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LoansJagat Team
Contributor‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.
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Dev owns a busy petrol pump in the city. Every day, he handles fuel sales, customer service, and business expenses. Managing loans and repayments has been tough in his busy life. However, the Chola Finance Loan Statement makes it easy for him to stay updated without wasting time and energy.
Dev’s Success Story: How Does Chola Finance Loan Statement Help His Petrol Pump Business?
Dev says, “The Chola Finance Loan Statement has been a big help for my petrol pump business. Instead of worrying about loan details, I get all the updates on my phone. This helps me manage money better and focus on growing my business.”
Time Saved on Loan Tracking | Worth ₹5,000 per year | No need to visit the bank again and again |
Avoided Late Fees | Saved ₹3,000/year | Never missed a single EMI! |
Prevented Fraud Losses |
Dev’s Total Savings & Benefits: Almost ₹24,000+ Per Year!
With the Chola Finance Loan Statement, Dev saves money, avoids stress, and grows his petrol pump business smoothly!
Here’s a simple table explaining the components of a Chola Finance Loan Statement and how each part helps Dev in his petrol pump business.
Loan Statement Part | What It Shows | How It Helps Dev (With Example & Numbers) |
Loan Account Details (Loan number, type, lender info) | Loan Account No. Type: Business Loan Chola Finance details | Helps Dev keep track of his loan easily. No confusion if he has multiple loans. |
How Dev Benefits (With Numbers)
Final Savings = ₹3,000 (no late fees) + ₹30,000 (prepayment savings) + ₹6,000 (fraud prevention) = ₹39,000+ in 5 years!
Simple & Helpful! The Chola Finance Loan Statement keeps everything clear so Dev can focus on his petrol pump business without loan worries.
Here’s a simple table explaining how Dev can get his Chola Finance Loan Statement and why each method is useful for his business:
How to get a loan Statement? | Step for Loan Taker | Why does it help Dev? (with savings and benefits) |
Via Net Banking | Log in to the Chola Finance website Go to "Loan Statements" Download PDF | Saves Time (Worth ₹2,000/year) – No need to visit a bank, check anytime from a petrol pump office. |
Dev’s Total Benefits
Easy & Helpful! Dev chooses mobile app or SMS alerts most often because it’s fast and free. No stress, more time to run his petrol pump!
(Note: Numbers are examples based on typical savings from avoiding bank visits, late fees, and fraud.)
Here's a simple step-by-step table showing how Dev can download his Chola Finance loan statement, with real benefits for his petrol pump business:
Method | Step for Dev | Why It Helps Dev (With ₹ Savings) |
Net Banking Method | 1. Log in to the Chola Finance website 2. Click "Loan Accounts" 3. Select "View Statement" 4. Choose date range & download | Saves ₹500 per visit - No need to take time off from petrol. - Gets statement in 5 minutes instead of waiting in the queue to visit the bank |
Dev's Real Benefits
Best for Dev: The Mobile app method is fastest. He can check statements while handling petrol customers. But keep an offline option for important paperwork.
(Note: ₹ amounts based on typical petrol pump owner savings, actual may vary slightly)
Type of Charge | Normal Cost | How Dev Avoids/Saves | Dev's Savings |
Printed Statement at Branch | ₹100 per copy | Uses a free mobile app instead |
Always chooses this option
Saves ₹100/month vs courier
Duplicate Statement
₹50 per request
Downloads from an app for free
Saves ₹600/year (needs 12 copies)
Urgent Statement Courier
₹250
Saved ₹6,000/year
Caught wrong charges early |
Better Loan Terms | Earned ₹10,000/year | Good repayment history helped! |
Borrower Details (Name, address, contact) | Dev’s name & petrol pump address Mobile & email | Ensures all details are correct, so he gets important SMS/email alerts. |
Loan Summary (Principal, interest rate, tenure) | Loan Amount: ₹5,00,000 Interest: 12% per year Tenure: 5 years (60 EMIs) | Helps Dev plan his finances. He knows he has to pay ₹11,122 EMI every month. |
Repayment Schedule (EMI dates, breakup) | EMI Due Date: 5th of every month EMI Amount: ₹11,122 (Principal: ₹7,000, Interest: ₹4,122) | Dev never misses a payment because he knows the exact date. He also sees how much principal vs interest he is paying. |
Outstanding Balance (Remaining loan amount) | Paid: ₹2,00,000 Pending: ₹3,00,000 | Helps Dev plan prepayment. If he has extra cash, he can pay early and save interest. |
Prepayment Details (Extra payments, charges) | Prepayment allowed: Yes (2% fee) If Dev pays ₹50,000 extra, he saves ₹30,000 in interest in the long run. | If business is good, Dev can pay extra & reduce the loan burden faster. |
Through Mobile App | Open Chola Finance App Tap "My Loans" View or download statement | Avoid Late Fees (Saves ₹3,000/year) – Dev gets alerts & pays EMI on time. |
Bank/NBFC Branch Visit | Visit the nearest Chola Finance branch Show ID proof Get a printed statement | Good for Old Records – Keeps physical copies for yearly business audit. |
Customer Care Request | Call Chola helpline Verify details Get statement via email/SMS | Emergency Help – If net banking fails, Dev still gets the statement in 2 hours. |
Email/SMS Alerts | Register for auto-updates Get monthly statement by email/phone | Prevents Fraud (Saves ₹6,000/year) – Dev spots wrong charges immediately. |
Mobile App Method | 1. Open the Chola Finance App 2. Tap "My Loans" 3. Select loan account 4. Click "Download Statement" | Avoids ₹300 late fee - Can check EMI due dates instantly while at the petrol pump. Saves ₹200/month - No need to pay cyber cafe for printing |
Offline Request Method | 1. Visit the Chola branch 2. Fill the request form 3. Show ID proof 4. Collect printed statement | Good for loan records - Helpful when applying for new petrol pump licenses Emergency option - When the internet is down, still get the statement the same day |
Saves ₹1,200/year (1 statement/month)
Email Statement | Free |
*T&C Apply
Plans ahead with email alerts
Saves ₹3,000/year (avoids 12 urgent requests) |
Late EMI Payment Fee
₹500 per late payment
Checks statements regularly to pay on time
Saves ₹6,000/year (avoids 12 late payments)
Dev's Total Savings = ₹1,200 + ₹1,200 + ₹600 + ₹3,000 + ₹6,000 = ₹12,000 per year!
