cholamandalam Finance

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

Rate of Interest

  • Floating Rate of Interest : 11 % to 15 % p.a.

Eligibility Criteria

  • Minimum 21 years of age and maximum 65 years
  • Loan period from 1 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  Fee 2%  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 is an Indian Insurance firm and a joint venture between the Murugappa Group, an Indian Conglomerate, and the Mitsui Sumitomo Insurance Group (MSIG), a Japanese Insurance Company. Cholamandalam investment and Finance Company Limited incorporated in 1978 as the financial services arm of the Murugappa Group. Cholamandalam company’s motto is T3- Trust, Transparency and Technology.

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

Minimum income required Rs.25,000 per month
EMIs of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 15 years

Rate of Interest and Other Charges for Loan Against Property are following

Rate Of Interest:

Sno.

Loan Type

Rate Of Interest

1

Loan Against Property (Floating)

11% to 15%

Existing Loan take over or New Loan

Here are some points for that why you should choose Cholamandalam for Loan Against Property:

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

Features of Loan

Features and Benefits of Cholamandalam Loan Against Property:

  • Secured long term loans
  • Rate of interest is floating
  • Special offers for the self-employed
  • The rate of interest is less than other modes of raising funds
  • Approval process is fast
  • Transfer of existing equity loan is possible
  • One can get loans ranging from Rs 10 Lakhs to Rs 5 Crores
  • Facility of part pre-payment is possible

Documents required for Cholamandalam Loan against Property

For Salaried Individuals:

  • Proof of Residence(any of the following documents will be accepted)
  1. Ration Card
  2. Telephone Bill
  3. Electricity Bill
  4. Voter’s ID Card
  • Proof Of Identity(any of the following documents will be accepted)
  1. Voter’s Card
  2. Driver’s License
  3. employer’s Card
  • Bank Statement / Passbook of last 6 months
  • Salary slip of last 6 months.
  • Form 16 for previous 2 years.
  • Legal documents of the concerned property.

For Self-employed individuals

  • Certified financial statement of last 3 years.
  • Proof of Residence (any of the following documents will be accepted)
  1. Ration Card
  2. Telephone Bill
  3. Electricity Bill
  4. Voters Card
  • Proof of Identity (any of the following documents will be accepted)
  1. Voter’s Card
  2. Driver License
  3. Employer’s Card
  • Latest Bank Statement or Passbook
  • Copies of all property documents which you want to use as collateral.