Cholamandalam loan against property enables a loan applicant to make use of the property they own as a security. A Property owner can get huge amounts of funds that can be used for a variety of objectives. These may be overseas travel, pursuing higher education, emergencies with health care, and more. Cholamandalam is one of the most well-known non-banking finance companies in the Indian financial market. This investment and financial organization offers a variety of financing options.
Whether you own any kind of residential, commercial, or industrial property, you can get a loan against it from Cholamandalam Finance. The amount of loan you qualify for is determined by the property’s value as well as other factors such as your earnings, capability of repaying the loan, and credit score.
Cholamandalam offers a loan against property of up to Rs 5 lakh to 50 lakhs at a rate of 10.50% per annum. The NBFC offers loans to self-employed people against their property for a range of purposes, including operating or enlarging their business and purchasing or modernizing plants and types of equipment.
The Cholamandalam LAP Plan Provides Customers With a Variety of Advantages
- The initiative offers credit amounts ranging from Rs 5 lakhs to Rs 50 lakhs.
- Cholamandalam LAP provides consumers with a variable tenure, which makes it a good option for specific customers who look for adjustable tenures.
- EMI repayments are simpler to manage.
- Even without ITR Filing, an applicant can receive a loan against property from Cholamandalam.
- The NBFC has devised a simple loan application method with few supporting documents to reduce delays in processing.
- To minimize the financing cost, one can execute a prepayment. Although the person borrowing must pay a modest fee to use this feature.
Cholamandalam Bank Loan Against Property Highlights 2024
| Loan Amount | Rs. 5.00- 50.00 Lakh |
| ROI | 10%-15%(Reducing) |
| Processing Fee | 1.5% – 3 % on Loan Amount |
| Tenure | 3-15 Years |
| Login Fee | Rs. 5900 |
| Minimum Business Vintage | 1 Year |
| Part Payment | Not Allowed |
| Applicant Age | 21-65 Years |
| Required CIBIL Score | 600+ |
Even though Cholamandalam hasn’t made it public that it offers separate loans against property interest rates to its customers depending upon their credit rating, earnings per month, job profile, company profile, and so on, most lenders take all these variables into account when determining LAP interest rates for their prospective applicants.
Some Variables Impacting Cholamandalam LAP Interest Rates
Several variables have an immediate impact on the interest rates for the Cholamandalam LAP:
- Loan Size
- Type of Property
- Monthly Net Revenue
- Job Security
- Credit Rating
- Age
See Here How the EMI Calculator Makes Out The EMI of LAP
The Cholamandalam Bank uses the following formula to calculate the EMI on a LAP.
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
Where,
P represents the amount borrowed as principal.
R is the loan’s rate of interest.
N indicates the loan’s repayment period.
How do Offers from Cholamandalam Bank Differ from Other Lenders?
The information provided below in the table compares Cholamandalam Bank’s rates of interest to those of other leading lenders in India.
“The Table” Below Represents The Comparison Clearly
| Parameter | Cholamandalam | SBI | HDFC |
| Interest Rate | 11.5% per annum | 9.10% – 13.10% | 8.50% – 11.40% |
| Processing Fee | 1% of the loan amount | Upto 1% | Upto 0.50% |
| Loan Tenure | 15 Years | 10 Years | 15 Years |
| Loan Amount | Rs 5 Crores | Rs 7.5 Crores | Rs 5 Crores |
| Benchmark Rate | PLR | RLLR | PLR |
| Age | 21 to 65 Years | 18 to 70 Years | 24 to 65 Years |
Required Documents to Apply For Cholamandalam Loan Against Property
| Document Required | Salaried Applicants | Self-Employed Applicants |
| KYC | Yes | Yes |
| Last 3 Month Salary Slip | Yes | N/A |
| Last 12 month Bank Statement | Yes | Yes |
| Last 3 year ITR with computation of income | Yes | Yes |
| Last 2 Year Form 16 | Yes | N/A |
| 26AS of last 2 years | Yes | Yes |
| Appointment letter (if available) | Yes | N/A |
| Agreement to Sale (if purchase case) | Yes | Yes |
| Property Paper with complete chain of last 13 years | Yes | Yes |
| LOD, Foreclosure Statement & SOA (if BT case) | Yes | Yes |
| Sanction letter of all running loan | Yes | Yes |
| Latest utility Bill of residence (owned) or rent agreement (rented) | Yes | Yes |
| 2 Reference with contact details | Yes | Yes |
| Last 3 year audited balance sheet | N/A | Yes |
| Last 3 year Tax audit report | N/A | Yes |
| Copy of GST registration | N/A | Yes |
| Copy of MSME registration | N/A | Yes |
| Copy of Last 12 month GST return | N/A | Yes |
| Debt Sheet | N/A | Yes |
| Latest utility Bill of Office (owned) or rent agreement (rented) | N/A | Yes |
| Last 3 year Debtors & Creditors on letterhead | N/A | Yes |
| List of Directors & Shareholders (if applicant is a Company) or List of Partners (if applicant is a Partnership firm/LLP) | N/A | Yes |
Check the table above and keep handy all the required documents for applying for a LAP from Cholamandalam.
How to Apply for a Cholamandalam Loan Against Property
If you’re looking for a loan against your property, follow the instructions below:
- Visit https://referloan.in/.
- Navigate to the loan option.
- Select the Loan Against Property option.
- Click on “Bank wise” option
- Select Cholamandalam (https://referloan.in/loans/cholamandalam-loan-against-property)
- If you’re an existing client, fill up the form. New applicants must first register before submitting their application form.
- Enter all of the information along with the mobile phone or email for OTP authentication.
- Bring in your earnings and KYC information.
- Choose your loan size.
- Attach all relevant papers.
- Send your application form.
- Await for a few minutes for a reply from Refer Loan’s team.
How to Reach Chola’s Customer Care Support?
The Cholamandalam Bank has developed many ways to respond to the requests and needs of its customers around the nation. Customers can reach the following hotline for any banking-related inquiries:.
Customer Service Number: 1800 102 4565
Bottom Line
Cholamandalam’s loan against property can help you improve your life! A loan against your home can meet your demands at a lower interest cost than a personal loan. You can use the funding for a variety of purposes. A LAP in Cholamandalam with flexible repayment choices and quick processing can fulfil an aspiration which has been in your mind for a long time.
Refer Loan provides excellent service with barely any technical issues. Their fantastic guidance will help you to connect with the best lender as per your need. Whenever you intend to get a LAP, you can apply through Refer Loan’s platform. Banking institutions normally have highly tight rules when dealing with significant sums of money. For these reasons, Chola may be the right choice for you.
Walking to the bank and standing in lines despite not always being aware of what to do is a common trouble faced by the general public like you or me. As a result, you can opt to submit your application through Refer Loan. Experience no difficulties getting a loan with excellent guidance from Refer Loan’s professional team.