Regulated NBFCAll Eligible Borrowersunsecured

Cholamandalam Personal Loan

चोलामंडलम पर्सनल लोन

Cholamandalam personal loan for salaried and self-employed individuals up to ₹10 Lakhs.

Max Loan Amount

₹50,000 to ₹10,00,000

Interest Rate

12.50% - 26.00% p.a. (risk-grade fixed)

Tenure

12 to 60 months

Processing Fee

Up to 3.00% of loan amount + GST

✦ What It Is: Product Architecture & Regulatory Scope

Unsecured personal loan from Cholamandalam Investment and Finance Company (Murugappa Group), providing accessible credit to salaried and self-employed customers across semi-urban and urban markets.

What is Missing: Honest MITC Policy Gaps, Hidden Clauses & Extra Charges

Eligo consumer protection notice: Bank brochures, DSA telecallers, and comparison portals rarely disclose these conditions. Read carefully before signing.

• Foreclosure lock-in of 6 full months. • Foreclosure penalty of 3% to 4% + GST applies. • Minimum net monthly income requirement of ₹20,000.

✦ Key Benefits & Features

• High loan quantum up to ₹10 Lakhs without pledging assets • Backed by the trusted Murugappa Group governance • Repayment tenure up to 5 years (60 months) • Fast-track processing and doorstep documentation support.

✦ Prepayment, Part-Payment & Foreclosure Rules

Prepayment allowed after 6 months with 3% to 4% foreclosure charges.

✦ Eligibility Requirements

Salaried corporate employees and self-employed business owners. Min Age: 21, Max Age: 65. Min Net Monthly Income: ₹20,000. Min CIBIL: 700.

Min Age21 Years

Max Age65 Years

Min Monthly Income₹20,000

Min CIBIL Score700+

✦ Documents Required

• Identity Proof: PAN Card and Aadhaar Card • Income Proof: Last 3 months payslips or 2 years ITR • Bank Statement: Last 6 months bank statement.

✦ Exact How-To-Apply Process (3 Pathways)

Depending on your current relationship with the bank, select the corresponding application journey:

Pathway A

Existing / Pre-Approved Customers

1. Existing Chola customers apply via Chola One app with instant verification.

Pathway B

New Online Applicant (Fresh Digital)

1. Visit cholamandalam.com > Personal Loans. Submit application and upload income proofs.

Pathway C

Branch Walk-In Application

1. Visit nearest Cholamandalam branch with KYC, income proof, and bank statements.

Official Sourcing & MITC Verification

180-Day Re-Verification SLA · Last Verified: 2026-09-28

Eligo does not collect personal loan applications, sell user data to DSA telecallers, or receive affiliate commissions. All terms shown are extracted directly from official bank circulars, Most Important Terms and Conditions (MITC), and Key Fact Statements (KFS) under RBI guidelines.

Visit Official Lender Portal (Cholamandalam Official Portal)View Official MITC / Schedule of Charges RBI Key Fact Statement (KFS) Reference

Frequently Asked Questions on Cholamandalam Personal Loan

What is the maximum loan limit in Cholamandalam?

Up to ₹10 Lakhs depending on your net monthly salary and credit score.

What is the foreclosure charge?

3% to 4% plus GST on the principal outstanding after the initial 6-month lock-in period.

What is the minimum credit score required?

A minimum CIBIL score of 700 is recommended.