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Cholamandalam New Car Loan
For more than 20 years, Cholamandalam Finance has been proactively offering its clients the option of a car loan. It has given numerous consumers a helping hand in obtaining their ideal automobile. This sort of financing offers two-wheeler financing, commercial vehicle financing, tractors, automobile, multi-utility vehicle financing, and loans for building materials.
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Cholamandalam New Car Loan
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Cholamandalam New Car LoanHere are a few factors
| Location | 50Km from Branch |
| CIBIL Score | 650+ |
| Loan Amount & Tenure | 1
Lac to 20 Lac (12 month to 60 month) |
| Loan to Value(LTV) | 1.Upto
90% of on Road Price in general 2. 100% of on Road price for selected models |
| Type of Funded Vehicle | New Car & Commercial Car |
| Rate of Interest & Type | 14% to 18% (Fixed) |
| Processing Fees | Upto 2% of Loan amount |
| TAT | Sanction-2
Days Disbursement-2 Days |
| Foreclosure Charges | 5% after 6 month |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | 21 Year-65 Year |
| Applicant Minimum Income | No Minimum Income Criteria |
| Business Vintage for Self Employed Applicant | 2 Year |
| Minimum Job Experience for Salaried Applicant | 1 Year |
| Whether Co-Applicant Mandatory | Yes |
| Part Payment Allowed | Yes, after 6 month |
| Product | 1.
Banking Product 2. Cash Income Product 3. ITR Product 4. Income Program |
| Negative Profile | NRI |
| USP | 1.
Cash Rental Income Can be Considered 2. Funding without Income documents |
| Additional | Funding to Bad CIBIL Score also |
| Funding to Bad CIBIL Score also |
Cholamandalam New Car Loan EMI Calculator
Interest Type
Loan Amount
Interest Rate
Loan Tenure
| Loan Amount | ₹100,000 |
| Interest % | 14 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,979 |
| Total Interest | ₹ 7,745 |
| Loan Amount + Interest | ₹ 107,745 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 23,711 | ₹ 3,226 | ₹ 26,937 | ₹ 76,289 | 23.71 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ₹ 76,291 | ₹ 4,520 | ₹ 80,811 | ₹ 0 | 100.00 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Required Documents to Apply for Chlolamandalam Bank Car Loan
Salaried Person
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KYC of applicant
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Last 3 Month Salary Slip
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Last 12 month Bank Statement of applicant
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Last 3 year ITR with computation of income of applicant or Last 2 Year Form 16 of applicant
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26AS of last 2 year of applicant
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Quotation of Car
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Latest Utility Bill of co-borrower if Owned premises else rent agreement if rentedSanction letter of all running loan
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Latest utility Bill if owned residence or rent agreement if rented
Self Employed
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KYC of applicant & Co-Applicant
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KYC of Co-BorrowerLast 3 year ITR with computation of income of applicant & co-applicant
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Last 3 year audited balance sheet of applicant
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Last 3 year Tax audit report of applicant
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Last 12 month Bank Statement of applicant & co-applicant
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Copy of Last 12 month GST return if applicable
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Quotation of Car
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Sanction letter of all running loan
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
About Cholamandalam New Car Loan
Do you want to drive a brand-new car? Cholamandalam Finance is here to help you realise your dreams! Here New Car Loan provides lots of financing options to enable you to easily get behind the wheel of a dream car.
Cholamandalam Finance has been offering automobile loans to its consumers for over 20 years. It has assisted several customers in finding their dream cars. This specific type of financing offers two-wheeler loans, commercial vehicle loans, tractor loans, car and multi-utility vehicle loans, and construction machinery loans.
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
The least amount of a vehicle loan that can be obtained from Chola is Rs. 1 lakh, but there is no maximum limit on the amount that can be obtained from Chola as it relies on the borrower's monthly income as well as the terms and conditions defined by Chola.
Individuals who have taken out a car loan with Chola can pay it back in installments using cash, cheques, or demand drafts. Every payment must be deposited at the Chola branch where the consumer applied for the auto loan.
If the cheque for the EMI bounces, Chola will impose a penalty of Rs. 500.
The EMI calculator is available on the Chola website; you can check it there.
The majority of auto loans do not call for additional security or a guarantor. The vehicle will be pledged as collateral until the loan is paid off.
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