The construction equipment industry plays a significant role in the development of the economy. Chola offers quick, easy and affordable construction equipment finance. We offer loans for the complete range of Construction Equipment towards earth moving, infrastructure, construction, mining, material handling etc and for new, used and refinance on machines & equipment.
Excavators & Mini Excavators
Features & Benefits
We cater to customers in rural & semi-urban areas
Low Down Payment
Fast approval process with minimum documentation
Attractive rate of interest
In-principle sanction at customer’s place
Wide branch network for customers who prefer to walk-in
You can pay the EMI amount by cash / DD or cheque at the nearest branch referring your loan agreement number. We request you to mandatorily collect your receipts for any payment made at the branch or with CHOLA collection executive / CHOLA authorized collection agency. In case of cheque dishonor, EMI can be paid at nearest branches along with the Outstanding Dues & Bounce dishonor charges or CHOLA’s collection executive shall visit you and collect the EMI payment along with the outstanding charges if any based on your request. Kindly note that the payments through credit card shall not be entertained under any circumstances.
Post Disbursal Documents
The documents that you need to submit post disbursal are Registration Certificate (RC), copy of Insurance policy and Invoice with the endorsement of CHOLA as applicable depending on whether you have purchased a New/Used vehicle or taken a refinance on your existing vehicle. The same shall be collected by the branch sales person and we request you to hand over the same to them for our records
Swapping of Bank Accounts/Changing Repayment Method
Fresh set of PDC/ECS can be sent to the nearest branch along with repayment mode swapping form for the remaining installments, alternatively it can be collected by the branch executive at customer place on intimation. The same procedure is applicable for swapping of bank accounts for EMI payment where your repayment mode remains unchanged. This service is charged as detailed under schedule of charges mentioned below. Please note that the swap will take up to 30 working days, from the date of receipt of fresh instruments until then, the existing cheques will remain in operation for the EMI clearance.
Description of Charges
Swapping charges (from ECS/PDC to )
Roll over PDC CHARGES
Non PDC CHARGES( Cash Payment
* Subject to company’s acceptance
Charges for swapping PDCs of one
bank to another
Pre Closure charges**
Up to 4% of the principal outstanding for any preclosure
after 12 months from date of agreement+ Service tax
Up to 5% of the principal outstanding for preclosure from 7
to 12 months from date of agreement + Service tax
However, no Pre Closure charges or time restrictions shall
be charged/ imposed for the preclosure of all floating rate
term loans sanctioned to individual borrowers.
We are glad to inform you that based on your performance with us; Chola offers trained sales staff at the customers’ convenience and doorstep to help provide speedy disbursement. To avail this, we request you to contact our Toll Free No 1800- 102-4565 for the same or walk into our nearest branches to get more details. The various products inter-alia includes
New Car Loans
Used Car Loans
Commercial Vehicle Loans
Construction Equipment Loans
Track & Farm Equipment Loans
Three Wheeler Loans
Two Wheeler Loans
Loan Against Property
Consumer & Small Enterprise Loans
Secured Business & Personal Loans
We are pleased to inform you about our online trading website for Used Commercial vehicles
Visit Gaadi Bazaar Gaadi Bazaar facilitates you to buy and sell used
Used Cars, Construction Equipments, Tractors and commercial vehicles online by checking the vehicle details.
Updation of Latest Contact Details
As a registered company abiding by the Fair Practices Code guidelines inserted by the RBI, we are obliged to communicate certain information to you during the tenure of the loan which is strictly confidential. Your association with us through phone/Letter or e-mail is really significant. Please contact us at local branch/Head office with due address proofs like your Aadhar Card, Driving License, Pan Card, Voter’s ID, passport etc and give your request to enable us to do the needful.
Please contact the nearest branch for details regarding closure of your aforementioned Loan with us.
You can approach us for an NOC if your last installment cheque or last overdue or preclosure amount has been paid and cleared in your bank account and if you do not have any other loan against the same vehicle. You may get in touch with your nearest branch along with copy of your bank account confirming the above cheque clearance, copy of Registration certificate &Original.
In case of NOC loss or expired, you may obtain a duplicate NOC with payment of Rs.500 via Cash with our nearest branch along with copy of Registration certificate & Indemnity bond if the validity date of the lost NOC hasn’t expired. This is applicable only if you do not have any other loan against the same vehicle.
For any other types of NOC (Permit change, Engine & chassis change etc) you can raise a request by submitting a written request letter duly signed, supported by valid proofs (RC copy, engine & chassis invoice copy etc),for the same with the nearest branch. If you have NIL outstanding amount in your account, you can get the Permit Letter from your nearest branch.
In case of closure of Loan, including Preclosure unused SPDC'swill be returned along with NOC. In the event, the customer fail to collect the unused SPDCs / PDCs within 60 days, company will destroy the unused cheques without intimation to the customer.
Yes, one can repay the loan amount before completion of the scheduled loan tenure by paying off the amount outstanding. Prepayment charges may be applicable based on the loan type and nature of closure.
In order to customize our offering to suit your varied needs, we will be coming up with many marketing promotions. You will receive our mailers or telephone interactions regarding the same.
CIFCL - Cholamandalam Investment and Finance Co Ltd
SOA - Statement of Account
NOC – No Objection Certificate
PDD - Post Disbursal Documents
EMI – Equated Monthly Installment
TDS - Tax deducted at Source
WL - Welcome Letter
RBI – Reserve Bank of India
Other Technical Terms:
Roll Over Post dated Cheque (RPDC)
RPDC is a repayment mode where the customer should give 12 post dated cheques (PDC) for each EMI amount, payable by him for a financial year (12 months). Once the above PDCs are exhausted by the Company the customer should provide another 12EMI PDCs, for the next financial year or such number of EMI PDCs if the repayment tenure ends in between the next financial year. The customer should follow this procedure till he completes his last installment.
Non Post dated Cheque (NPDC)- Cash Payment Mode
NPDC is a repayment mode where the customer should pay his EMI by cash mode instead of making a Cheque payment. The cash payment shall be made either at the branch or with Chola’s Authorized collection agency/executive and should collect proper receipt for such payment. The customer is required to give 4 Security cheques while he/she switches from RPDC mode to NPDC mode
Swapping of Bank accounts/Repayment mode
Swapping means exchanging the present repayment mode with another repayment mode or replacing the post dated cheques with new set of post dated cheques of other bank or account