Used Car Loan

Chola offers Pre-owned Car Loan with minimum documentation, quick processing and an attractive rate of interest. You can choose a repayment tenure of up to 5 years. You can also check out our Used Car Portal - Gaadibazaar.in for the best cars under your budget Our customers enjoy the personalised support of Chola Executives at their doorstep. We make the loan application and approval process fast and easy. We do not get into time consuming paperwork rather we have digitized the entire process.

Features & Benefits

Up to 100% funding Up to 100% funding
Minimal Documentation Minimal Documentation
Quick Loan Disbursal Quick Loan Disbursal
 Attractive rate of interest Attractive rate of interest
Instant Approval Instant Approval
 In-principle sanction at customer’s place In-principle sanction at customer’s place
 Wide branch network Wide branch network
Ease of digitized approval Ease of digitized approval

Quick Financial Support

Frequently Asked Questions

  • EMI Payment

    You can pay the EMI amount by cash / DD or cheque at the nearest branch referring your loan agreement number. We request you to mandatorily collect your receipts for any payment made at the branch or with CHOLA collection executive / CHOLA authorized collection agency. In case of cheque dishonor, EMI can be paid at nearest branches along with the Outstanding Dues & Bounce dishonor charges or CHOLA’s collection executive shall visit you and collect the EMI payment along with the outstanding charges if any based on your request. Kindly note that the payments through credit card shall not be entertained under any circumstances.

  • Post Disbursal Documents

    The documents that you need to submit post disbursal are Registration Certificate (RC), copy of Insurance policy and Invoice with the endorsement of CHOLA as applicable depending on whether you have purchased a New/Used vehicle or taken a refinance on your existing vehicle. The same shall be collected by the branch sales person and we request you to hand over the same to them for our records

  • Swapping of Bank Accounts/Changing Repayment Method

    Fresh set of PDC/ECS can be sent to the nearest branch along with repayment mode swapping form for the remaining installments, alternatively it can be collected by the branch executive at customer place on intimation. The same procedure is applicable for swapping of bank accounts for EMI payment where your repayment mode remains unchanged. This service is charged as detailed under schedule of charges mentioned below. Please note that the swap will take up to 30 working days, from the date of receipt of fresh instruments until then, the existing cheques will remain in operation for the EMI clearance.

  • Fees Charges

     
    Description of Charges Amount
    SOA Charges Rs 250
    Swapping charges (from ECS/PDC to )

    Roll over PDC CHARGES

    Non PDC CHARGES( Cash Payment Mode)

    * Subject to company’s acceptance
    Rs 1500
    Charges for swapping PDCs of one bank to another Rs 1000
    Pre Closure charges** Up to 4% of the principal outstanding for any preclosure after 12 months from date of agreement+ Service tax Up to 5% of the principal outstanding for preclosure from 7 to 12 months from date of agreement + Service tax However, no Pre Closure charges or time restrictions shall be charged/ imposed for the preclosure of all floating rate term loans sanctioned to individual borrowers.
    Cheque /ECS bounce charges Rs.500 per returned ECS/Cheque
    Payment collection charges ( FVC) Rs.200 per transaction
    Duplicate NOC charges Rs. 500 per expired/Lost NOC

  • Additional Loans/Refinance & Topups/Insurance & Renewals/Other Products

    We are glad to inform you that based on your performance with us; Chola offers trained sales staff at the customers’ convenience and doorstep to help provide speedy disbursement. To avail this, we request you to contact our Toll Free No 1800- 102-4565 for the same or walk into our nearest branches to get more details. The various products inter-alia includes

    • New Car Loans
    • Used Car Loans
    • Commercial Vehicle Loans
    • Construction Equipment Loans
    • Track & Farm Equipment Loans
    • Three Wheeler Loans
    • Two Wheeler Loans
    • Home Loans
    • Loan Against Property
    • SME Loans
    • Consumer & Small Enterprise Loans
    • Secured Business & Personal Loans
    We are pleased to inform you about our online trading website for Used Commercial vehicles Visit Gaadi Bazaar Gaadi Bazaar facilitates you to buy and sell used Used Cars, Construction Equipments, Tractors and commercial vehicles online by checking the vehicle details.

