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  • Cholamandalam Finance is Rated as "Great!" by 9 Users

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    Promised Interest Rate

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    rated 4.0/5.0 by 9 users

    Cholamandalam Finance

    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.

    Cholamandalam Finance Car Loan Eligibility

    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.

    Documentation Required for Chola Finance Car Loan

    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.

    Apply for Car Loan Online

    Features and Benefits of Cholamandalam Finance Car Loan

    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.

    How to Calculate EMI for Cholamandalam Finance Car Loan?

    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.

    Cholamandalam Finance FAQs

    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.

    Cholamandalam Car Finance Reviews

    • Cholamandalam Finance Car Loan
      0.5 5.0/5 "Blown Away!"
      I have completed my car loan with Chola Mandalam Finance. It was taken in the year of 2013 and closed at 2016. The rate of interest was normal. The customer service was good and the response is prompt. I have purchased TAVERA car and they offered 4.5L.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 30, 2018
    • Cholamandalam Finance Car Loan
      0.5 2.5/5 "Just OK"
      I had the car loan with the Cholamandalam DBS and they have provided around 80% of the cost of the car as loan , I have done the loan before three years of time and I really don't have any issues on it.
      Was this review helpful? 0
      , kochi
      Reviewed on Sep 21, 2017
    • Cholamandalam Finance Car Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      Currently, I am having the car loan with the Cholamandalam finance and the rate of interest is around 13.5%. Within three days of time, the loan amount got disbursed and there is no collateral. I have not seen any difficulties with them.
      Was this review helpful? 1
      , satara
      Reviewed on May 24, 2017
    • Cholamandalam Finance Car Loan
      0.5 5.0/5 "Blown Away!"
      This is my first experience with Cholamandalam Finance and I got the approval for my four wheeler loan within 3 to 4 hours from them. The process was swift and the documentation was also on the normal side. The best is I got a lesser rate of interest when compared to other banks. The charges was also nominal for me.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 07, 2017
    • Cholamandalam Finance Car Loan
      0.5 5.0/5 "Blown Away!"
      Cholamandalam response was very good and their follow up is really amazing. The rate of interest what they have provided was very much nominal, I got the loan for 12.50% of interest rates, with a very nominal processing fee of rs 7000 and for insurance amount they had charged around 5000 rupees.
      Was this review helpful? 1
      , dhule
      Reviewed on May 04, 2017
    • Cholamandalam Finance Car Loan
      "Worst "
      0.5 1.0/5 "Really Bad"
      I dont like the services with Cholamandalam finance for my car loan. They are not providing good customer service like for every time they used to charge the cheque bounce charges. Executives are not responding to the customers and the interest rate was around 15.5%, which was huge for me.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 29, 2016
    • Cholamandalam Finance Car Loan
      0.5 4.0/5 "Great!"
      I have the car loan with the Cholamandalam finance and I been with them from the last three years of time. Interest rate was minimum for me because am an employee with them. Customer service is good with them, also the processing charges were huge but its not applicable for me.
      Was this review helpful? 0
      , salem
      Reviewed on Feb 25, 2016
    • Cholamandalam Finance Car Loan
      "Can do better!!!"
      0.5 5.0/5 "Blown Away!"
      With Cholamandalam Finance, it was a good experience. In a weeks time that have approved my car loan. Interest rate and charges levied was good. Some part were tricky, for each and everything I had to follow the customer care people. I feel they should contact their customers and give the information correctly.
      Was this review helpful? 3
      , pune
      Reviewed on Sep 24, 2015
    • Cholamandalam Finance Car Loan
      0.5 2.0/5 "Expected more"
      I took a car loan for the commercial purpose from cholamandalam Interest rate was high comparing with kotak mahindra and they charged the processing fee were as other banks are waving off. Many documents are required for the process, they use to take long time like 3-4 days for the process.
      Was this review helpful? 2
      , jaipur
      Reviewed on Sep 16, 2015
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