Chola
Car Loan

Applicant Type

Open to Indian residents who are salaried individuals or self-employed/business owners

Employment

At least 6 months — applies to first-time borrowers

Age Limit

21 –65years (at loan maturity)

Minimum Income

Minimum ₹20,000 per month (varies by city & profile)

Loan Amount

- New Car Loan: Up to ₹10 crore;
- Used Car Loan:Up to ₹10 crore
- Loan Against Car: Up to ₹77 lakh (for owned vehicle)

Credit Score

A good CIBIL score (700+) is preferred for quick approval

USP

No collateral or guarantor required

Documents Required

  • ID Proof: Aadhaar, PAN, Passport, Voter ID, Driving License, etc.

  • Address Proof: Aadhaar, Utility bill, etc.

  • Income Proof:

    • Salaried: Form 16, ITR for 2 years, or last 3 months’ salary slips

    • Self-employed: ITR for 3 years or business financials

  • Bank Statements: Last 6 months’ statements or passbook

  • Vehicle Documents: Car quotation, invoice, Registration Certificate, Insurance

  • Photos: 3 passport-sized photographs of the applicant