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Cholamandalam Investment and Finance Company Limited (Chola) is a well-known Non-Banking Financial Company (NBFC) in India that offers a variety of financial services, including personal loans. Whether you need funds for medical emergencies, education, home renovation, or any personal requirement, Chola Finance provides a quick and hassle-free loan process through its Chola One App.
Below are all the details you need to know about Cholamandalam Finance Personal Loan, including eligibility, interest rates, online application process, documents required, and frequently asked questions.
What is Cholamandalam Finance Personal Loan?
Cholamandalam Finance Personal Loan is a collateral-free loan offered to salaried employees, self-employed professionals, and business owners. The company provides instant personal loans up to ₹5 Lakhs through a 100% digital application process. Using the Chola One App, you can apply for a loan and get it disbursed to your account within 15 minutes.
Key Features of Chola Personal Loan
- Loan Amount: Up to ₹5 Lakhs
- Instant Approval: Get loan approval within minutes
- Fully Digital Process: No physical paperwork required
- Flexible Repayment Tenure: 12 to 60 months
- Attractive Interest Rates: Competitive rates based on credit score
- No Collateral Required: Unsecured personal loan
Chola Finance Personal Loan Eligibility
To apply for a Chola Finance Personal Loan, you must meet the following eligibility criteria:
General Eligibility Criteria
- Indian Citizen
- Age: 23 to 65 years
- Minimum Monthly Income: ₹10,000
- Employment Status: Salaried, self-employed professionals, or business owners
- CIBIL Score: A good credit score is required for approval
Eligibility Based on Employment Type
Employment Type | Eligibility Criteria |
|---|---|
Salaried Employees | Must have a stable monthly income of ₹10,000+ |
Self-Employed Professionals | Must provide proof of business or professional registration |
Business Owners | Must submit GST, ITR, or other business-related documents |
Having a good CIBIL score increases the chances of loan approval and helps secure a lower interest rate.
Personal Loan Interest Rate
Chola Finance offers competitive interest rates depending on the applicant’s profile and creditworthiness. Below are the key details:
- Minimum Interest Rate: 12% per annum
- Maximum Interest Rate: 25% per annum
- Processing Fee: 1% to 3% of the loan amount
- Repayment Tenure: 12 to 60 months
- Late Payment Penalty: Additional interest may be charged
Tip: Maintaining a high CIBIL score (750 and above) can help you get a lower interest rate.
How to Apply for Chola Finance Personal Loan Online?
Applying for a personal loan from Chola Finance is simple and can be done in just 4 easy steps.
Step-by-Step Application Process
- Download the Chola One App
- Get the Chola One app from the Google Play Store.
- Complete Your KYC Verification
- Upload your Aadhaar Card and PAN Card.
- Provide a recent photograph.
- Check Loan Eligibility & Submit Application
- Enter your employment details, monthly income, and other required information.
- Choose the loan amount and tenure.
- Loan Approval & Disbursement
- Once approved, enter your bank details and accept the loan terms.
- Loan amount is disbursed within 15 minutes.
Key Benefits:
- 100% Online Process
- Instant Loan Approval
- No Need for Physical Documents
- Secure & Transparent Transactions
Documents Required for Chola Finance Personal Loan
To process your loan application, Chola Finance requires the following documents:
For Salaried Employees
- PAN Card
- Aadhaar Card
- Bank Account Details
For Self-Employed Professionals
- PAN Card & Aadhaar Card
- Proof of Education / Professional Registration
- Bank Account Details
For Business Owners
- GST Certificate / ITRs / FSSAI License
- PAN Card & Aadhaar Card
- Business Registration Details
Chola Consumer Loan App – A Digital Loan Platform
Chola One is the official app for instant personal loans from Cholamandalam Finance. It provides a paperless, fast, and hassle-free loan application experience.
How Does Chola One Work?
- Register with Your Mobile Number
- Complete KYC & Set Up MPIN
- Enter Your Loan Amount & Tenure
- Submit Documents & Get Instant Approval
- Loan Disbursed to Your Bank Account
Benefits of Using Chola One
- Instant Loan Disbursement
- Minimal Documentation
- 100% Digital Process
- Secured Transactions
Disclaimer: All the features, interest rates, steps, and other information specified above are sourced when this page was written and are subject to change. For exact information, refer to the Cholamandalam’s website or contact them.
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FAQs on Cholamandalam Finance Personal Loan
1. What is the minimum salary required for Chola personal loan?
The minimum salary required is ₹10,000 per month.
2. Is Cholamandalam Finance registered with RBI?
Yes, Cholamandalam Investment and Finance Company Limited is an NBFC registered with RBI.
3. Can I apply for a personal loan without a CIBIL score?
No, a good CIBIL score is necessary for approval.
4. What is the minimum and maximum tenure for repayment?
- Minimum Tenure: 12 months
- Maximum Tenure: 60 months
5. What is the maximum personal loan amount I can get?
The maximum personal loan amount is ₹5 Lakhs.
6. How long does it take for loan approval?
Chola One offers instant loan approval and disburses funds within 15 minutes.
7. Can I prepay my personal loan?
Yes, prepayment is allowed, but charges may apply.
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