Cholamandam Investment & Finance Company Limited has announced the launch of 3 new business segments in the SME (Small Enterprise) and consumer spaces. The three divisions include Consumer & Small Enterprise Loan (CSEL), SME Loan (SME) and Secured Business and Personal Loan (SBPL).
Cholmandalam has also partnered with three leading Fintech companies – Kreditbee, Bankbazaar, and Paytail. The company aims to increase financial inclusion through these partnerships, particularly among customers who are economically engaged but lack enough access to formal credit.
The Consumer and Small Enterprise Loan (CSEL) segment aims to focus on personal, professional, and micro and small enterprise loans. The Secured Business and Personal Loan (SBPL) segment will provide loans to self-employed personnel with the help of traditional channels. These loans will help many small businesses to continue their daily operations.
The SME loan vertical aims to focus on working capital finance, term loan, supply chain finance, and equipment finance through digital and traditional partnership channels.
TurboLoan powered by Chola is a personal loan from Chola that is completely digital and paperless. With low interest rates that start at 15% p.a. onwards, you can avail a loan of up to Rs.3 lakh with a repayment tenure that ranges from one year to three years, without any personal guarantor required. The same-day disbursement and instant e-approval means that you can get the funds you need at just the right time without any delay.
Features of the TurboLoan powered by Chola
Here are some of the important features of the TurboLoan:
- No guarantor required
- No collateral required
- Same day disbursement
- Low interest rate
- Instant E-approval
- Paperless process
- Nil documentation
TurboLoan Details
Here are the details of the TurboLoan Personal Loan:
| Interest Rate | 15% p.a. onwards |
| Processing Fees | 3% of the loan amount plus applicable taxes |
| Loan Tenure | Up to 36 months |
| Guarantor Requirement | None |
| Collateral Requirement | None |
Eligibility Criteria for TurboLoan powered by Chola
The eligibility criteria for the TurboLoan are as given below:
| Age limit | 21 – 60 years |
| Type of Employment | Salaried Self-Employed Retired Personnel |
| Credit Score | A good credit score |
TurboLoan EMI Calculation
It helps to understand exactly how much your Equated Monthly Instalment (EMI) will be on your Turbo personal loan as this will help you plan your finances and ensure that your EMIs are repaid on time. You can calculate your personal loan EMI by using the free EMI calculator.
All you have to do is adjust the scale on the page to your required loan amount and tenure and enter the values for the interest rate and processing fee. On clicking “Calculate” your EMI details and amortisation table will be instantly displayed on the page.
TurboLoan Customer Care Number
You can get in touch with Cholamandalam Finance for any questions or support regarding your TurboLoan personal loan through any of the following ways:
| Customer Care Toll-Free Helpline / Customer Grievance | 1800-102-4565 (available from 9 am to 7 pm) |
| Customer care email address | customercare@chola.murugappa.com |
| SMS | 9500000312 |
FAQs on TurboLoan
Do I need to submit any documentation for the Turbo Loan from Chola?
Will I be eligible for the Turbo Loan from Chola if I don’t have a guarantor?
What is the minimum age to be eligible for the Chola Turbo Loan?
Till what age can I apply for the TurboLoan from Chola?
Are partial prepayments allowed on the TurboLoan from Chola?
Is foreclosure allowed on the TurboLoan from Chola?
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.