CHOLAMANDAL FINANCE POLICY
PL & BL POLICY
SALARY CRITERIA
Tier 1 Loca on: Min NMI 25k (Net Monthly Income)
Tier 2 Loca on: Min NMI 20k (Net Monthly Income)
FOIR CRITERIA (Fixed Obliga ons to Income Ra o)
NMI upto 50k – 65% (Cat A/Govt/B)
NMI above 50k – 70% (Cat A/Govt/B)
NMI upto 50k – 55% (Cat C/D)
NMI above 50k – 65% (Cat C/D)
Highest mul plier upto 30 mes for Cat A, B & Govt > 75 NMI
Joint HL not to be obligated if spouse is serving EMI from their A/c and are sufficient
to cover all EMIs serviced from their account
BT (BALANCE TRANSFER) POLICY HAS BECOME EVEN MORE LUCRATIVE:
Max takeover – 6 BT (Including CC BT)
Min tenure for BT – 6 EMI
BT allowed from all banks Except co opera ve banks / rural banks
CREDIT CARD OBLIGATIONS & BT
Gross salary * 5 mes CC outstanding Nill obliga ons
No late fee / over limit charges reported in CC, 3 months cc statement along with
front page to be documented
Minimum BT loan should be 50K and CC BT 25K
New to CIBIL ( 0 / -1 ):
Max Loan Cap:
CAT G ---- 5.00 L
First me PL Borrower max can do 7L
3 months Insen ve (An Average 60%) can consider for NMI.
VPF / loan deduc ons can add back for NMI / Obliga ons for higher FOIR eligibility.
Tenure upto 84 months for Cat A, B, C & Govt for above 40k NMI
Cibil vintage 6 months (any bureau history) required
Nill obliga ons for gold loan irrespec ve of out standing
5 PL enquiry considered in 30 days
PERSONAL LOAN (SALARIED)
Minimum age 24 but we can do 21- 23 age with Co- applicant (co-app minimum age
21)
Maximum age 60 at the me of loan maturity but =/> 50 Co- applicant mandatory
(co-app maximum age 60 at the me of loan maturity)
cibil score minimum 675 (Ticket size of 5 lakh), Minimum score 700 (Ticket size 5 Lakh
to 20 lakh)
Minimum salary Require 20k but
3 months bank statement Require with salary credit, no cash /Cheque salary credit
allowed, 3 months salary slip also require
Non listed Company not allowed
Minimum Tenor 12 months, Maximum Tenor 84 months but Maximum 48 months for
loan amount upto 5 lakh
Current Address must be match with OVD docs (Aadhar card, Voter ID, Driving
License, Passport)
Co-applicant rela onship proof, OHP require for every case
For Pvt. employee EPFO/ office email verifica on mendatory
PL SELF EMPLOYED PROFESSIONAL
SEP Profile- MBBS/MD/Super Specialist/CA/CS /BDMS /BAMS / BHMS
Co-applicant mandatory for SEP cases where customer age is =>50 (co-applicant
minimum age 21)
Only for MBBS/ Super Specialist profile Max loan amount 35 lk
Current address as per OVD docs Require
Cibil score minimum 675 (Ticket size of 5 lakh), Minimum score 700 (Ticket size 5 Lakh
to 35 Lakh)
Experience
o Overall experience 2 years to 3 years then for loan amount Rs <=10 lakh
o Overall experience of >3 years loan amount Rs-> 10 lakh to <= 35 lakh
All professional degree cer ficate and registra on no. Require
Maximum age 64 years
BUSINESS LOAN POLICY
Applicant – Minimum age 25 years, Maximum age 65 at the me of login
Co-Applicant – Minimum age 21 years, Maximum age 65 years
Minimum 3 years business vintage require
6 months bank statement Require
Co-applicant mandatory for every BL case
Maximum loan amount 35 lakh
o For Loan amount >10 lakh to <= 20 lakh require Audited ITR with Audit report
and Last 12 Months GST 3B
o For loan amount >20 lk to <=30 lk 5 yrs business vintage and above docs
Require
o for Loan amount >30 lk to <=35 lk require a+b + Last 2 years Audited ITR with
Audit report required
For First me USL borrower up to 10 lk amount Minimum 6 months track require of
AL/HL/LAP
Minimum cibil score 675
o Cibil score 675 to <725 for loans up to 10lk
o Cibil score >=725 for loan >10 lk
For Partnership firm highest stack holder will be the Co- applicant,
MSME docs mandatory for all cases
Minimum 5 lakh inflow require in last 6 months
we are considered 3 bank account for eligibility purpose
KYC AND MANDATORY DOCUMENT POLICY
Applicant and Coapplicant PAN and Aadhar (both side with 8 digits masking) require
Applicant and Co-applicant Selfi require
PAN and Aadhar link mandatory
for Partnership case all Partner KYC require
MSME require for all BL cases
Professional degree cer ficate Require for SEP cases
ownership Proof require for all cases
Rela onship proof require for all cases
Current address must be match with OVD docs for all cases
OVD docs are
o AADHAR CARD
o VOTER ID CARD
o PASSPORT
o DRIVING LICENSE
Minimum 3 years business vintage require for all BL cases
for Business loan 2 mail id require
2 different Mobile no. Require all cases where Co-applicant added
For PL (salaried) cases EPFO and Office email id verifica on mandatory for all PVT
company employees
