The financial services arm of the famous Murugappa Group, Cholamandalam Investment and Finance Company Limited was established in the year 1978. Since then, Cholamandalam has emerged as a complete financial services provider offering a variety of products like Vehicle loans, Home loans, SME loans, Stock Broking and Investment advisory. With a vision of enabling customers to lead better lives, Cholamandalam has over 858 branches across the length and breadth of the country serving more than 8 lakh happy customers. In order to serve its customers better, the company has subsidiaries in the form of Cholamandalam Securities Limited (CSEC), White Data Systems India Private Limited (WDSI), and Cholamandalam Distribution Services Limited (CDSL) A leader in the commercial vehicle finance segment, Cholamandalam finances over 15,000 new customers every month. Cholamandalam Finance Company maintains a good rapport and a valued relationship with all major manufacturers and dealers, which makes the entire car financing process, glitch-free for the customer
To find if you are eligible to avail Cholamandalam Finance Car Loan , you can use the online car loan eligibility calculator on the Cholamandalam website. You will have to input details like place of residence, date of birth, employment type, total work experience, monthly take-home salary and total EMIs per month. The eligibility calculator will project an approximate loan amount that you would be eligible for and also the EMI details.
Any of the following documents can be submitted as identity proof
Cholamandalam provides loans from Rs.1 lakh onwards.
With relationship managers to assist you in all your loan related queries, you can be guaranteed of a smooth car financing process.
Not only car financing, Cholamandalam also provides motor insurance, life insurance and personal accident cover.
Cholamandalam Finance has an operational presence of over 856 branches across all major cities in India.
Customers can avail financing for all classes of new and used vehicles.
You can use an online car loan EMI calculator to find out the amortization details and total interest that you will incur.All you have to do is enter basic details like the loan amount, rate of interest and the tenure. In an instant, the EMI Calculator will project the monthly EMI. Now that you know the monthly EMI, you can plan your monthly budget and also ensure that you are not going overboard with the loan amount.
Benefits of Calculating EMI of Your Cholamandalam Finance Car Loan through BankBazaar
You can calculate the monthly installments that you will have to pay towards a loan amount for a predetermined interest rate and repayment tenure. This will not only help prevent the rejection of your loan application by choosing a plan that suits your repayment capability, but will also assist you in managing your finances better. By calculating your EMIs beforehand, you can reduce your chances of defaulting and, thus, maintain a good credit history.
If you choose to apply for your car loan through BankBazaar, you will be able to check and compare the rates offered by numerous lenders and select a plan that best suits your requirements, situation, and convenience. You might also be able to avail special discounts and offers that is not available elsewhere. Learn how to calculate your car loan EMI through BankBazaar through the steps mentioned below:
1) Where will I find the Cholamandalam Finance Car Loan application form?
To apply for a car loan with Chola, you can fill in the application form that is available at the Chola website. Alternatively, you can also visit any of the physical branches to get the application form for car loans.
2) What documents do I have to submit after the loan disbursal?
You have to submit the vehicle’s registration certificate (RC), copy of insurance policy and invoice with the endorsement of Chola finance.
3) What are the prepayment charges for Chola car loans?
If the foreclosure is done after 12 months from the date of outstanding, a penalty of 4% of the principal outstanding is charged. For foreclosure done from 7 to 12 months from the date of agreement, 5% of the principal outstanding is levied as prepayment penalty.
4) Will I be eligible for additional loans after I get a car loan?
Yes. Based on your performance, you will also be eligible for additional loans with Chola that includes top up loans, home equity loans, gold loans etc.
5) How do I remit the EMIs every month?
You can pay the EMIs using Cash, Demand Drafts, ECS or Cheques at the nearest branch office by providing your loan agreement number.
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