Used Car Loan

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.

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.

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.

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

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's will 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.

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 .

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.

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.