Cholamandalam
Cholamandalam is an Indian NBFC and Murugappa Group company providing vehicle finance, home loans, SME loans, gold loans, and consumer credit to 44.7 lakh+ customers through 1,761 branches pan-India, with AUM of Rs 2.43 lakh crore.
- Company typePublic
- Founded1978
- HeadquartersChennai, India
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What Cholamandalam does
Cholamandalam Investment and Finance Company Limited (Chola) is an Indian non-banking financial company incorporated in 1978 as the financial services arm of the Murugappa Group, a 124-year-old diversified Indian conglomerate. The company operates a multi-product lending platform spanning vehicle finance (commercial vehicles, cars, two-wheelers, three-wheelers, construction equipment, and tractors), home loans, loan against property, SME/MSME loans, gold loans, consumer and small enterprise loans, loan against securities, and emerging solar/EV financing. Chola serves over 44.7 lakh customers through 1,761 branches across 32 states and union territories, with assets under management of Rs 2.43 lakh crore as of March 2026.
The business is structured around eight core lending products distributed through a hybrid physical-digital model. The branch network handles direct SMB and individual origination, while the Chola One mobile platform supports instant personal loans, EMI management, and self-service. Gaadi Bazaar operates as a digital marketplace integrating vehicle financing with used vehicle transactions. Technology integration with RBI's Unified Lending Interface (ULI) and the VAHAN platform enables automated hypothecation removal, reducing post-loan closure friction. Channel partnerships with Ashok Leyland, JCB India, and CarTrade Tech provide OEM-tied loan origination, and multilateral debt relationships with IFC, ADB, CDC Group, OPIC, and BII support the funding base.
Revenue is generated primarily through interest income on the Rs 2.43 lakh crore AUM, with FY26 standalone revenue of Rs 31,073 crore growing 20.22% YoY and net profit of Rs 5,233 crore up 23% YoY. Q4 FY26 disbursements reached Rs 32,913 crore (+25% YoY). Vehicle finance remains the largest disbursement segment at Rs 18,132 crore in Q4 FY26, while home loans (+23%) and LAP (+26%) provide diversification. Gold loans launched April 2025 represent the newest product vertical. Asset quality improved with GNPA declining to 4.36% from 4.63%. The company is publicly listed on NSE/BSE under ticker CHOLAFIN and is majority-controlled by the Murugappa family through Ambadi Investments, with Vellayan Subbiah as Executive Chairman and Ravindra Kumar Kundu as Managing Director.
Cholamandalam firmographics
Firmographics- Name
- Cholamandalam
- Legal name
- Cholamandalam Investment and Finance Company Limited
- Website
- https://cholamandalam.com
- Company type
- Public
- Founded year
- 1978
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Cholamandalam is an Indian NBFC and Murugappa Group company providing vehicle finance, home loans, SME loans, gold loans, and consumer credit to 44.7 lakh+ customers through 1,761 branches pan-India, with AUM of Rs 2.43 lakh crore.
- Ownership category
- akta.pro rank
Cholamandalam industry classification
Industry- Product category
- Non-Banking Financial Services (Vehicle Finance & Diversified Lending)
- NAICS
- Nondepository Credit Intermediation (5222), Finance and Insurance (52)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)
- akta.pro secondary industries
- Supply Chain Finance (Trade Credit, PO/Inventory Financing) (FSAKAGAE), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF)
Keywords
Where Cholamandalam is headquartered
LocationHeadquarters
- HQ city
- Chennai
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Cholamandalam business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Vehicle Finance: Loans for commercial vehicles, cars, two-wheelers, three-wheelers, construction equipment, and tractors. Largest disbursement segment at Rs 18,132 crore in Q4 FY26
- Home Loans: Loans for self-construction, purchase of new/resale property, home extension, and mixed-use properties with 23% growth in FY26
- Loan Against Property (LAP): Secured long-term loans against residential/commercial property with 26% growth in FY26
- Gold Loans: Asset-backed lending against gold collateral launched April 2025, expected to exceed Rs 1,000 crore portfolio in FY26
- SME/MSME Loans: Business expansion loans, secured term loans, supply chain finance, and equipment finance for small and medium enterprises
- Consumer & Small Enterprise Loans: Personal loans and unsecured business loans for small enterprises and individuals
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Gold Loan interest rates based on LTV ratio |
| Unit Pricing | Monthly | Vehicle loans with interest rates based on vehicle type and customer profile |
| Unit Pricing | Monthly | SME and business loans |
| Unit Pricing | Monthly | Home loans and loans against property |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Cholamandalam product offering
Product offeringCore offering
Cholamandalam Investment and Finance Company Limited (Chola) is an Indian non-banking financial company (NBFC) that provides a diversified suite of lending products, including vehicle finance (cars, two-wheelers, tractors, commercial vehicles, construction equipment), home equity/loan solutions, SME business loans, gold loans, and consumer & small enterprise loans. It operates a pan-India branch network of 1,772 branches and a digital platform (Chola One) for loan origination, servicing, and collections. The company also distributes allied financial products such as insurance broking and securities through subsidiaries.
