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.
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.
Car Loan links you may be interested in:
Listed below is the online process of applying for a Chola Car loan:
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.
Listed below are the eligibility criteria applicants need to meet when applying for a Chola Car loan:
Listed below are the documents salaried individuals and self-employed individuals have to submit when applying for a car loan:
Listed below are the key features and benefits of Chola Car Loan:
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.
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.
Chola will charge a penalty of Rs.500 if the cheque towards the EMI bounces.
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.
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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