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FAQs

Who can avail Personal loan of Reliance Commercial Finance?

Salaried Individuals, Self Employed Professionals, & Self Employed Businessmen

What are the lending rates?

The best possible rate, as per the eligibility of the individual.

What are the loan tenure options?

12-48 months

Which Personal Loans can be financed?

Travel, Marriage, Renovation, Education, work expansion and other personal uses.

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?

Please refer Fees & Charges Schedule.

Can I use the Personal Loan for Commercial Usage?

Yes

How long will it take to process the loan?

Loan approval will be done on the spot, if all requisite formalities are complied with. Disbursal will be within 3 days from the date of completion of documentation.

What are the stages involved in availing a loan?

The stages involved are:

  • Application
  • Processing of the loan
  • Documentation
  • Disbursement
What security/collateral do I have to provide?

No security/collateral is required from RCFL. Security PDC will be taken while loan sanctioning.

Do you offer an Insurance Facility for the Personal Loans?

Yes. The Insurance facility is provided through a tie–up with our Group Company (Reliance General Insurance Company Limited)

How do I repay the loan?

EMI’s in the form of NACH, DD and ECS.

Is the EMI charged as Advance EMI or Arrears EMI?

Both the options are available suiting to your needs.

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.