Chola Finance Personal Loan

1. Affordable Low Rates: We charge competitive rates, which means you will afford the possession of a new product or low cost loan of your own. 

1. Flexible Payment Options: Customers have multiple repayment options to meet their own financial situations and schedule 

1. No Paperwork: Everything can be done online, which will save time so you can fill out your loan needs without the paperwork. 

1. National Coverage: Our services are provided anywhere in the country with over 800 locations.

Types of Personal Loans from Chola 

Cholamandalam provides various personal loan options specially crafted for a multitude of possible financial situations. Below we will categorize the two most common types of personal loans offered by Chola: 

1. Consumer & Small Enterprise Loan (CSEL) 

Consumer & Small Enterprise Loan (CSEL) is a multipurpose, unsecured loan to satisfy personal needs as well as business. Whether you are a salaried individual, self-employed, or business owner, CSEL can support your personal funds. It can also be used to obtain working capital or machinery for your business.  

Chola encapsulates the ease of the process, documentation related to it, repayment options, and some of the best interest rates to borrow the money with ease. 

What is a CSEL Loan? 

CSEL is an unsecured loan or amount to borrow for a personal investment to resolve an individual or MPI's situation. A CSEL does not require collateral for security to the lender. Unlike the Small Business Loan option, the CSEL can be obtained to cover household borrowing expenses, machinery, etc. 

Who is eligible for a CSEL Loan? 

Eligibility is extended to: 

1. Salary-based earners 

1. Self-employed individuals 

1. Sole proprietors, partnerships, and private limited companies 

Note: Chola assesses eligibility based on income, credit history, and ability to repay. As such, a broad range of applicants will qualify for the loan. 

What is the interest rate for CSEL Loans? 

Borrowers will receive reasonable and clear-cut rates that find a balance between cost-effectiveness and the lender being able to reasonably collect on the loan. Interest rates are competitive and vary by:  

1. Credit score of the applicant 

1. Loan amount 

1. Repayment period 

What is the maximum loan amount? 

To prevent overreaching borrowers from receiving funding that they're not suited for on their specific financial profiles. The maximum loan amount is established using the following criteria of the applicant:  

1. Income 

1. Ability to repay 

1. Credit score 

What is the duration of a CSEL Loan? 

Chola's CSEL Loan has flexible repayment durations ranging from 12 to 60 months. The borrower can pick a duration that works well with their monthly cash flow and financial obligations, making it easier to repay the loan. 

What documents are required when applying for a CSEL Loan? 

Typical documents include:  

1. Proof of identity (Aadhaar, PAN) 

1. Proof of address (utility bill, passport, voter ID) 

1. Proof of income (salary slips, bank statements) 

1. Documents to prove business are also required from self-employed applicants (business license, GST registration, financials) 

2. Chola One Instant Personal Loan App  

Chola One App is a mobile-based solution for those looking for instant personal loans. Fast and easy to use, the app allows users to complete an application, upload documents, and track the loan all online without having to step into a branch.  

It is great for employed professionals and self-employed individuals who want a fast and easy borrowing experience.  

What is Chola One?  

Chola One is a mobile application that provides instant personal loans. The app provides a simple way to borrow by allowing for digital document submission, instant verification, and quick disbursal.  

Who can apply for Chola One?  

Eligible applicants include:  

1. Indian citizens between 23-58 years of age  

1. Individuals who have stable income  

1. Applicants with a sound credit history  

What document is needed for loan application?  

Loan applicants simply need to submit a:  

1. Aadhaar card  

1. PAN card  

1. Recent photograph  

1. Employment and income document  

Here is a clear comparison table highlighting the differences between CSEL (Consumer & Small Enterprise Loan) and Chola One Instant Personal Loan App: 

How to Apply for a Chola Personal Loan Via the Website 

Follow the instructions to apply for a personal loan from Chola Mandalam website:  

1. Step 1: Visit the Official Chola Website 

Go to the Chola Mandalam website using a browser.  You will see all personal loan options, eligibility, and features that apply before you start your application.  

1. Step 2: Enter Your Mobile Number. 

You will need to provide a valid mobile number to begin the application. Chola will send OTPs and will keep you updated regarding your application securely via this mobile number.  

1. Step 3: Select Personal Loan 

Select Personal Loan from the options available. This helps to ensure that the application process is specific to personal loans and will expedite the approval process.  

1. Step 4: Fill in the Application Form  

You will be asked to enter your personal information (i.e. name, birthdate, address, etc.) employment details, and financial information. Chola requires minimum documentation, and it does a great job in streamlining personal loans. Typical documentation often required is proof of identity, proof of address, and proof of income.  

1. Step 5: Upload Documents & Verify Info 

You will upload required documents digitally. Chola maintains strict security measures (Chola Safe) to ensure your personal information is secure.  

1. Step 6: Review & Submit 

You will be asked to check through your information carefully so as to not submit something that may be inaccurate. After submission, your application will be processed for an instant loan decision, meaning your verification and approval will be expedited.  

1. Step 7: Loan Approval and Disbursal 

After the verification and approval process you will get a notification. The amount approved will then be deposited directly into your bank account allowing you to commence your financial freedom. 

How to Apply for a Chola Personal Loan Via the Chola One App 

To apply for a Personal Loan through Chola One App follow the steps given below:   

1. Step 1: Download the App. 

Get the Chola One App from the Google Play Store on your mobile device and install it.  

1. Step 2: Sign up with Your Mobile Number. 

You can sign up by opening the app and entering a valid mobile number which will be used for OTP and communication. 

1. Step 3: Choose Your MPIN 

Choose a Mobile Banking Personal Identification Number (MPIN) to log in to the app and your loan application to ensure security. 

1. Step 4: Begin Application 

Select Apply Now in the app to start your loan application process. 

1. Step 5: Fill Basic Information 

Fill in basic information regarding yourself and submit. 

1. Step 6: Select Personal Loan 

Select Avail Personal Loan to ensure your application process is set up for personal loans. 

1. Step 7: Document Uploads 

Upload required documents such as: Aadhaar Card, PAN Card, Photograph. You can also use DigiLocker for securely submitting documents digitally. 

1. Step 8: Enter Your Address, Email & Employment 

Enter your current address, email ID, and employment information, then select Proceed. 

1. Step 9: Enter Loan Amount & Tenure 

Enter the personal loan amount you need, as well as the related length of time for repayment. 

1. Step 10: Enter Reference Information 

Enter a reference name and mobile number, then submit for application verification. 

1. Step 11: Submit Bank Information & Accept Terms 

After your loan amount is approved, you then enter your bank details and accept the terms for the loan before finally submitting. 

1. Step 12: Loan Disbursal 

After you submit your application and loan amount, the approved loan amount will be transferred into your bank account within 24 hours. 

Cholamandalam Personal Loan EMI Calculation

It helps to understand exactly how much your Equated Monthly Instalment (EMI) will be on your Turbo personal loan as this will help you plan your finances and ensure that your EMIs are repaid on time.

You can calculate your personal loan EMI by using the free EMI calculator. All you have to do is adjust the scale on the page to your required loan amount and tenure and enter the values for the interest rate and processing fee. On clicking "Calculate" your EMI details and amortisation table will be instantly displayed on the page. 

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