FAQs for Used Car Loan
Who can avail of Reliance Commercial Finance Car Loans?
Salaried Individuals, Self Employed Professionals, Self Employed Businessmen, Proprietorships, Partnership Firms, HUFs, Trusts, Private and Public Limited Companies.
Who can be the co-applicants for the loan?
- For salaried/Self employed/Sole Proprietorship:Family member
- For Partnership Firms:Any one Partner
- For HUFs:Karta
- For Trusts:Any one Trustee
- For Private/Public Ltd.Companies:Any one Director
Do I need a guarantor?
Generally not required.But if your income does not meet our credit criteria,then you may be required to have a guarantor to stand surety for your loan.
What are the lending rates?
As per approved rates from time to time.The lending rates vary on the basis of discounts,which are offered by manufacturers and dealers.Reliance Commercial Finance Limited has a tie-up with most of the manufacturers and authorised dealers and our sales team will help you negotiate the best deal on your car loan.
What are the loan tenure options?
60 months
Which cars can be financed?
As per list of cars approved by Reliance Commercial Finance Limited
How much finance can I avail of?
The minimum loan amount is Rs.50000 and a maximum would be 90%of the on road value.
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 charge a processing fee as per policy.
Can I use the Car for Commercial Usage?
Yes.
How do I approach for a Car Loan?
You can approach us by Contacting any of our direct sales agents
How long will it take to process the loan?
Within 3 days from the date of completion of documentation.However if we receive all relevant papers earlier,the process can be done faster.
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?
Asset financed will be hypothecated/lien marked in favour of Reliance Commercial Finance Limited
Do you offer an Insurance Facility for the Car 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 PDC's(Post Dated Cheques)and through Electronic Clearing Service(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.
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 getting a Duplicate NOC in case the validity of the original NOC expires or if the original NOC get misplaced?
Duplicate NOC is a chargeable request - Rs 500 per loan A/c. You may pay the charges online or visit the nearest branch for paying the amount and raise the request for Duplicate NOC. If your communication address has been changed then you can share a copy of your current address proof on our Customer care email id (moc.adaecnailer@eracremotsuc) after paying the Duplicate NOC charges so that we can arrange to send the Duplicate NOC on your current address.
How do I pay the Outstanding/Overdue amount online?
Click here to understand the procedure for online payment.
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 (moc.adaecnailer@eracremotsuc) 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
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.
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