Chola Finance Car Loan Interest Rate – Complete Guide & EMI Tips

Key Insights 

1. Use the Chola Finance car loan EMI calculator to find out what your monthly payments might be for any car you choose.

2. New car loans start at 11%, while used car loans begin at 15%. Your actual rate will depend on your profile and the car you select.

3. Collect the needed Chola Finance car loan documents and apply online for a quick and easy approval process.

Thinking about getting a new car? Check out Chola Finance car loan interest rates, and don't forget to use the Chola Finance car loan interest rate calculator to find out your EMI quickly.

You can think of the Chola Finance car loan interest rate like the monthly fuel cost for your loan, since it drives your EMI. 

Whether you are looking for a new or used Chola Finance new car loan interest rate, this Chola Finance used car loan interest rate is the percentage that decides your total cost.

I tried the Chola Finance car loan interest rate EMI calculator for a ₹7,00,000 new car loan. At a 10% interest rate for 5 years, my monthly payment came to ₹14,873. After that, I collected all the Chola Finance car loan documents needed to apply online without any hassle.

Types of Car Loans Offered by Chola Finance 

If you’re looking for a new luxury car or a reliable used one, Chola Finance can help with a car loan to get you on the road.

Here is the list of the types of car loans, features and interest rates of the Chola Finance Car Loan:

Whether you want a brand-new luxury car or a dependable used one, Chola Finance has a car loan to help you get behind the wheel.

Bonus Tip: Do you know what documents you need to submit for a car loan? After your loan is disbursed, please submit the Registration Certificate (RC), a copy of your insurance policy, and the invoice with CHOLA’s endorsement, as needed. Our branch salesperson will collect these documents from you for our records.

Chola Finance Car Loan Processing Fees & Charges

You have to learn what your loan will really cost. Check how Chola Finance car loan fees and charges might affect your total payment.

Here is the list of the Chola Finance Car Loan fees and charges:
 

Make sure to take smart steps towards your car loan. By including these service charges, you can be confident that your Chola Finance car loan interest rate will not have any unexpected costs.

How to Apply for a Chola Finance Car Loan?

Do you want to drive your dream car? Find out how you can apply for a Chola Finance car loan interest rate and get your car loan approval fast.

Chola Finance Car Loan Online Process:

Here are the steps you can use to apply for a Chola Finance Car Loan online in just a few minutes.

1. Go to the official Chola Finance website and find the car loan section.
2. Start Application: Look for and click the “Apply Now” button.
3. Select “Car & MUV Loans” from the list of options.
4. Enter your mobile number and verify it with the OTP (One-Time Password) sent to you.
5. Continue online and fill in your personal, financial, and employment details as prompted.
6. Upload scanned copies of your required documents, such as identity, address, and income proof (for example, PAN card, Aadhaar card, salary slips, or IT returns). You can also use DigiLocker if available.
7. Chola’s team will check the information and documents you provide. The process is usually fast and you can get approval online.
8. Once your loan is approved and you sign the agreement, the money will be sent to you. If you need help, Chola can send a sales executive to your home.

Get your home loan easily using the Chola Finance website. The process is simple and fully digital. 

Chola Finance Car Loan Offline Process: 

Visit your nearest Chola Finance branch for personalised guidance tailored to your needs.

1. Use the Branch Locator to find the Chola Finance branch closest to you.
2. Talk to a loan officer and ask for the car loan application form.
3. Fill out the form and submit it along with your KYC, income, and vehicle documents.
4. Pay the processing fee as set by the bank.
5. The bank will check your details, see if you are eligible, and value the vehicle.
6. If your loan is approved, sign the agreement.
7. The bank will send the loan amount, usually straight to the car dealer.

Customers may obtain in-person support and clear guidance by visiting a branch.

Conclusion

First, use the Chola Finance car loan interest rate calculator to check your EMI for a new or used car. Next, review the service charges and apply easily online or at a branch to get your car loan with confidence.

FAQs 

What’s the Chola Finance car loan interest rate right now?  

Chola Finance (Cholamandalam) car loan rates can change, but sometimes start as low as 9.50% during festive seasons like October 2025. The actual rate depends on your profile and location. For new cars, fixed rates usually begin around 14% to 18%. You can use the official Cholamandalam Finance EMI calculator to estimate your payments. For the latest rates, it’s best to check directly with them.

People who paid for their car by EMI, how much extra did you pay at the Chola Finance?  

You can use their online EMI calculator to estimate your total interest and extra costs by entering your loan details. Making principal-only prepayments can help you lower the total interest you pay.

Is it worth investing in Cholamandalam Finance, L&T Finance and Sundaram Finance for the long term? 

If you are considering long-term investments, Cholamandalam (Chola), L&T Finance, and Sundaram Finance are all established companies with strong financials. However, their valuations differ. Chola has solid fundamentals, L&T Finance has performed well recently, and Sundaram is considered stable but possibly overvalued. It is important to do a deeper analysis before making a decision.

Is 787 a good CIBIL score to get a car loan at Chola Finance?  

Yes, a 787 CIBIL score is excellent and puts you in a strong position to get a car loan from Cholamandalam (Chola) Finance. With a score above 750, you are likely to get quick approval and better interest rates, since lenders see this as ideal for auto loans.

How do I determine the EMI amount before availing a car loan from Chola?

You can use the EMI calculator on Chola’s website or visit BankBazaar’s website to find out your car loan EMI.