Chhammak Chhallo/ Chammak Challo Meaning

The word Chhammakchhallo (Spelt chammak challo also) is used for a girl who is flashy in appearance. The word can be called part of slang, and can be derogatory as well, though it's not a swear word.

Exactly, chhammak here refers to the sound of jingling as someone walks, and chhallo was most probably used for chhallas (chhalla = a ring, not necessarily the one worn in a finger) and hence chhammakchhallo was used for someone who used to make a jingling sound with her jewels.

(For the lyrics/translation of Akon's Chhammakchallo song, check This post.)