- The applicant must be a Indian Resident.
- The minimum age of the applicant at the time of application should be 21 years. The age of the applicant at the end of the tenure should not be over 65 years for applicants and 60 years for midsize clients.
- Salaried people, proprietors, self-employed individuals, private companies, limited companies, partnership firms and HUF's are qualified to apply for Reliance Commercial Finance Used Car Loans.
Documents Required for Reliance Commercial Finance Used Car Loans
While applying for RCF Used Car Loans, applicants will need to submit the following five proofs:
- Age Proof – Documents like passport copy, driving license, voters ID, PAN card can be filed as age proof.
- Address Proof – Passport, driving license, credit card statement with CC copy, employer ID, lease agreement or photo ration card can be filed as speech proof.
- Proof of Property Ownership – Electricity bill could be submitted as an evidence of land ownership.
- Identity Proof – ID's with picture and date of birth like PAN card or passport, driving license may be submitted.
- Signature Proof – Copy of IP paid into the bank which cleared, PAN card, banker's verification statement, credit card statement, PAN card or passport could be provided as signature evidence.
Reliance Commercial Finance Used Car Loans Interest Rates
The lending rates differ from time to time on the basis of discounts. Reliance Capital Limited has a tie-ups with dealers and authorized manufacturers which will ensure that you receive the best possible interest rate in the market.
The rates of interest are calculated on a monthly reducing basis.
EMI Calculation for Reliance Commercial Finance Used Car Loans
You can calculate the EMI that is monthly to see if it fits your budget. You have to enter details like the amount of the loan, tenure in months and the interest rate as specified by RCL office.
If EMI and the loan amount is suitable for your needs, with the projected EMI, you can decide. You can increase the tenure to lower the EMI amount. To get the precise facts about the EMI amount and interest rate, contact the nearest Reliance Capital Limited's office.
FAQ’s regarding Reliance Commercial Finance Used Car Loans
- How long will it take to process the loan application?
If all the necessary documents are submitted, it takes a maximum of three days to process the loan application.
- Is foreclosure of loan allowed?
Yes. Borrowers can choose to pre-pay the loan any time after 6 months of availing the loan. A small fee on the outstanding loan amount will be charged as prepayment penalty.
- Does RCF offer loans for all type of used cars?
Reliance Commercial Finance offers used car loans for a list of cars as approved by RCL.
- What is the maximum loan amount that I can avail?
A maximum of 90% of the on-road value of the car will be given as the loan amount. The minimum loan amount is INR 50,000.
When you have found the perfect second-hand car for your family, do not look back. With Reliance Commercial Finance, you can comfortably fund your dream of owning an automobile.