Explore Your Options
Cholamandalam Loan Against Property (SME Division)
Cholamandalam Loan Against Property (SME Division)
Powered By
_img.webp)
Cholamandalam Loan Against Property (SME Division)
Apply Now
Cholamandalam Loan Against Property (SME Division)Here are a few factors
| Location | 50Km from Branch |
| CIBIL Score | 650+ |
| Applicant | Any Salaried or Self Employed |
| Applicant Age | 21 Year to 65 Year |
| Loan Amount & Tenure | 20
Lac- 7.50 Cr ( 3 Year to 15 Year) |
| Login Fees | 5900 |
| Rate of Interest & Type | 10%-15% (Reducing) |
| TAT | 5 days |
| Processing Fees | 1.50% to 3% of loan amount |
| Foreclosure Charges | Upto 4% |
| Insurance | As per Age |
| Minimum Business Vintage | 1 Year |
| Lock In Period | 24 month |
| Part Payment Allowed | No |
| LTV | (i) Residential-65% (ii) Commercial-60% (iii) Industrial-40% (vii) Godown & Warehouse-50% |
| Product | (i)
Fresh Loan (ii) BT+Topup (iii) Lease Rental Discounting (iv) Seller BT (v)
Auction Property (vi) Commercial or Industrial Purchase |
| Program | (i)
Banking Program-5 Cr (ii) Income Program-7.50 Cr (iii)Low LTV-7.50 Cr (iv) LIP Program-7.50 Cr (v) Cash Rental-1 Cr (50% of Cash Rent) |
| FOIR | 100% of Cash Profit |
| Cautious Profile | (i) Builders (ii) Real Estate (iii) Person living in dominated area (iv) Share Traders(v) Liquor Seller |
| Negative Profile | (i) Politian (ii)NBFC |
| Funded Property | (i)
Residential Property (ii) Commercial Property (iii) Industrial Property (iv)
Hotel & Restaurants (v) Auction Property (if auction before 3 year) (vi)Godown & Warehouse (vii) PG Property & Multi Tanented Unit (viii) Lal Dora (ix) Regularized Colony (x) Gram Panchayat Property (xi) Sub-Divided Property (xii) Stone Slab Property (xiii) Legal & Technical not Clear (xiv) Nursing Home (xv) Subject to Registry Property |
| Negative Property | (i) Lease hold Property without PTM (ii) Stand Alone Basement (iii) Hospital (iv) School (v) Plot |
| Accepted Collateral | Other than Negative Property |
| Specific Property wise Funding Limit | (i) Lal Dora-7.5 Cr (ii) Sub-Divided Property-7.50 Cr (iii) Stone Slab Propetry-7.50 Cr |
| Any Specfic Product for Professionals | No |
| USP | No Negative Profile |
| Additional | (i)
Multi Tenanted Unit will be funded upto 15 Tanent (ii) Demolition List property is fundable if entire property is coming (iii) DOD Product not doing |
Cholamandalam Loan Against Property (SME Division) EMI Calculator
Interest Type
Loan Amount
Interest Rate
Loan Tenure
| Loan Amount | ₹100,000 |
| Interest % | 12 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,885 |
| Total Interest | ₹ 6,619 |
| Loan Amount + Interest | ₹ 106,619 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 23,892 | ₹ 2,763 | ₹ 26,655 | ₹ 76,108 | 23.89 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ₹ 76,109 | ₹ 3,856 | ₹ 79,965 | ₹ 0 | 100.00 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required Documents to Apply for Cholamandalam Loan Against Property (SME Division)
Salaried income documents
-
KYC of applicant & Co-Applicant
-
Last 3 Month Salary Slip of Applicant
-
Last 12 month Bank Statement of applicant & co-applicant
-
Last 3 year ITR with computation of income of applicant & co-applicant
-
Last 2 Year Form 16 of applicant
-
26AS of last 2 year of applicant & co-applicant
-
Appointment letter of applicant if available
-
Agreement to Sale if purchase case
-
Property Paper with complete chain of last 13 years
-
LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
-
Sanction letter of all running loan
-
Latest utility Bill if owned residence or rent agreement if rented
-
2 Reference with contact details
Self Employed person documents
-
KYC of applicant & Co-Applicant
-
Last 3 year ITR with computation of income of applicant & co-applicant
-
Last 3 year audited balance sheet of applicant
-
Last 3 year Tax audit report of applicant
-
Last 12 month Bank Statement of applicant & co-applicant
-
26AS of last 2 year of applicant & co-applicant
-
Copy of GST registration
-
Copy of MSME registration
-
Copy of Last 12 month GST return
-
Agreement to Sale if purchase case
-
Property Paper with complete chain of last 13 years
-
