cholamandalam Finance

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
Action

Rate of Interest

  • Floating rate of Interest : 9.65% p.a. to 15% p.a.

Eligibility Criteria

  • Minimum 21 years of age and maximum 65 years
  • Loan period from 3 years to 15 years
  • Should be either salaried or self-employed and have regular source of income
  • Should have sufficient income to pay EMI on required loan
  • Applicant must be Indian Citizen, in case of NRI or person of Indian origin it should be properly documented

Fees and Charges

  • Processing Fees 0.00% to 1.00% depends on type and category of borrower
  • Preclosure Charges – Rs 0
  • Part Payment charges- Rs 0
  •  No any other hidden charges

Documents Required

  • KYC- Pan Card, Adhar Card, ID Proof and Address proof
  • ITR with computation for 3 years with Income proof
  • Bank Statement
  • Photograph
  • 2 references

Value Additions

  • Doorstep services
  • E- approvals
  • Part payment allowed

Special Feature

  • No guarantor required
  • No pre-closure or part payment fees
  • Balance Transfer Allowed
  • Top up available

Overview about cholamandalam Finance

Cholamandalam Investment and Finance Company Limited(Chola). It is incorporated in 1978 as the financial services arm of the Murugappa Group. Chola commenced business as an equipment financing company and has today emerged as a comprehensive financial services provider offering home loans.Chola operates from 703 branches across india with assets under management above INR 35,000 crores.

Your Eligibility depends on following


You should be minimum 21 years old

You should be maximum 65 years old

You should be salaried or self employed

You should have sufficient income to pay EMI on required loan

You can increase your eligibility by doing following

Make your spouse as co applicant , her/his income will also be added in eligibility
Choose longer tenure of loan period maximum up to 15 years
Add more than one co applicant if required to enhance your eligibility
Close short term loans, this will also increase your eligibility

Rate of Interest and Other Charges for Home Loan are following

Rate of Interest for home loan:

Sno.

Loan Type

Rate of Interest

1

Cholamandalam Finance

9.65%-15% p.a.(Floating)

Existing Loan take over or New Loan

Chola offers the following types of home loans to suit your specific need:

  • Home Loans for self-construction
  • Loans for purchase of plots
  • Loans for purchase of ready-to-occupy homes
  • Balance transfer of existing home loan

Features of Loan

Features and benefits of Home Loan

  • Loans from INR 10 Lakhs up to INR 5 Crores
  • Secured long term loans
  • Floating rate of interest
  • Exclusive products for the self-employed
  • Fast track approval process
  • Interest rate lower than other modes of raising funds
  • Loan processing in 5-7 working days
  • Transfer of existing equity loan possible
  • Part pre-payment of loan facility available
  • Offices in 75 branches across India

Documents Required for applying  Home Loan  with Cholamandalam

  • Signed application form with photograph
  • Pan Card for all applicant and co applicants
  • ID proof and residence proof for all applicant and co applicant
  • ITRs with computation for latest 3 years
  • Copies of Sanction letter/ Statement of account of all existing loans
  • Other Documents required for Salaried person
    1. Salary Slip for last 6 months
    2. Bank Statement for last 6 Months
    3. Form 16 for last 2 years
    4. Relationship proof with co applicant
  • Other Documents required for Self Employed – Proprietorship
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. Business registration certificate
    4. Office address proof
    5. Bank Statement for last 12 months
    6. Relationship proof with co applicant
  • Other Documents required for Self Employed – Partnership Firm
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. Partnership deed
    4. Office address proof
    5. Business registration certificate
    6. Bank Statement for last 12 months
  • Other Documents required for Company
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. MOA/AOA/COI
    4. Office address proof
    5. Business registration certificate
    6. Bank Statement for last 12 months
  • Additional Documents required for Balance Transfer case
    1. Statement of account of existing loan
    2. List of Documents given to existing bank
    3. Foreclosure letter
  • Property papers
    1. Complete chain of property papers along with sanctioned plan