FAQsWho 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
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 monthsWhich cars can be financed?
As per list of cars approved by Reliance Commercial Finance LimitedHow 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 monthDo 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 in any of the following ways
- Apply online
- SMS CAR to 561616
- Contact any of our direct sales agents
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:
- Processing of the loan
Asset financed will be hypothecated/lien marked in favour of Reliance Commercial Finance LimitedDo 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?