Cholamandalam Investment and Finance Company Limited, known as Chola, is a top non-banking financial company (NBFC) of India that provides customized financial solutions to finance infrastructure growth. Among its core products, Construction Equipment Loan services are a major facilitator for contractors, infrastructure developers, and businesses engaged in the mining and construction industries. With experience spanning decades, Chola has established credibility by providing convenient access to equipment financing in both rural and urban India.
Chola’s Equipment Finance scheme provides funding for both new and used machinery such as excavators, backhoe loaders, cranes, compactors, dumpers, forklifts, and compressors. The company has structured its lending so that it is quick, adaptable, and responsive to the industry’s needs—both ensuring the borrowers get the equipment they require with minimal lost time and maximum ease. Their Construction and Mining Equipment Loan is especially useful for entrepreneurs who require trustworthy and fast cash for high-cost assets.
Chola’s Machinery Finance products range from various financing alternatives such as new equipment loan, refinance existing machinery, working capital loan against equipment, and top-up loan. Extensive coverage of their Equipment Loans covers a range of construction, road construction, and mining equipment. Whether it is a small contractor or a big organization, Chola assists you in financing your equipment with the best rates, EMI plans with a structured scheme, and doorstep delivery, acquiring Equipment Machinery loans hassle-free and easily.
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Prospective applicants of Chola’s Construction Equipment Loan should be individuals, partnerships, companies, or firms involved in construction, infrastructure, or mining activities. The typical requirements include a steady source of income, valid KYC, and continuity of business for a minimum period of 1–2 years.
PAN card, Aadhaar, voter ID, passport, or driving license and lates passport size photographs for identity verification.
Aadhaar Card, Passport, Driving license, Gas Connection Card, Water Bill, Electricity Bill, Prepaid Mobile Bill, Telephone Bill or Voter’s ID
Salary slips, bank statements for the last 6 months (for salaried individuals), or relevant income documents for self-employed individuals.
GST registration, firm registration, MOA/AOA (for companies), or other business ownership documents.
Pro forma invoice for new equipment or certified valuation for used machinery.
Details of hypothecation, insurance premium, and existing machinery for asset-backed loan processing.
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Cholamandalam Construction Equipment Loan is a financing solution designed to help individuals and businesses purchase or refinance new and used construction machinery with flexible repayment terms and competitive interest rates.
The Cholamandalam Construction Equipment Loan covers a wide range of machinery, including excavators, backhoe loaders, cranes, concrete mixers, compactors, forklifts, and other construction-related equipment.
Yes, the Cholamandalam Construction Equipment Loan offers financing for both new and used construction machinery, and also supports refinancing of existing equipment.
Interest rates for Cholamandalam Construction Equipment Loan typically start around 12% for new equipment and range between 14%–18% for used machines, depending on the borrower’s profile.
With a Cholamandalam Construction Equipment Loan, you can get up to 90% of the equipment’s value financed, with loan amounts reaching as high as ₹5 crore.
The repayment period for a Cholamandalam Construction Equipment Loan ranges from 1 year to 7 years, based on equipment type and borrower eligibility.
To apply for a Cholamandalam Construction Equipment Loan, applicants should be 21–65 years old, have at least 3 years of business experience, and maintain a healthy CIBIL score (preferably 650+).
No separate collateral is required for Cholamandalam Construction Equipment Loan—the equipment being financed itself serves as the hypothecated security for the loan.
Yes, Cholamandalam Construction Equipment Loan allows refinancing of existing machinery to help release capital or restructure previous loans.
While not mandatory, insurance is strongly recommended under the Cholamandalam Construction Equipment Loan to protect the equipment against damage, theft, or operational risks.
Typically, Cholamandalam Construction Equipment Loan is processed and disbursed within 3–7 working days after submission of complete documentation.
Yes, Cholamandalam Construction Equipment Loan may include foreclosure or prepayment charges of up to 4% of the outstanding amount, depending on tenure and agreement terms.
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