Cholamandalam Personal Loan
Cholamandalam offers collateral-free personal loans up to Rs. 35 Lakhs for salaried individuals, self-employed professionals, and business owners. The lender also provides an instant Cholamandalam personal loan option up to Rs. 5 Lakhs through its Chola One app. The interest rate ranges from 10% to 28% p.a., and a processing fee of up to 6% is also levied on the sanctioned loan amount. The borrowed amount can be repaid in a flexible tenure of up to 60 months.
Chola Personal Loan Details
Below are the key details of the Chola loan:
| Loan Amount | Up to Rs. 35 Lakhs |
|---|---|
| Tenure | Up to 60 months |
| Interest Rate | 10% to 28% p.a. |
| Processing Fee | 2% to 6% of the loan amount + GST |
| Pre-closure Charges | Up to 4% of the outstanding principal |
| Age | 23 to 65 years |
| Minimum Monthly Income | Rs. 10,000 |
Features & Benefits of Chola Loan
- Loan amount: You can avail of a Chola personal loan of up to Rs. 35 Lakhs. For the instant loan through the Chola One app, the maximum loan amount is Rs. 5 Lakhs.
- Tenure: Maximum of 60 months.
- Loan type: Unsecured collateral-free loan for personal needs.
- 100% digital process: Download the Chola One app and avail a personal loan in just a few taps with instant approval.
Cholamandalam Personal Loan Interest Rates & Charges
- Interest rates: Cholamandalam personal loan interest rate ranges from 10% to 28% p.a.
- Processing fee: Up to 2% of the loan amount. 4% to 6% + GST for an instant loan through the Chola One app.
- Pre-closure charges: Up to 4% of the outstanding principal.
- Late payment penalty: Interest of up to 36% p.a. on the overdue amount.
- Other charges: Includes fees for a physical repayment schedule, cheque bounce, duplicate No Objection Certificate (NOC), etc.
Compare Chola Personal Loan with Other NBFCs
Below is the comparison table for the Cholamandalam personal loan with other app-based personal loans:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| Cholamandalam | Up to ₹35 Lakhs | 10% - 28% p.a. | Up to 5 years |
| Kissht | Up to ₹5 Lakhs | Up to 36% p.a. | 3 months - 5 years |
| Olyv | ₹1,000 - ₹5 Lakhs | 1.5% per month onwards | 2 months - 2 years |
| FatakPay | ₹30,000 to ₹5 Lakhs | 12% to 35.95% p.a. | 3 months - 3 years |
| IIFL | ₹5,000 - ₹5 Lakhs | 12.75% - 44% p.a. | Up to 42 months |
| CASHe | ₹45,000 - ₹3 Lakhs | 2.79% - 3% per month | 9 months - 1.5 years |
| LoanTap | ₹3,000 - ₹5 Lakhs | 15% - 32% p.a. | 1 - 5 years |
| KreditBee | ₹1,000 - ₹5 Lakhs | 17% - 29.95% p.a. | 6 months - 5 years |
| MoneyTap | ₹3,000 - ₹5 Lakhs | 13% - 18% p.a. | 3 months - 3 years |
| PaySense | ₹5,000 - ₹5 Lakhs | 14% - 36% p.a. | Up to 2 years |
Cholamandalam Finance Personal Loan Eligibility Criteria
Here are the eligibility criteria for the Cholamandalam personal loan:
- Nationality: The applicant must be an Indian citizen.
- Age: Between 23 and 65 years. For an instant loan, the upper age limit can be lower.
- Minimum monthly income: At least Rs. 10,000, depending on the product.
- Credit score: A CIBIL score of 675 or above is typically required.
- Occupation: Salaried employees, self-employed professionals, and business owners.
Documents Required for Chola Loan
The list of documents required to apply for a Chole loan is mentioned below:
- PAN Card
- Aadhaar Card
- Bank Account Details
- Registration Information/Proof of education (for professionals)
- Proof of Business like GST/ ITRs/ IEC/ FSSAI (for self-employed)
How to Apply for a Cholamandalam Personal Loan Online
If you want a Cholamandalam personal loan online apply through any of the following methods:
- Website: Visit the Cholamandalam website and apply online.
- Mobile app: Download the Chola One app on your smartphone for instant personal loans.
Cholamandalam Personal Loan Customer Care Details
- Toll Free Number: 1800 102 4565/ 1800 123 4565
- Email ID: customercare@chola.murugappa.com
FAQs
Yes, Chola provides a personal loan up to Rs. 35 Lakhs.
The interest rate for a Chola personal loan ranges from 10% to 28% p.a.
You can get up to Rs. 35 Lakhs as a loan amount with a Chola personal loan.
Chola guarantees personal loan disbursement within 24 to 48 hours post approval. Through their Chola One App, they potentially offer faster disbursal in as little as 15 minutes.
A CIBIL score of 675 or above is typically required for a Cholamandalam Finance personal loan.
The minimum salary for a Chola Finance personal loan is Rs. 10,000, depending on the product.