Product overview
Cholamandalam Investment and Finance Company (Chola) operates as a comprehensive financial services platform offering diverse lending products through a multi-channel distribution network. The company provides an 8-product portfolio spanning vehicle finance (car loans, commercial vehicle loans, two-wheeler loans, three-wheeler loans, construction equipment loans, tractor loans), home loans (self-construction, extension, purchase, balance transfer), SME/business loans (SME/MSME loans, secured term loans, supply chain finance, equipment finance, solar finance), consumer finance (personal loans, gold loans, loan against property, loan against securities). The company also operates digital platforms including Gaadi Bazaar marketplace and Chola One customer portal. Chola serves over 44.7 lakh customers across 1,761 branches with AUM of ₹2.27 lakh crore, positioning itself as a diversified NBFC within the Murugappa Group.
Differentiator
Problem solved
Functional benefit
Products and services
- Car Loans
Quantifiable outcome
- 21% AUM growth YoY in FY26
- +4 more outcomes
Companies that use Cholamandalam
Customer profileNamed customers4 records
Segments7 records
Ideal customer profiles4 records
Cholamandalam technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cholamandalam partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered minor, core and key.
- Yash InnoventuresminorYash Innoventures took a secured loan of Rs 1.53 crore from Cholamandalam at interest rate not exceeding 10.50% per annum for 168 months
- Paisalo DigitalminorPaisalo Digital promoter released pledged shares under Regulation 31 of SEBI SAST Regulations in favor of Cholamandalam Investment and Finance Company
- State Bank of India (SBI)coreSBI integrated with ULI platform for automated hypothecation removal system enabling real-time data sharing between financial institutions and government VAHAN platform for vehicle loans
- Shriram FinancecoreShriram Finance integrated with ULI platform for automated vehicle hypothecation removal system
- Sundaram FinancecoreSundaram Finance integrated with ULI platform for automated vehicle hypothecation removal system
- Ashok LeylandkeyPartnership for dealer financing solutions providing vehicle loans through Ashok Leyland dealer network
- LendingkartminorCo-lending partnership to aid SMEs with combined expertise in digital lending and SME financing
- CarTrade TechminorPartnership for financing used vehicle purchases through CarTrade platform
- JCB IndiakeyStrategic partnership for financing JCB construction equipment purchases through dealers
Scale indicators10 records
Recent moves8 records
Expansion highlights6 records
Cholamandalam competitors and assessment
Company assessmentOthers
- State Bank of India (SBI): India's largest public sector bank dominating commercial banking, home loans, vehicle finance, and SME lending. Competes broadly with Chola across most product categories with structural cost-of-funds advantage; also ULI integration partner.
Broad incumbents
- LIC Housing Finance: One of India's largest housing finance companies with extensive distribution. Direct competitor in Chola's home loan business with broader product portfolio and institutional parentage advantages.
- HDFC Bank (post HDFC Ltd merger): India's largest private sector bank with dominant position in home loans, vehicle finance, and SME lending after absorbing HDFC Ltd. Competes broadly with Chola but with massive deposit-funded cost advantage and full banking license scope.
