If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Cholamandalam Finance

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  • 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

    Cholamandalam Finance Car Loan Eligibility

    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.

    Documentation Required for Chola Finance Car Loan

    Any of the following documents can be submitted as identity proof

    • Identity Proof:valid passport, voters ID, PAN card, valid driving license, ration card, bank pass book with an attested photo and latest bank statement, employee photo ID issued by Government, ESIC medical cards, registered property documents, UID Aadhar card and any other government issued ID proof with authorized signatory.
    • Address Proof: Latest property tax receipt, utility bills, bank account statement, registered property document or lease deed, UID Aadhar card, passport, voters ID or driving license can be submitted as address proof.
    • Other Documents: You might also be asked to submit documents like board resolution, sales tax registration certificate, MOA/AOA with registration certificate, incorporation documents, shops and establishment certificate, sales tax registration certificate and registered lease deed.

    Features and Benefits of Cholamandalam Finance Car Loan

    • 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.

    How to Calculate EMI for Cholamandalam Finance Car Loan?

    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

    • The car loan EMI calculator available at the official website of BankBazaar is easy to use and gives accurate results
    • You will also get a complete breakup of the loan along with an amortization table once you calculate your EMI that will help you understand how your loan will progress throughout the years
    • You will be able to adjust the loan tenure and amount in the EMi calculator and can choose the right plan according to your requirement and repayment capacity
    • BankBazaar offers reliable and impartial information to its customers in order to help them make the right decision
    • You can check and compare all the rates available in the market and select the one that suits your needs and repayment capacity the most
    • You will get all the information regarding your car loan in one place
    • You might be eligible for any special offer or discount that is not available anywhere else
    • You will be able to apply for your car loan without any hassle from the comfort of your home
    • Since BankBazaar propagates paperless transactions, your loan will be processed, approved, and disbursed in no time

    How to Calculate Cholamandalam Finance Car Loan EMI 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:

    • Visit the official website of BankBazaar
    • Go to the ‘Trending Products’ section on the homepage of the website
    • Click on ‘Finance Tools’ option available from the list of items available
    • You will be taken to the EMI calculator page on the website
    • Next, click on Car Loan EMI Calculator from the EMI calculator options available
    • You will redirected to the car loan EMI calculator page
    • Enter the loan amount and tenure by adjusting the scales available on the page
    • Then, enter the ‘Interest rate’ and ‘Processing fee’ applicable to the car loan you wish to opt for
    • Select ‘Yes’ or ‘No’ under ‘Would you like to make Pre-payments?’
    • If selected ‘Yes’, a small form requiring the pre-payment details will pop up below.
    • Fill out the details in the form according to the car loan scheme selected, such as ‘Pre-payment Frequency’, ‘Pre-payment amount’, and ‘Pre-payment Applies to’
    • Click on the ‘Calculate’ button at the end of the calculator to generate your personalised car loan EMI


    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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