The financial services arm of the famous Murugappa Group, Cholamandalam Investment and Finance Company Limited was established in the year 1978. Since then, Chola 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, Chola has over 570 branches serving 7.5 lakh happy customers.
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 Chola car financing, you can use the online car loan eligibility calculator on the Chola 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.
Having all the necessary documents in place will ensure a quick application process. The below mentioned documents should be submitted for identification and verification while applying for car financing from Cholamandalam.
Identity Proof: Any of the following documents can be submitted as 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.
Chola Car Financing comes with a plenitude of borrower-friendly features. Here are some of the exclusive benefits that make Chola Finance stand out from the rest of the options in the market.
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, Chola also provides motor insurance, life insurance and personal accident cover.
Cholamandalam Finance has an operational presence of over 570 branches across all major cities in India.
Customers can avail financing for all classes of new and used vehicles.
It is important that you check if the loan is affordable before you apply for one. The EMIs should be well within your budget and you should have your financial plan for future, well-sketched out. 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.
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.