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Chola Finance Review
Murugappa Group
Murugappa-group NBFC with branch + digital personal loans across India.
Red flags
- •PF up to 3% + GST
- •Foreclosure charges apply inside lock-in
Green flags
- •Upper Layer NBFC, AA+ rated
- •Murugappa Group governance
- •Pan-India branch network
- •Listed on NSE/BSE
Permissions demanded
Data practices
Data captured under RBI DLG; no contacts/gallery permissions.
Recovery practices
In-house and empanelled agencies under RBI FPC; recorded calls.
Sources & references
Grievance & support
- Grievance redressalhttps://www.cholamandalam.com/contact-us/grievance-redressal
- Support / helpdeskcustomercare@chola.murugappa.com
Contact details published by the lender. If unresolved within 30 days, escalate via RBI Sachet.
Disclaimer: Reviews are independent editorial assessments based on publicly available information and user-submitted complaints. APR ranges and fees can change — always check the lender's Key Fact Statement before borrowing. Not financial or legal advice.
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Frequently asked questions about Chola Finance
Is Chola Finance RBI-registered?
Chola Finance is operated by Murugappa Group. Its RBI status: RBI-regulated NBFC. Always verify the parent lender directly on the RBI NBFC list before borrowing.
What is the real APR on Chola Finance?
Chola Finance charges an APR between 12% and 28% per annum with a processing fee of up to 3%. After fees and GST, the effective APR on short tenures can be significantly higher than the headline rate.
Is Chola Finance safe to use?
Murugappa-group NBFC with branch + digital personal loans across India. Permissions demanded: Camera (KYC), SMS (OTP). Recovery practices: In-house and empanelled agencies under RBI FPC; recorded calls..
What loan amount and tenure does Chola Finance offer?
Ticket size ranges from ₹50,000 to ₹25,00,000, with tenure between 12 and 61 months.
How do I close my Chola Finance loan early?
Open the app, request a foreclosure quote in writing, and pay the principal + accrued interest. Demand the No Dues Certificate (NDC) within 7 working days — RBI mandates it. If Chola Finance refuses or harasses you, file a complaint on the RBI Sachet portal.