What is Cholamandalam Home Loan Review?

This Chola home loan review is based on a call that I recently got from Chola Bank. I generally disconnect these types of calls but I listened to this one. The executive provided me with a few details such as

• Low interest rates and processing fees

• He also told me that the loan amount depends on my credit score and repaying capacity. 

• They person also spoke about flexible repayment options

• After that, he told me about the quick loan approval process. 

Finally, he informed me that my existing home loans can be transferred to Cholamandalam as well at a low-interest rate. This got me pumped as I had an existing home loan and decided to transfer my home loan to their bank. 

I am writing this Chola home loan review, on behalf of my friend. A friend of mine had taken a loan from Chola and has shared his horrible experience. He said that, before taking the loan, everything was so good. But he started facing issues and called up the bank customer support, there was no one to help. 

He also highlighted that there was a dispute with the preclosure charges. During the loan agreement discussion they said that the preclosure is 4% but when the closure happened they made it to 5%. According to him, even the managers are irresponsible. 

I was trying to avail a home loan and came across the Cholamandalam website. I got to know the rate of interest and tenure but the information available there is so scarce. After looking through the website for quite some time, I came to know about the interest rate and tenure, which are 10% p.a. and 15 years respectively. 

After that, I checked some Cholamandalam home loan review online and learned that their service is so bad and the customer support is not there to help you at all. I checked their reviews on a few other websites and have seen similar information. Following this, I decided to not take a loan from them.