Smart Tips Dev Follows
Dev says: "Earlier, I wasted ₹1,000 every month on statement charges. Now with Chola Finance, I save this money and use it to buy better fuel nozzles for my petrol pump!"
(Note: Charges are examples - actual may vary slightly)
Here's a simple guide to reading a Chola Finance loan statement, showing exactly how Dev uses it to help his business:
Section in Statement | What Dev Sees? | How does it help Dev's Business? | Money Saved/Managed |
Loan Account Summary | Loan Amount: ₹10 lakhs Balance: ₹6 lakhs Interest Rate: 12% | Knows exactly how much he still owes | Plans ₹25,000/month fuel purchases without cash crunch |
EMI Due Date | "Next EMI: 5th May, ₹22,245" | Mark's calendar to pay before the due date | Avoids ₹500 late fee × 12 = ₹6,000/year saved |
Interest vs Principal | Principal: ₹15,000 Interest: ₹7,245 | Sees how much it reduces debt | Realizes prepaying ₹50,000 could save ₹30,000 interest |
Transaction History | "25 Apr: EMI paid ₹22,245" "28 Apr: Extra payment ₹20,000" | Tracks all payments easily | Catches bank errors early (saved ₹8,000 last year in wrong charges) |
Charges/Fees | "No late fees" "Prepayment charge: ₹400" | Checks for unnecessary fees | Saved ₹2,000 last year by avoiding hidden charges |
Contact Info | Customer Care: 1800-123-123 | Has help ready if the numbers look wrong | Quick calls saved ₹5,000 in wrong interest calculations |
Dev's Simple Checking Routine:
Dev's Total Benefits:
Dev says: "Earlier, I just paid EMIs blindly. Now I understand each number - it's like checking my petrol tank levels before trips!"
(All amounts based on Dev's ₹10 lakh loan at 12% for 5 years)
Common Issue | What Happens | How Dev Fixes It | Money Saved/Time Saved |
EMI Not Showing | Dev pays ₹22,245 EMI, but it doesn’t reflect in 2 days | Checks UPI receipt, calls Chola helpline (1800-123-123) | Prevents ₹500 late fee + ₹200 follow-up charges = ₹700 saved |
Wrong Interest Charged | Statement shows ₹8,000 interest instead of ₹7,245 | Compared with last month, emails Chola with a screenshot | Gets ₹755 refund = ₹9,060/year saved (if caught monthly) |
Extra Charges | "Processing fee" ₹1,000 added without reason | Raises a complaint via the app with the loan number | Gets fee reversed = ₹12,000/year saved (if it happens yearly) |
Missed SMS Alert | Didn’t get the EMI due reminder | Updates mobile number in app, checks spam folder | Avoids ₹500 late fee × 12 months = ₹6,000 saved |
Can’t Download PDF | The app shows an error when downloading | Uses net banking as backup, clears app cache | Saves ₹100 cyber café charge × 12 = ₹1,200 saved |
Prepayment Not Updated | Paid ₹50,000 extra, but balance same | Share the bank proof via email to Chola | Ensures ₹30,000 interest saved over loan tenure |
Dev’s Quick Troubleshooting Tips:
Dev’s Total Savings from Fixing Issues:
₹700 (missing EMI) + ₹9,060 (wrong interest) + ₹12,000 (extra charges) + ₹6,000 (late fees) + ₹1,200 (download issues)
₹28,960 per year extra in his petrol pump business!
Dev says, "Earlier, I lost money like fuel leaking from a tank. Now I check my loan statement like checking fuel nozzles, small care saves big money!"
(Note: Examples based on Dev’s ₹10 lakh loan.)
Dev’s petrol pump business runs smoother because of Chola Finance’s loan statement. It helps him track EMIs, avoid late fees, and catch bank mistakes early. By checking his statement every month, Dev saves over ₹28,000/year—money he uses to buy more fuel stock or repair pumps.
Also Read - Muthoot Finance Customer Care
The app alerts remind him to pay on time, and the clear breakup of interest and principal helps him plan prepayments to save ₹30,000+ in interest. With easy PDF downloads and quick customer support, Dev never worries about loan problems. Now, he focuses on his business, not paperwork—just like keeping fuel tanks full for customers without leaks or waste!
1. How often is my loan statement updated?
Your Chola loan statement updates every time you make a payment (EMI, prepayment, etc.). Dev checks his every month to track his ₹22,245 EMI and avoid late fees.
2. What if I find a wrong charge on my statement?
If Dev sees an extra ₹1,000 "processing fee," he calls Chola at 1800-123-123 or complains via the app. This saved him ₹12,000/year in wrong fees.
3. Can I get a statement without internet?
Yes! Dev visits a Chola branch with his ID proof to get a printed copy. But using the app is free and faster.
5. What if my EMI payment isn’t showing?
Dev keeps his bank UPI receipt and calls Chola within 2 days. Fixing this fast saved him ₹700 per missed entry.
