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What is the procedure to pay a monthly EMI?

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.
What are the important Post Disbursal Documents to keep handy?

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.
How can I swap bank accounts or change my 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.

What are the fees and charges I need to know of while purchasing a used car?

Description of Charges	Amount
SOA Charges	Rs 250
Swapping charges (from ECS/PDC to ) Roll over PDC CHARGES Non PDC CHARGES( Cash Payment Mode) * Subject to company’s acceptance	Rs 1500
Charges for swapping PDCs of one bank to another	Rs 1000
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.
Cheque /ECS bounce charges	Rs.500 per returned ECS/Cheque
Payment collection charges ( FVC)	Rs.200 per transaction
Duplicate NOC charges	Rs. 500 per expired/Lost NOC

What are the various loans and services rendered by Chola?
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
- Home Loans
- Loan Against Property
- SME Loans
- 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.
How to update contact details with Chola? What are the documents needed?

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.
How to foreclose a loan with Chola?

Please contact the nearest branch for details regarding closure of your aforementioned Loan with us.
How to avail an NOC or a Duplicate NOC with Chola?

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. 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.
What happens to unused SPDCs?

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.
Is it possible to repay loan amount before completion of tenure?

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.
How to avail interest certificate?

Please do get in touch with the local branch/call center at 1800-102-4565 who shall provide the Interest certificate, or write to us at customercare@chola.murugappa.com .
How can I know of marketing promotions by Chola?

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.
How can I provide feedback/clarifications in Chola?

We value your feedback. You can either write to us at customercare@chola.murugappa.com or call us at our Toll Free Number 1800-102-4565.

What are some of the Fin-tech abbreviations I must know of?

Some of our abbreviations	PDC - Post Dated Cheques
	ECS - Electronic Clearing Service
	SPDC – Security Post Dated Cheques
	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

What Fin-tech terms I must be aware of?

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.