FAQs

Who can avail of Construction Equipment Loans?
  • You can avail this loan if you are and Individual, Self employed Businessmen, Proprietorship firms, Partnership Firms, Trusts/Societies, Private and Public Limited Companies.
  • We fund people who are first time buyers for specific assets like as well as fleet owners.
  • Clients engaged in mining activities, road constructions, civil constructions, port activities, other infrastructure related activities and Shipping activities can also approach us for funding of their Construction Equipment requirements.
Who can be the co-applicants for the loan?
  • For salaried/Self employed/ Proprietorship:Any one family member.
  • For Partnership Firms: One Partner.
  • For Trusts: One Trustee.
  • For Private/Public Ltd. Companies: One Director
Do I need a guarantor?
  • If the documents submitted by you do not completely fulfill our credit criteria,then you would be required to provide us a guarantor.
What are the lending rates?
  • As per approved rack rates from time to time. Please contact us for further details.
What are the loan tenure options?
  • Loan tenure can range from 12 months to 60 months.
Which Construction Equipments can be financed?
  • All earthmoving equipments , construction equipments, construction vehicles & material handling equipments, of all manufacturers.
How much finance can I avail of?
  • You can avail finance depending upon your existing fleet size ,work order (if available), balance sheet (if applicable etc.).Please contact us for further details.
How is the interest charged/calculated?
  • Interest is calculated on a monthly reducing balance basis.
What is a Monthly Reducing Balance?
  • In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
Do I have to pay any additional charges?
  • We will charge a processing fee for processing of your loan. In addition to this you will be required to pay the stamp duty at actual. Please refer the fees and charges section for additional details.
How do I approach for a Construction Equipment Loan?
  • You can approach us in any of the following ways
  • SMS CV to 55454
  • Please click on apply now section and fill up the details. We will get in touch with you.
How long will it take to process the loan?
  • Your loan can be processed within 4 working days from the date you submit the complete papers to our representative. However if we receive all the relevant papers earlier, the process can be done faster.
What are the stages involved in availing a loan?

The stages involved are:

  • Application
  • Processing
  • Sanctioning of the loan
  • Documentation
  • Disbursement
What security/collateral do I have to provide?
  • Asset financed will be hypothecated/lien marked in favor of RELIANCE CAPITAL LIMITED.
Do you offer an Insurance Facility for Commercial Vehicle Loans?
  • Yes. The Insurance facility is provided through a tie–up with our Group Company(Reliance General Insurance Company Limited or Royal Sundaram General Insurance Co. Ltd).
Is the EMI charged as Advance EMI or Arrears EMI?
  • Both the options are available suiting to your needs.
How do I repay the loan?
  • EMI’s in the form of PDC’s(Post Dated Cheques)and through Electronic Clearing Service(ECS).On a case to case basis we also offer monthly billing mode where we do not collect PDC’s in advance, however the customers will have to deposit the installment amount in our designated offices on or before the date of installment.
Do I have the option of pre-paying the entire loan amount?
  • Yes. One can pre-pay the loan any time after 6 months of availing of the loan. One merely has to pay a small prepayment fee on the outstanding loan amount
If I am not able to furnish my income documents is there a special scheme for persons like me?
  • Yes.
What is the process of TDS refund?

For TDS refund, you can claim TDS refund at 10% on interest component by submitting Form 16A. We request you to kindly download the original Form 16A from TDS TRACES site https://www.tdscpc.gov.in/ and submit original copy of TDS certificate duly signed by you. You can send us the digitally signed TDS certificate through E-mail by mailing it on our customer care email id (customercare@reliancecommercialfinance.com) or manually signed TDS certificate can be submitted by visiting our nearest Branch or by dispatching the original certificate through courier.

Kindly note that below details should be mentioned on TDS certificate:

  • Name of the company on TDS certificate -“Reliance Commercial Finance Limited”.
  • Permanent Account Number for Reliance Commercial Finance Limited as “AABCR6898M"
  • Address to be mention on TDS certificate as:
Reliance Commercial Finance Limited
Reliance Centre, 6th Floor, South Wing
Off Western Express Highway
Santacruz East
Mumbai – 400055
 

Your request will be processed and you will receive the refund within 8 working days of receipt of original certificate.

You may also visit the nearest Branch for more details. Click here for Branch Locator.

What is the process for checking the EMI clearance status?

EMI clearance status can be checked online through our portal (https://www.selfreliant.in) or you can call on our customer care number 022-39484900 / 044-30787400 between 9.30am to 5.30 pm except Sundays & public holidays.

Note - EMI clearance status will get updated in our system within 3 working days of your EMI due date.

What is the procedure for prepaying the loan?

You can prepay the loan any time after 6 months of availing of the loan. You have to pay a prepayment fee on the outstanding loan amount. For pre-closure of the loan you will have to give request for pre-closure statement by calling on our customer care number 02239484900/4430787400 between 9.30am to 5.30 pm except Sundays & public holidays or by sending Email on our Customer care email id (customercare@relianceada.com)

On receipt of pre-payment statement, we request you to visit our branch along with the following documents for the closure of the loan.

Documents Required:
  • Main Applicant Identification & address proof required (Driving License or Passport or Voters card or PAN Card or Adhaar card).
  • Bank Statement showing last Month EMI clearance.
  • Kindly carry 1 cancelled cheque for RTGS, for refund if any.

Prepayment can be made either through Cheque/ Draft favouring “Reliance Commercial Finance Limited”.

Once your loan is closed, No Objection Certificate, along with Indemnity letter for unused cheques will be sent on your registered address within 10-12 working days.