Direct peers
- Sundaram Finance: Chennai-headquartered NBFC with strong commercial vehicle financing, car loans, and SME lending. Closely comparable in product mix (vehicle finance heavy), southern India geographic concentration, and partnership on ULI integration platform.
- Shriram Finance: Leading Indian NBFC specializing in commercial vehicle finance, two-wheeler loans, and SME lending with strong presence in semi-urban and rural markets. Direct competitor in Chola's core vehicle finance segment and partner on the ULI integration initiative.
- Bajaj Finance: India's largest and most diversified NBFC offering consumer durable loans, two-wheeler and auto financing, home loans, SME lending, and personal loans. Most direct comparable to Cholamandalam across product mix, target segments, and asset-light digital-physical hybrid distribution model.
- Muthoot Finance: India's largest gold loan company with pan-India branch network. Direct competitor in Chola's newly launched gold loan business (April 2025) and comparable in physical distribution-led asset-backed lending model.
- Manappuram Finance: Diversified NBFC with leading gold loan business alongside vehicle finance, microfinance, and home loans. Direct competitor in gold loans (Chola's new segment) and comparable diversified lending model targeting similar retail/SME customers.
- Mahindra & Mahindra Financial Services: NBFC focused on vehicle financing, tractor loans, and rural/SME lending with deep semi-urban distribution. Direct competitor in commercial vehicle finance, tractor financing, and rural credit segments where Chola has strong positioning.
Emerging players
- Bajaj Finserv (parent) / Power Finance Corporation: Large government-owned NBFC focused on power sector financing but expanding into broader infrastructure and renewable lending. Adjacent comparable for NBFC funding model and growth trajectory, though different sector focus.
Market position
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Cholamandalam social profiles
Digital presenceCholamandalam compliance and trust
Trust signalCompliance2 records
Cholamandalam financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cholamandalam leadership team
Management profileNumber of profiles
Profiles6 records
Cholamandalam subsidiaries and ownership
Company hierarchySubsidiaries3 records
Cholamandalam funding detail
Funding detailFunding overview
Funding rounds5 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cholamandalam M&A and investment
M&A and investmentM&A1 record
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cholamandalam
What does Cholamandalam do?
Cholamandalam Investment and Finance Company Limited (Chola) is an Indian non-banking financial company (NBFC) that provides a diversified suite of lending products, including vehicle finance (cars, two-wheelers, tractors, commercial vehicles, construction equipment), home equity/loan solutions, SME business loans, gold loans, and consumer & small enterprise loans. It operates a pan-India branch network of 1,772 branches and a digital platform (Chola One) for loan origination, servicing, and collections. The company also distributes allied financial products such as insurance broking and securities through subsidiaries.
Is Cholamandalam a public or private company?
Cholamandalam is a public company. It is classified as public and is currently operating.
When was Cholamandalam founded?
Cholamandalam was founded in 1978. It employs 5,001 to 10,000 people.
Where is Cholamandalam based?
Cholamandalam is headquartered in Chennai, India, in the Asia region.
How does Cholamandalam make money?
Six revenue lines are on record. Vehicle Finance is the primary driver. The others are home Loans, loan Against Property (LAP), gold Loans, SME/MSME Loans and consumer & Small Enterprise Loans.
Who are Cholamandalam's main competitors?
State Bank of India (SBI) is listed as an others. Broad incumbents are LIC Housing Finance and HDFC Bank (post HDFC Ltd merger). Direct peers are Sundaram Finance, Shriram Finance, Bajaj Finance, Muthoot Finance, Manappuram Finance and Mahindra & Mahindra Financial Services. Bajaj Finserv (parent) / Power Finance Corporation is listed as an emerging player.
Does Cholamandalam have an API?
No public API is recorded for Cholamandalam.
What industry is Cholamandalam in?
Cholamandalam's product category is Non-Banking Financial Services (Vehicle Finance & Diversified Lending). Its primary akta.pro industry code is FSABABAB, SME Business Lending (Term Loans, Lines of Credit, Overdrafts), with a secondary code of FSAKAGAE, Supply Chain Finance (Trade Credit, PO/Inventory Financing). Its NAICS code is 5222 and its SIC code is 6159.