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  • Cholamandalam Finance

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  • Cholamandalam Finance offers car finance at attractive interest rates ranging between 10% and 17%. Loans are provided for new cars as well as for used cars. Cholamandalam Finance offers car finance from Rs.1 lakh onwards.
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    Cholamandalam Car Loan - Overview

    Having 879 branches spread across the country, Cholamandalam Investment and Finance Company Limited (Chola) is the financial department of Murugappa Group and offers vehicles loans for new and used cars, two-wheelers, commercial vehicles, etc. Chola Finance offers car loan for salaried and self-employed individuals at attractive interest rates.

    How does the Chola Car Loan work?

    Customers can apply for a car loan from Chola online on their website or at any branch of the company. Chola will then verify the documents submitted and disburse the loan amount based on the eligibility of the customer and his/her income.

    How to apply for Chola Car Loan?

    Listed below is the online process of applying for a Chola Car loan:

    • Visit the website of Chola
    • Under the ‘What we offer’ tab on the top of the page, click on ‘vehicle loans’.
    • Click on ‘apply for vehicle finance’.
    • The customer has to then enter his/her personal details such as name, date of birth, address, email ID, phone number, type of employment, etc., and then click on ‘submit’.
    • The details will then be verified by Chola and the applicant will have to visit the bank to submit relevant documents.
    • If the applicant is eligible for the loan amount he/she has chosen, the loan will be processed and credited in his/her bank account following verification.

    Customers can also approach any branch of Chola across the country, procure the application form, fill it and submit relevant documents. Executives of Chola will then verify the documents submitted and approve the loan if the applicant is found eligible.

    Eligibility criteria for Chola Car Loan

    Listed below are the eligibility criteria applicants need to meet when applying for a Chola Car loan:

    • Should be a resident of India.
    • Should be a salaried or self-employed individual.
    • The car loan amount that can be availed depends on the income of the individual and the terms and conditions as set by Chola.

    Documents required for Chola Car Loan

    Listed below are the documents salaried individuals and self-employed individuals have to submit when applying for a car loan:

    • Salaried individuals
      • Identity proof – Passport, Voter ID card, Driving License, Ration Card, etc.
      • Address proof – Utility bills, Government ID card, Passport, Voter ID card, etc.
    • Self- employed individuals
      • Identity proof – Certificate of incorporation, PAN card, Sales Tax registration, etc.
      • Address proof – Registered lease deed, Sales Tax registration certificate, Shop and establishment certificate, etc.

    Features and benefits of Chola Car Loan

    Listed below are the key features and benefits of Chola Car Loan:

    • Customers can avail a loan of a minimum of Rs.1 lakh to buy a new or a used car.
    • Dedicated relationship managers to guide customers through the whole process of availing a car loan.

    FAQs

    1. What is the maximum car loan amount that individuals can avail from Chola?
    2. While the minimum car loan amount that can be availed is Rs.1 lakh, there is no cap on the maximum car loan amount that can be availed from Chola as it depends on the yearly income of the individual and the terms and conditions as set by Chola.

    3. How can I pay my EMIs for the Chola car loan?
    4. Customers who have availed a car loan from Chola can repay the loan through EMIs using cash, demand draft, or cheque. All payments have to be made at the branch of Chola from where the customer availed the car loan.

    5. What will be the penalty if the cheque for my EMI bounces?
    6. Chola will charge a penalty of Rs.500 if the cheque towards the EMI bounces.

    7. Can I foreclose my Chola Car Loan?
    8. Yes, Chola allows foreclosure of car loans, however, the customer will have to pay 4% of the outstanding balance of the loan plus service tax if he/she decides to close the loan after a year from the date of disbursement of the loan. If the customer wishes to close the loan within 7 months to 12 months from the date of disbursement of the loan, then 5% of the outstanding amount will be charged plus service tax.

    9. How do I determine the EMI amount before availing a car loan from Chola?

    You can make use of the EMI calculator on the website of Chola or you could visit the website of BankBazaar to calculate the EMI of your car loan.

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