Cholamandalam New Car Loan
A new car loan is a secured financing product that lets a buyer fund the purchase of a brand-new vehicle from a dealer, with the car itself serving as collateral, and repay the borrowed sum in fixed instalments over an agreed period. Buyers typically use it to spread the on-road cost of a factory-fresh car rather than paying the full price upfront, freeing personal savings while gaining ownership.
Cholamandalam Investment and Finance, a non-banking financial company established in 1978, offers this loan through its vehicle finance arm and positions it around convenience and reach. The page emphasises an in-principle sanction offered at the customer's own location, backed by personalised support from Chola executives at the doorstep, and a largely digitised application flow intended to reduce paperwork.
It highlights a wide branch network alongside tie-ups with multiple vehicle manufacturers and dealers, and states that service extends to buyers in cities as well as rural and semi-urban areas. Where opted for, insurance cover for the vehicle and the borrower may be arranged alongside the financing. Approval, the amount extended, and the applicable terms would depend on the applicant's profile, documentation, and the lender's assessment, so eligibility and outcomes are determined case by case rather than guaranteed at the outset.
No verified interest rate is available for the Cholamandalam new car loan.
Eligibility
Loan terms
- In-principle loan sanction offered at the customer's own location
- Personalised support from Chola executives at the borrower's doorstep
- Largely digitised application process intended to reduce paperwork
- Financing across a wide branch network with tie-ups to multiple manufacturers and dealers
- Coverage extending to buyers in cities as well as rural and semi-urban areas
Documents
- PAN and Aadhaar
- Last 3 salary slips (salaried) or 2-year ITR (self-employed)
- 6-month bank statement
- Passport-size photograph
- Vehicle quotation / proforma invoice
Fees & charges
FAQ
Used-car loans price higher than new-car loans because of the collateral risk — see the separate used-car page. Salary-account customers often get a small rate discount on new cars.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.