Cholamandalam Car Finance

How to apply for Chola Car Loan?

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

1. Visit https://www.cholamandalam.com/.
2. Click on ‘Apply Loan Online’.
3. Choose ‘Car & MUV – Loans’.
4. Enter the mobile number and complete the verification process.
5. Follow the steps on the next page to complete the process.

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:

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

Given below are the eligibility criteria you will have to fulfill to apply for a car loan from Cholamandalam Finance:

If the value of the car is up to Rs.10 lakh

If the value of the car is between Rs.10 lakh and Rs.20 lakh

If the value of the car is above Rs.20 lakh

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:

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

Given below are the documents you will need to submit when applying for a car loan from Cholamandalam Finance:

1. Proof of address such as Aadhaar, passport, etc.

1. Proof of identity such as PAN, utility bills, etc.

1. Proof of income such as income tax returns for the last 2 years for salaried and 3 years for self-employed, Form 16, etc.

1. Income verification for partnerships such as most recent order of sales tax assessment, partnership Identity of signing partners' deed proof, Certificate of Sales Tax Registration

1. Income documentation for limited corporations such as Certificate of Sales Tax Registration Articles of Association (AOA) and Memorandum of Association (MOA), Identity of signing director's evidence

1. For the previous six months, provide a self-attested copy of a bank account statement or passbook.

Chola Car Finance Features and Benefits

The features and benefits of Chola Car Finance are listed below:

1. Flexible Repayment Options: Cholamandalam Finance offers flexible repayment terms between 12 months and 84 months, enabling customers to spread out their monthly payments over a convenient time frame. Post-dated checks can be used to make payments, and Paytm can be used to pay off past-due loans. A little exchange fee of Rs.500 can be used to accommodate changes in the repayment mode.

1. Higher Financing Amount: Even for high-end cars with much higher prices, Cholamandalam Finance offers financing of up to 90% of the car's value, which is a sizable amount of financing.

1. Coverage for Accessories: Cholamandalam Finance offers coverage for gadgets and accessories for all types of automobiles, including premium cars. Given how expensive some devices and gadgets may be this function is very beneficial.

1. Effective Documentation and Loan Processing: Chola Finance streamlines the overall process for borrowers by accelerating the documentation and loan processing procedures after eligibility for auto financing is established.

Fees and Charges

Cholamandalam Car Finance: Notable Features

Numerous types of automobiles, including hatchbacks, sedans, speciality utility vehicles, and more, are eligible for financing with Chola Finance. The following fundamental characteristics pertain to all vehicle financing, including auto loans, offered by Chola Finance:

1. Loans are accessible for as little as Rs.1lakh.

1. Both new and old vehicles are eligible for financing.

1. Chola Finance gives customers the choice to purchase personal accident protection, life insurance, and auto insurance.

1. Relationship managers with extensive knowledge are available to help clients at every level of the loan application and repayment procedure.

1. Depending on their qualifications, borrowers may be able to obtain a loan for a luxury vehicle such an Audi, Mercedes, BMW, etc. Before requesting funding to buy any vehicle, it is advised for potential borrowers to confirm their eligibility for Chola Finance Car Loans.

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