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About Cholamandalam Finance
Cholamandalam Finance company was established as Cholamandalam investment and finance company limited in the year 1978. It was founded as the financial services arm of Murugappa Group.
Cholamandalam Finance has been engaged in providing car loan facility to its customers for over 20 years. It has provided a helping hand to many customers in owning their dream vehicle. The types of products available within this type of finance are – Two-wheeler loans, commercial vehicle loan, tractor loan, car & multi-utility vehicle loans, construction equipment loans.
This article focuses on availing car loans from Cholamandalam Finance.
Chola Finance provides finance for all types of cars including hatchback, sedan, special utility vehicles etc., The key features which are uniform across all vehicle finance including cars are mentioned below –
Individuals can avail a loan for even luxury cars such as Audi, Mercedes, BMW etc., based on their ability to qualify to avail such loans. However, the borrower needs to check for Chola Finance Car Loan Eligibility before applying for a car loan to purchase any car.
This section looks at the eligibility criteria for availing a car loan from Chola Finance. Chola Finance has categorized its loans based on the value of the car. The categories include car value up to Rs. 10 Lakh, Car loan up to Rs. 10 lakh – Rs. 20 lakh, car loan above Rs. 20 Lakh. The qualification criteria for Chola Finance Car Loan Eligibility is different for individuals with salaried income and business income. The criteria for each of these segments are briefed in the tables given below–
Car value up to Rs. 10 Lakhs
Car Value in the range of Rs. 10 – 20 Lakh
Car value of Rs. 20 Lakh and above
Once the eligibility has been established, there is a need to understand and segregate documents required for application of the car loan for the desired car from Cholamandalam Finance.
Documentation has been one of the most tedious aspects of any loan application, the intervention of technology has eased this process considerably, by uploading the loan application and documents on the website of the bank / NBFC, one can get e-approval for the loan.
Below is the list of documents requirement for availing Chola Finance car loan –
These documents have to be submitted as applicable along with the car loan application. The application will be available with the respective bank / NBFC or dealer (the dealer is likely to have tie-up with certain banks / financial institutions where the approval / processing could be expedited). It is important to understand the specific features / benefits associated with car finance extended by Chola Car Finance.
A borrower should be aware of the key benefits /advantages that can be availed from the financier. Following are the features and benefits associated specifically for Chola Finance car loan.
Chola Finance is known to deliver the best service and experience for the customers. Typically, well known financial institutions are involved in providing finance for these high-end cars. Cholamandalam Finance is a well-known financier in the vehicle loan segment and particularly caters to the luxury car segment with high operational efficiency.
Cholamandalam car finance is provided in easy, convenient and flexible mode with minimum documentation. Relationship manager would guide the borrower through the process. The car will be delivered to the buyer upon disbursement of loan after sanction. The financier will collect a copy of the vehicle registration certificate, invoice and insurance policy. Most financiers including Chola Finance provides insurance to cover any damages caused to the vehicle, owner and third party. Loan cancellation can be initiated by informing the financier at charges applicable for such cancellation.
There are multiple charges applicable for car finance extended by Chola Finance, the rates are similar for all types of cars. Further, there could be slight variation among various financiers, but broadly they remain within the ranges specified.
There may be other fees and charges applicable such as interest penalty on default payments, change or addition of guarantor, stamp duty charges etc.
Owning your dream car is no longer a far-fetched dream, there are various financiers including Cholamandalam Finance which extends specific benefits and advantages for financing of car purchase.
1. Is there a requirement of additional collateral / guarantee?
In most car loans, there is no requirement for additional collateral / guarantor. The car purchased will be hypothecated until closure of the loan
2. How can one apply for car finance through Chola Finance?
One can apply by walking into any branch of financial institutions (Banks / NBFCs) including Cholamandalam Finance. One can either do this offline by physically filling and submitting documents or by submitting documents online.
3. What is the maximum limit of loan that can be availed?
Car finance is available to the extent of 90% of car value with Cholamandalam Finance
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