Founded in 1978, Cholamandalam Investment and Finance Company Limited (CIFCL/Chola) is the financial services arm of the Murugappa Group. What began as an equipment financing company has today evolved into a comprehensive financial services provider offering vehicle finance, home loans, loan against property (LAP), SME loans, Secured Business Personal Loans (SBPL), Consumer & Small Enterprises Loans (CSEL), loan against securities, and a variety of other financial services. Chola has total assets under management exceeding INR 2.07 lakh crore, a network of 1,703 branches across 26 states and 7 Union Territories, and a customer base of over 43.7 lakh, continuing to uphold its mission of enabling customers to lead a better life.
In 2018, Chola entered the affordable housing finance segment, one of India’s largest and fastest-growing markets. To support this expansion and enhance operational efficiency, they partnered with Uncia Technologies to implement an LMS for their Housing Finance business. This platform was successfully deployed within a record six to seven months, enabling Chola to quickly scale its housing finance operations. Disbursements in the Home Loan segment have shown robust growth, rising from ₹765 crore YTD in FY18 (Dec) to ₹5,400 crore by FY24 (Dec), reflecting the sustained momentum in demand and portfolio expansion.
Building on this success, in 2019, Chola decided to revamp its Home Equity business (now HL and Loan Against Property – LAP) by replacing its existing systems with Uncia LOS and Uncia LMS . Undertaken at the onset of the COVID-19 pandemic, this project was a significant challenge but was successfully delivered, digitizing the entire customer onboarding and underwriting process and establishing one of the first comprehensive digital ecosystems for LAP in India. Between March FY20 and March FY25, LAP disbursements surged from about ₹3,600 crore to ₹18,000 crore, while AUM grew more than threefold from ₹13,000 crore to ₹41,000 crore, underscoring the segment’s strong momentum and scale
In 2022, Chola extended this partnership further by implementing Uncia Prime (SCF LOS) for their Housing Finance business, integrating with APIs including Karza, Posidex, and Perfios to streamline KYC, bureau checks, banking statements, and more. This created a seamless digital journey from lead initiation to loan sanction and disbursement, automating critical workflows and significantly enhancing customer experience. In the same year, Chola also focused on strengthening its Corporate and SME Finance businesses. They required a highly configurable, compliant platform capable of handling complex Supply Chain Finance (SCF) operations alongside equipment finance and other term loan products. To meet this need, Uncia implemented Uncia FLOW, an advanced platform built on microservices architecture and Uncia Studio for intuitive, user-driven configuration. This allowed Chola to migrate from a third-party SCF platform and empowered their teams to independently configure products and launch new offerings with speed and flexibility.
The Chola–Uncia partnership is a strong example of how large financial institutions can digitize with speed and precision without disrupting their core operations. Over the past seven years, this collaboration has transformed lending workflows across several products while enabling Chola to leverage API-driven architecture and configurable platforms to roll out faster and scale efficiently. This long-standing continued engagement has driven measurable business impact for Chola while fostering a culture of innovation and continuous improvement for both organizations.