Car Loan

Everything You Need to Know About Car Loans

A car is more of a need today than luxury. Buying a new car is a dream for many Indian households. A car cuts down on your travel hassles and extra expenses. However, buying a new car upon full payment is not feasible to many. Today, more people are opting for car loans to make their wish of buying and owning a car a reality.

If you are here to understand the nuances of car loans and are trying to avail the most affordable and hassle-free car finance, you’ve landed at the right place. Chola provides loans for both new and pre-owned cars, as well as cater to customers living in cities, rural and semi-urban areas. Chola’s customers enjoy personalized support from Chola Executives at their doorstep, making the entire loan process extremely seamless. We at Chola make the loan application and approval process quick and easy. We do not get into time consuming documentation process, rather, we have digitized the entire process, keeping in mind our customer’s valuable time and convenience.

Getting a car loan has become easy and convenient at present from banks and other NBFCs. With easy EMI options and monthly payments, buying a new car is easy now. However, before availing a car loan for first time, there are several things one must keep in mind.

Types of Car Loans Available at Chola

New Car Loans

  • Get the car you want, the way you want it, with Chola’s Xpress Car Loan
  • Attractive Schemes for Electric Vehicles

Used Car Loans

  • Get behind the wheel of your dream car with a Cholamandalam.com used car loan tailored to your budget and needs.
  • Refinance – Customers can avail Refinance
  • Top-up loan – Top-up existing car loan easily!

Features and Benefits of Car Loans from Chola

  • Up to 100% financing
  • Quick loan disbursal
  • Minimal documentation
  • Attractive rate of interest
  • Instant approval
  • In-principal sanction at customer’s place
  • Wide branch network
  • Ease of digitized approval

What Do You Need to Keep in Mind?

  • Budget Know your budget to know what kind of car loan you can afford.
  • Down payment: Plan the amount you will be putting as down payment.
  • Rate of Interest: You have to research and learn about the different rates of interest rendered by different banks and NBFCs.
  • Tenure: Plan in how long you will be repaying the loan amount. The maximum tenure could be up to 7 years.
  • Credit Score:Maintain good credit history to easily avail loans at attractive interest rates

How to Apply for Car Loan?

  • Visit the Lender’s Official Website: – Learn about the schemes are offers the lender is providing by reading through their website. Check the car loan section or download their mobile application.
  • Check EMI Calculator: Always make sure of your EMI obligations and your loan eligibility using EMI calculators online. You will be able to get a rough idea of how much monthly EMI you will pay if you take the desired loan amount.
  • Submit Documents Required : Submit all mandatory documents to process the loan application. The documents required vary from lender to lender
  • Link Bank Account : Link your bank account to the loan application in order to get the loan amount credited to you instantly.
  • Approval and Disbursal of Loan :– The final eligibility check is done by the lender based on your credit history and the documents you have submitted during the application of the loan. Once the loan is approved, the amount is credited to your car loan account. The time between approval of the loan and disbursal of the funds varies for different financiers.
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145 thoughts on “Everything You Need to Know About Car Loans”

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