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Cholamandalam Used Car Loan
The financial arm of the Murugappa Group, Cholaamandalam Investment and Finance Company Limited (Chola), has 879 operations across the nation and provides auto loans for new and old automobiles, two-wheelers, commercial vehicles, etc. Chola Finance offers automobile loans at competitive interest rates to salaried and independent workers.Powered By
Cholamandalam Used Car Loan
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Here are a few factors
| Location | 50Km from Branch |
| CIBIL Score | 600+ |
| Loan Amount & Tenure | 1
Lac to 20 Lac (24 month to 48 month) |
| Loan to Value(LTV) | Up to 90% of Value of Car |
| Type of Funded Vehicle | Funding to 3rd Owner |
| Rate of Interest & Type | 14% to 18% (Reducing) |
| Processing Fees | Up to 3% of Loan amount |
| TAT | Sanction-3 Days Disbursement-3 Days |
| Foreclosure Charges | 5% after 6 month |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | 21 Year-55 Year |
| Applicant Minimum Income | No Minimum Income Criteria |
| Business Vintage for Self Employed Applicant | 2 Year |
| Minimum Job Experience for Salaried Applicant | 2 Year |
| Whether Co-Applicant Mandatory | Mandatory |
| Part Payment Allowed | Yes, after 6 month |
| Product | 1. Sale-Purchase 2. Refinance |
| Program | 1.
Cash Income 2. Banking Product 3. Income Program 4. No Income Proof |
| Negative Profile | NRI |
| USP | 1.
Cash Rental Income Can be Considered 2. Funding without Income documents |
| Additional | Funding to Low CIBIL Score also |
Required Documents to Apply for Cholamandalam Used Car Loan
Salaried Person
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KYC of applicant
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Last 3 Month Salary Slip of Applicant
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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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RC of CAR
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Insurance Copy
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Sanction 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
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Last 3 year ITR with computation of income of applicant
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Last 3 year audited balance sheet of applicant if available
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Last 3 year Tax audit report of applicant if applicable
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Last 12 month Bank Statement of applicant
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RC of CAR
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Insurance Copy
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Copy of GST registration if available
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Copy of Last 12 month GST return if applicable
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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 Used Car Loan
Cholamandalam Investment and Finance Company Limited, or Cholamandalam, is a well-known Indian non-banking financial company (NBFC). Cholamandalam provides a wide range of financial offerings and services, including used car loans.
Cholamandalam is a well-known name in finance, with a long history of offering dependable financial services to both individuals and companies across India. At Cholamandalam, buying a used automobile is a big decision, and they are here to assist you in making your journey to car ownership as easy as possible.
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 that can be obtained from Chola as it relies on the borrower's monthly income as well as the terms and conditions specified by Chola.
If the cheque for the EMI bounces, Chola will impose a penalty of Rs. 500.
To determine the EMI of your auto loan, you may use the EMI estimator on the Chola web page.
Users who have taken out a car loan with Chola can pay it back in installments using cash, cheques, or demand drafts.
Any branch of a financial organization, such as Cholamandalam Finance or a bank or NBFC, can be visited to submit an application.
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