  • Updation of Latest Contact Details

    As a registered company abiding by the Fair Practices Code guidelines inserted by the RBI, we are obliged to communicate certain information to you during the tenure of the loan which is strictly confidential. Your association with us through phone/Letter or e-mail is really significant. Please contact us at local branch/Head office with due address proofs like your Aadhar Card,Driving License, Pan Card, Voter’s ID, passport etc and give your request to enable us to do the needful.

  • Loan Closure

    Please contact the nearest branch for details regarding closure of your aforementioned Loan with us.

  • NOC/Duplicate NOC

    You can approach us for an NOC if your last installment cheque or last overdue or preclosure amount has been paid and cleared in your bank account and if you do not have any other loan against the same vehicle. You may get in touch with your nearest branch along with copy of your bank account confirming the above cheque clearance, copy of Registration certificate &Original. In case of NOC loss or expired, you may obtain a duplicate NOC with payment of Rs.500 via Cash with our nearest branch along with copy of Registration certificate & Indemnity bond if the validity date of the lost NOC hasn’t expired. This is applicable only if you do not have any other loan against the same vehicle. For any other types of NOC (Permit change, Engine & chassis change etc) you can raise a request by submitting a written request letter duly signed, supported by valid proofs (RC copy, engine & chassis invoice copy etc),for the same with the nearest branch. If you have NIL outstanding amount in your account, you can get the Permit Letter from your nearest branch.

  • SPDC Retrieval

    In case of closure of Loan, including Preclosure unused SPDC'swill be returned alongwithNOC. In the event, the customer fail to collect the unused SPDCs / PDCs within 60 days, company will destroy the unused cheques without intimation to the customer

  • Refunds

    Yes, one can repay the loan amount before completion of the scheduled loan tenure by paying off the amount outstanding. Prepayment charges may be applicable based on the loan type and nature of closure.

  • Interest Certificate

    Please do get in touch with the local branch/call center at 1800-102-4565 who shall provide the Interest certificate, or write to us at customercare@chola.murugappa.com .

  • Marketing Promotions

    In order to customize our offering to suit your varied needs, we will be coming up with many marketing promotions. You will receive our mailers or telephone interactions regarding the same.

  • Feedback/Clarifications

    We value your feedback. You can either write to us at customercare@chola.murugappa.com or call us at our Toll Free Number 1800-102-4565

  • Glossary

    Some of our abbreviations PDC - Post Dated Cheques
    ECS - Electronic Clearing Service
    SPDC – Security Post Dated Cheques
    CIFCL - Cholamandalam Investment and Finance Co Ltd
    SOA - Statement of Account
    NOC – No Objection Certificate
    PDD - Post Disbursal Documents
    EMI – Equated Monthly Installment
    TDS - Tax deducted at Source
    WL - Welcome Letter
    RBI – Reserve Bank of India

  • Other Technical Terms

    Roll Over Post dated Cheque (RPDC)RPDC is a repayment mode where the customer should give 12 post dated cheques (PDC) for each EMI amount, payable by him for a financial year (12 months). Once the above PDCs are exhausted by the Company the customer should provide another 12EMI PDCs, for the next financial year or such number of EMI PDCs if the repayment tenure ends in between the next financial year. The customer should follow this procedure till he completes his last installment.
    Non Post dated Cheque (NPDC)- Cash Payment ModeNPDC is a repayment mode where the customer should pay his EMI by cash mode instead of making a Cheque payment. The cash payment shall be made either at the branch or with Chola’s Authorized collection agency/executive and should collect proper receipt for such payment. The customer is required to give 4 Security cheques while he/she switches from RPDC mode to NPDC mode
    Swapping of Bank accounts/Repayment modeSwapping means exchanging the present repayment mode with another repayment mode or replacing the post dated cheques with new set of post dated cheques of other bank or account

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