Chola is the short name of Cholamandalam Investment and Finance Company Limited. Cholamandalam is offering different types of financial services such as home loans, vehicle finance, SME loans, home equity loans, stock broking, investment advisory services, personal loan & business loan.
Chola Finance is a NBFC (Non-Banking Finance Company) company. You can take a Cholamandalam business loan up to 20 lakhs. Get a competitive interest rate of 14% to 21% p.a.
Cholamandalam Business Loan
| Loan Amount | Up To Rs. 20 Lakh |
| Interest Rate | 14% – 21% p.a. |
| Tenure | 1 year to 5 year |
| Eligible For | Self Employed |
| Loan Process | Digital |
| CIBIL | Required |
| Processing Charge | Up to 3% |
Features of Cholamandalam Business Loan
- You can apply for a business loan through the digital process.
- Just 2 years of vintage proof is enough to apply.
- The long repayment tenure is up to 60 months.
- Easily apply for a Chola business loan from 24hr Loan.
- Collateral-free loan process.
- No extra charges or hidden charges.
Eligibility Criteria for Chola Business Loan
- Age: 21 to 60 years
- Previous loan track of 1 lakh
- Business should be 2 years old
- Minimum CIBIL: 700+ required
- 6 lakhs turnover required within 6 months
Also Read: Can I get personal loan if my salary is 12K?
Required Documents
- KYC Documents: Pan Card/ Aadhaar Card
- Vintage Proof: Trade License / ITR File
- 6 months Bank Statement
- Co-applicant Aadhaar Card/ Pan Card
- Applicant & Co-applicant Photo
Cholamandalam Business Loan Interest & Charges
| Minimum Interest Rate | 14% p.a. |
| Maximum Interest Rate | 21% p.a. |
| Processing Charges | 3% of the loan amount |
| Foreclose Charges | Up To 4% of due amount |
| Late Fee | Applicable |
How to Apply for Cholamandalam Business Loan
Step 1: Give your basic details through the “Apply Now” button.
Step 2: Carefully fill in your KYC details.
Step 3: Customer cares call you for the documents process.
Step 4: After the online application, the FI team verifies your business.
Step 5: You will get the loan eligibility after all the processes are done.
FAQs on Cholamandalam Business Loan
What is the interest rate of Cholamandalam Business Loan?
Chola Finance is offering 14% to 21% interest rate p.a. for business loans.
Can I apply for a Chola business loan without ITR?
A minimum 1-year recent ITR will require.
What is the age limit for a Chola business loan?
Your age should be between 21 to 60 years.
How to contact Chola customer care?
Contact customer care at 1800-102-4565 or send an Email to customercare@chola.murugappa.com.