LOD (List of documents), Foreclosure Statement & SOA (Statement of account) if BT case
-
Sanction letter of all running loan
-
Debt Sheet
-
Latest utility Bill of residence if owned or rent agreement if rented
-
Latest utility Bill of Office if owned or rent agreement if rented
-
2 Reference with contact details
-
Last 3 year Debtors & Creditors on letter head
-
List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Some Important Points
If Applicant is
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
Co-Applicant means in case of
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
3. If applicant is professional, then his professional degree is required
About Cholamandalam Loan Against Property (SME Division)
Chola holds that for individuals who want to live the life of their dreams, nothing is out of the question. A loan against property is a flexible loan designed to help both you and your loved ones realize all of their aspirations. This loan might be used for capital expenditures, business expansion, or the addition of new businesses to boost your revenue.
For loan amounts up to Rs 5 crore, Cholamandalam lends a loan against property at 10.50% p.a. onwards. This NBFC provides loans to self-employed individuals against their property for a variety of uses, such as expanding their company as well as buying or updating equipment and machinery. Here, loans are processed within 5-7 days after loan approval because of its fast-tracking procedure.
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
Loan repayment is possible through EMIs (equivalent Monthly installments).
Equated Monthly Instalment (EMI) is the sum that you will pay each month to pay back your loan during the allotted loan duration.
To determine the EMI that you could be repaying each month against the loan, you can use any online loan EMI calculator. You must provide the following information while trying to use the calculator:
The amount of the loan in full
Flat interest rate
Duration (in months)
You will receive the resultant (approximate) EMI amount that you must make payments on each month.
The following payment methods are available for paying the EMI amount:
Using your loan agreement number, make a cash payment at the nearby branch.
Pay at the nearby branch with a check or DD and the loan agreement number.
Once your paperwork is determined to be in order, the loan processing procedure typically takes 5-7 working days.
To change your contact information, get in touch with the branch or head office that is closest to you. You must complete a form and provide documentation of your address.
A Loan Against Property (LAP) is a secured financial product that enables people to borrow money for a variety of objectives, including company development, education, or personal needs, by using the value of their owned property, whether it be residential or commercial.
As part of the procedure, you provide the lender with your property as security as a guarantee for a loan amount. Before deciding on the loan amount, the lender considers the worth of the property, your ability to repay the loan and other elements. Because the loan is secured, interest rates are often lower than for unsecured loans.
The use of a Loan Against Property is flexible. The money may be used by borrowers for a variety of things, including paying for higher education, establishing or expanding a business, paying off debt, covering wedding costs, and more. It offers a flexible payment option because consumption is not restricted.
Although LAP has many advantages, it's crucial to be aware of the hazards as well. In the event of missed payments, the lender may seize the property. In order to choose a loan amount that can be readily repaid during the loan term, consumers need to carefully evaluate their capacity to make repayments.
ReferLoan is a Marketplace which connect Financial institutes with prospective users through its integrated approach. ReferLoan helps users to increase their CIBIL Score and finding the best Financial Products from the available Financial Institutions. ReferLoan is the only Market Place which helps the users to explore the opportunities in Debt as well as in Equity.
Copyright 2023 © Referloan.in.