Cholamandalam Investment and Finance Company Limited is a prominent Non-Banking Financial Company (NBFC) in India, offering various loan products, including vehicle loans, home loans, and personal loans. Cholamandalam's customer care is readily available to assist with any issues related to loan repayments, ensuring a smooth experience for borrowers.

The company emphasises customer convenience through online platforms for loan repayments, allowing customers to utilise services like Bajaj Finserv for hassle-free loan settlements. With Bajaj Pay, the BBPS platform on Bajaj Finserv, users can view, pay, and download their loan repayment receipts with just a few clicks. Bajaj Pay also supports payments for various other financial obligations, offering a comprehensive solution for managing multiple payments in one place.

Overview of Cholamandalam Investment and Finance Company loan settlement

The loan settlement process by Cholamandalam Investment and Finance Company is designed to assist borrowers who cannot meet their repayment obligations. This initiative allows borrowers to clear their outstanding loans by paying a negotiated amount, usually less than the original balance. Loan settlement helps borrowers resolve their financial challenges effectively while ensuring a hassle-free resolution of dues.

Process for Cholamandalam Investment and Finance Company loan settlement

Borrowers can follow these steps to complete the loan settlement process with Cholamandalam Investment and Finance Company:

1. Contact Cholamandalam Investment and Finance Company: Borrowers need to contact the lender through its customer support channels or visit a branch to initiate the settlement process.

2. Explain the situation: Provide details about the financial difficulties that prevent full loan repayment.

3. Submit the required documents: Share the necessary documents, such as proof of income and loan account details, to support your claim.

4. Loan evaluation: Cholamandalam Investment and Finance Company evaluate the borrower’s financial condition and loan details to determine eligibility for settlement.

5. Receive settlement offer: Based on the evaluation, the lender proposes a reduced repayment amount as part of the settlement.

6. Agree to the terms: Once the borrower agrees, the settlement agreement is finalised.

7. Make the payment: Pay the negotiated amount within the agreed timeframe to close the loan account.

8. Obtain a clearance certificate: After payment, Cholamandalam Investment and Finance Company issues a clearance certificate, confirming the closure of the loan.

Benefits of loan settlement with Cholamandalam Investment and Finance Company

1. Reduced financial burden: Borrowers can settle their loans by paying less than the total outstanding balance.

2. Quick resolution: The loan settlement process ensures a timely resolution of outstanding debts.

3. Avoidance of legal complications: Settling the loan prevents potential legal actions and associated stress.

4. Improved financial stability: Borrowers can clear their debts and focus on rebuilding their finances.

5. Preservation of borrower-lender relationship: An amicable settlement ensures continued goodwill between the borrower and Cholamandalam Investment and Finance Company.

Tips for a successful Cholamandalam Investment and Finance Company loan settlement

1. Be proactive: Contact the lender as soon as financial challenges arise.

2. Provide accurate information: Share truthful and comprehensive details about your financial situation.

3. Understand the agreement: Read the settlement terms carefully before agreeing.

4. Negotiate wisely: Aim for a settlement amount that aligns with your current financial capacity.

5. Complete payments on time: Adhere to the agreed repayment schedule to ensure a smooth settlement.

Eligibility criteria for Cholamandalam Investment and Finance Company loan settlement

Borrowers must meet the following criteria to be eligible for a loan settlement with Cholamandalam Investment and Finance Company:

1. Demonstrated financial hardship: Provide evidence of genuine financial challenges preventing full repayment.

2. Overdue loan account: Loan settlement is typically available for accounts with overdue payments or defaults.

3. Document submission: Borrowers must submit necessary documents, such as proof of income and loan account details.

4. Mutual agreement: Both the borrower and Cholamandalam Investment and Finance Company must agree to the settlement terms.

Steps for loan settlement using the Bajaj Finserv website

Here are the steps to make a quick Bajaj payment online using the Bajaj Finserv website:

1. Visit the Bajaj Finserv website and log in to your account

2. Go to the ‘LOAN REPAYMENT' section under the 'PAYMENTS' menu

3. Choose your biller from the drop-down list

4. Enter your loan account number and click 'FETCH YOUR BILL.'

6. Select a preferred payment method from the options from the list of available payment options

7. After choosing your preferred payment mode, enter the requested payment details in the comfort of your home.

You will receive a confirmation notification from Bajaj Finserv after the successful payment.

Fees and charges

A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (including applicable taxes). For more information on fees and charges, click here.

Note: For failed transactions, the total amount, including charges except taxes, is reversed.