Chola One offers a convenient instant personal loan solution for eligible Indian citizens. You can borrow up to ₹5 lakh at competitive interest rates, with the entire process being 100% digital. Approval is quick, and funds are typically credited to your account within minutes.

The interest rate starts from 14% per annum, with a processing fee between 4% and 6% plus GST. The minimum loan tenure is flexible to suit different repayment needs, and eligibility starts at ₹10,000 monthly income for applicants aged 23 to 65 years.

Step-by-Step Application Process

1. Download the Chola One app from the Play Store.
2. Register with your mobile number and set your MPIN.
3. Provide KYC details and upload necessary documents.
4. Choose the loan amount and tenure.
5. Submit your application and receive instant approval.
6. Accept terms, provide your bank account details, and wait for disbursal.

Pros of Chola One Personal Loan

One of the main advantages is the fully digital process, eliminating paperwork and the need to visit a branch. Instant approval and fund transfer make this ideal for urgent financial requirements.

The minimal documentation and the eligibility for both salaried and self-employed applicants increase the accessibility of this offer.

Cons of Chola One Personal Loan

The processing fees, ranging from 4% to 6% plus GST, are higher than some competitors. Additionally, applicants with a monthly salary below ₹10,000 are not eligible.

Another limitation is that only applicants with Aadhaar-linked mobile numbers can apply, which might exclude some potential borrowers.

Verdict: Is Chola One Right for You?

Chola One stands out for its speed and convenience, especially for those seeking quick personal loans with minimal hassle and digital-first service. If you meet the eligibility, it is a strong contender worth considering.