| Rate type | Fixed |
| Maximum tenure | Not published on the loan provider's website. Ask for it in the Key Fact Statement. |
| How much it funds | Not published on the loan provider's website. Ask for it in the Key Fact Statement. |
| Processing fee | 2W 0.75% - 5%; 3W 1.5% - 3.5% + sourcing fee |
| Pre-closure / prepayment | Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST |
Source: files.cholamandalam.com, checked 4 October 2026.
Chola vs other loan providers for electric vehicle loans
Published figures from each loan provider's own website. Some loan providers publish a starting rate, some a range actually given to customers, and some only a maximum, so read the column with care and compare final offers on the APR in the Key Fact Statement.
| Loan provider | Published rate | Max tenure | Type |
|---|---|---|---|
| Hero FinCorp | From 5.99% | 6-60 months | NBFC |
| Bajaj Auto Credit | Up to 30% p.a. | 3-84 months | NBFC |
| Tata Capital | E2W from 12.5% p.a.; EV car from 8.75% p.a. | E2W 48 months; EV car 84 months | NBFC |
| Chola | 2W EV 15% - 28%; 3W EV | — | NBFC |
What kind of loan provider Chola is
Chola is a non-banking finance company (NBFC) regulated by the RBI. NBFCs often lend to people banks may turn down, such as first-time borrowers, farmers or self-employed people with irregular income, and reach smaller towns through dealers. In return their rates and fees are usually higher than a bank's, so they suit you best when a bank loan is not available or is much slower.
Murugappa Group's vehicle-finance-led NBFC with a large rural and semi-urban branch network
Features Chola lists for this loan
- EV-specific rate bands in interest rate policy
Documents you will usually need
Most loan providers ask for a similar set. Chola may ask for more depending on your profile.
- Identity proof such as Aadhaar, voter ID, passport or driving licence
- Address proof such as Aadhaar, utility bill or rent agreement
- PAN card or Form 60
- Salary slips and bank statements or ITR for income proof
- Dealer quotation or invoice showing the model, battery details and on-road price
- Valid driving licence, where required for the vehicle category
- Signed application, photographs and EMI mandate or cancelled cheque
Before you sign with Chola
- Get the Key Fact Statement (KFS). RBI requires loan providers to give you a KFS before you sign, showing the interest rate, all fees, the annual percentage rate (APR) and the total amount you will repay.
- Compare the APR, not the headline rate. A low rate with a high processing fee can cost more than a slightly higher rate with no fee.
- 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.
- Make sure the hypothecation is recorded and later removed. The loan provider's name is noted on the registration certificate; after the last EMI, collect the NOC and get it removed at the RTO.
Apply on cholamandalam.com or at a branch. Never pay anyone an upfront fee to "get a loan approved"; genuine loan providers deduct fees only from the loan itself.
More from Chola and similar loans
Other vehicle loans from Chola:
Buying a used car? Read the used car loan guides
A second-hand car changes the rate, the tenure and the paperwork. These guides cover rates by loan provider, car age limits, valuation, down payment and RC transfer.
Compare Chola with other loan providers
See Chola's published vehicle loan rates, fees and tenure next to another bank or NBFC.
Frequently asked questions
What is the Chola electric vehicle loan interest rate?
Chola publishes 2W EV 15% - 28%; 3W EV (new) 16% - 28% p.a. (checked 4 October 2026). Your own rate depends on your credit score, income, loan amount and the vehicle.
What is the maximum tenure for a Chola electric vehicle loan?
The tenure is not published on the website; ask the loan provider. Most electric vehicle loans run between one and seven years.
How much of the vehicle cost does Chola fund?
Chola does not publish a funding limit for this loan; it depends on your profile and the vehicle.
What processing fee does Chola charge?
2W 0.75% - 5%; 3W 1.5% - 3.5% + sourcing fee. GST is usually added on top unless stated.
Can I close a Chola electric vehicle loan early?
Full closure: 5% of principal outstanding (7-12 months from agreement), 4% after 12 months, plus GST.
Is Chola regulated?
Yes. Chola is regulated by the Reserve Bank of India as a NBFC. If a complaint is not resolved by the loan provider within 30 days, you can approach the RBI Integrated Ombudsman.
KhatuLoans is not a loan provider and is not paid by the loan providers or brands 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.