Cholamandalam Finance Personal Loan Eligibility Calculator
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Cholamandalam Finance Personal Loan
Cholamandalam Finance offers personal loans designed to cater to a variety of financial needs, with flexible eligibility criteria to accommodate different income and employment types. Known for customer-centric policies and fast approval processes, Cholamandalam makes it easier for you to achieve your financial goals quickly and efficiently.
Cholamandalam Finance Personal Loan Eligibility
| Eligibility Criteria | Requirement |
|---|---|
| Age | 21 - 60 years |
| Documents Required | Last three months’ salary slip, Bank Statement, KYC Documents |
| Minimum Work Experience | 1 year of work experience |
| Minimum Salary | ₹20,000 per month |
| Credit Score | 750+ |
| Loan Amount | Up to ₹35 Lakhs |
| Maximum Tenure | 60 months |
Factors that decide Cholamandalam Finance Personal Loan
- Credit Score: A good credit score indicates your credit worthiness through that score so as to be approved easily, and chance to have lower interest rates.
- Income Level: A higher income level is indicative of good repaying capacity which makes your chance of approval high and also amount flexibility
- Employment Stability: You gain a lot more flexibility in loan terms as well as a higher chance of success when you have constant and steady employment or a successful business background.
- Existing Financial Obligations: If your debt-to-income ratio is around 30-50%, then you have a good chance to get loans. Anything more would lead to rejection
- Loan Tenure & Amount: While, relatively, large loans or long loan tenures may require more rigorous conditions, therefore one has to prove his financial status to get that kind of loan
Loan Charges
| Transaction | Charges (in ₹) |
|---|---|
| Loan Processing | Up to 2% of the loan amount |
| Cheque Return Charges | ₹750 |
| Duplicate Statement | ₹200 |
| NOC Issuance | ₹500 |
| Loan Cancellation | 4% of the loan disbursed + taxes |
| Foreclosure Charges | 4% of the Principal outstanding amount + GST |
FAQ for Cholamandalam Finance Personal Loan
1. Does one need a high credit score for approval?
In particular, having credit score above 750 is advantageous and is likely to help receive a faster approval and a better interest rate; however, the applicants with credit score slightly lower than this can also get a loan
2. What are the documents to be used for proving the income?
Recent payslip and bank statements of the applicants those who are salaried persons are required, ITRs and business financials of the self-employed persons are also required.
3. What professionals are allowed to get Cholamandalam Personal Loan
Doctors (MBBS, BMS, and above) and chartered accountants can get personal loan
4. What is the maximum loan amount that I can get through Cholamandalam finance?
Cholamandalam Finance helps you to get personal loan upto 35 Lakhs
5. What is the time taken to process personal loans?
As for Cholamandalam Finance’s efficiency, it is for personal loans can take 3-5 working days to be processed and disbursed which also allows people to get money quickly.
