Reliance Personal Loan
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5 Comments
Reliance Commercial Finance, a member of the Reliance family, is one of the growing non-banking financial companies of India, which offers various financing solutions such as vehicle loans, mortgage loans, loans against investments, SME loans, and microfinance lending.
Interest Rates
The interest rate personal loan varies between 16%-23%, depending on different criteria of the company.
Charges
^All charges are liable to change without notice at the discretion of the financing institution.Charges^
Amount
Processing Charges
3% on Loan Amount
Cheque Bounce Charges
Rs 450 for each cheque dishonored or ECS instruction not honored.
Late Payment Charges
2% p.m. on unpaid EMI
Cheque Swapping Charges
Rs 500 per swap
Pre-payment Charges
6% (No part prepayment allowed )
Loan cancellation & rebooking charges
Rs 1,000
Stamp duty
At actual
Loan re-schedulement charges
2% on principal outstanding
Loan statement charges (per statement)
Rs 300
NOC issuance charges
First Nil, Duplicate Rs 500
Legal / Collection/ Repossession & Incidental charges
At actual
Service tax
As applicable
Flexibility
- Eligibility: Types of customers, who are eligible to apply for personal loan include:
- Salaried individuals, including doctors, employees of select public and private limited companies, MNCs and Public Sector Undertakings.
- Self-employed professional, including self-employed chartered accountants, doctors, engineers, cost accountants, architects and management consultants.
- Self Employed Non Professional, which includes partners and directors of Partnership and Private Limited Companies, sole proprietors.
- Maximum Amount: The maximum loan amount being provided can go up to Rs 17 lakh.
- Repayment options:
- Flexibility in repayment options has been provided. EMI plans will be developed of repayment period of 12 to 60 months.
- Choice of payment through post-dated cheques and ECS facility is also available.
- Time taken for processing: The usual processing time is 20 to 25 days, but may vary on case to case basis.
- Special options: In case, a customer does not have any proof of income, the loan can be sanctioned on basis of proven repayment track record under the special scheme of document waiver.
Example
Loan amount: Rs 2 lakh, Interest rate: 23%, Tenure in months: 48 months
Repayment schedule
Repayment amount
Interest repayment
Principal repayment
Year 1
76,923.5
42523
34401
Year 2
76,923.5
33721
43203
Year 3
76,923.5
22667
54257
Year 4
76,923.5
8784
68139
EMI calculated is Rs 6410 on monthly basis, where you would be end up paying Rs 3,07,604.
Other Details
- Pre-Sales Information: Pre-sales information is adequately available on the website of the company. Additionally it is also available with the customer care and the sales staff.
- Customer Support: The website consists of a grievance redressal policy and the entire involving detail on the website which shows the company’s inclination towards customer satisfaction.
Documents Required
Documents required
Salaried applicants
Self-employed applicants
Application form with photograph
Yes
Yes
Proof of identity
Yes
Yes
Address proof
Yes
Yes
Signature verification
Yes
Yes
Continuity proof
Any one of the following:
- Latest Form 16, in absence of Form 16, you can also submit letter from HR authorized signatory
- Appointment letter (at least 1-year-old to establish 1-year continuity), increment or promotion letter
Any one of the following:
- 3 years IT returns
- Certificate of business continuity issued by bank. Excise registration certificates, sales tax registration Certificates, Small scale unit registration certificates, certificate of practice, sales tax registration certificates, small scale unit registration certificates, Certificate of Practice
Income proof
Any 2 out of last 3 pay slips or Salary certificate for last 3 months bank statements of the primary account for last 3 months. (For income from rent to be considered – latest rent receipts/ copy of agreement to be submitted)
P&L and balance sheet for last 2 years certified / audited by CA along with acknowledged I-T returns for last 2 years. Bank statement of the primary account for the last 6 months.
Proof of business
NA
Any one of the following:
- Sales tax registration, Service Tax registration, Excise or SSI registration certificate, Title deeds
- Municipality Tax receipt, Shops and establishments license, Utility bills
Proof of qualification
NA
Proof of highest qualification (for professional/ government employees)
Ratings
@ Customer service levels are adjudged through number and types of consumer complaints across consumer forums, user reviews, blogs and sample customer care calls.Parameter
Rating out of 5
Speed of processing
3.5
Documentation
4
Customer service
3.5
Value for money
3.5
Overall
3.5
Published on May 30, 2011 · Filed under: Personal Loan; Tagged as: besr interest rates, interest rates for personal loan, Personal Loan, reliance personal loan
5 Responses to “Reliance Personal Loan”
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debu mondal said on September 3rd, 2011 at 1:49 pm
1,00,000 required, please let me know the details of criteria as i am a salaried person. urgently.
regards,
debu mondal
kolkata
+919874491722 -
S V A Pavan Kumar said on October 18th, 2011 at 12:21 pm
I Need a personal loan of 2 Lacs for a tenure of 4 yrs. I am a salaried person with a take home of Rs.19000 plus. I am Living With My Uncle and Aunt(My Fathers's Sister) at Hyderabad. As my father is working at Vijayawada, they stay there it self. I got the loan rejected at Axis(Low Credit Score with respect to them(202/254)) and HDFC (-1 CiBil Score and company Not Registered with them). My Salary Account is at Axis Bank.
I am fed up with these loan proceedings because, I am unable to get ten times of my salary as a loan for 4 years even though i dont have any emi's or loans aken till now. The only reason for me to get a personal loan is i am paying around 5000 rupees as just interest for a debt of around 1.8 lakhs that i have borrowed for interest from lenders during my sisters marriage. I have payed them around 60000 as interest and till now not a single NP of the Actual sum is repayed
If your company is ok with the above specifications and willing to provide with a personal loan, please Contact me. -
ANKUR SHARMA said on March 1st, 2012 at 7:56 am
1 lacs
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BENJAMIN said on March 30th, 2012 at 2:54 pm
required loan amount 2,00,000 emi of 4 years.it is suitable for me.
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nikhil garg said on April 3rd, 2012 at 10:59 am
required laon amounr 1000000
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