Reliance Commercial Finance Car Loan – myITreturn Help Center

Interest Rate Range	Processing Fee Range	Loan Amount	Tenure Range
16% Fixed	1.25% (Min. ₹ 5,175) One time fee	50K - 15L	1-4 Years

Documents Required

The finance wing of Reliance Commercial Finance Car Loan provides individuals in solutions and rural places solutions. It supplies a huge number of products like auto insurance and auto loans.

Documentation needed to apply for an Reliance Commercial Finance Used Car Loan

1. Signed application form with photograph

2. Photo ID and age proof

3. Residence proof

4. Last 6 months bank statement

5. Documentation for salaried applicants:

Last 3 months salary – slips
Form 16 or Income Tax Returns

6. Documentation for self-employed applicants:

Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Reliance Commercial Finance Used Car Loan Interest Rates

Reliance Commercial Finance Used Car Loan Details

Interest Rate (Monthly reducing balance)	16%
Processing Fees	1.25% of Loan Amount or Rs.5175 whichever is Maximum
Loan Tenure	1 year to 4 years
Pre-closure Charges	5% of principal outstanding (plus applicable tax) within 12 months from date of disbursement. 3% (plus applicable tax) afterwards
Guarantor Requirement	No guarantor required

Features and Benefits of Reliance Commercial Finance

The repayment of EMI can be customized to suit your needs – it can be chosen from a variety of choices like step down, step up, balloon and bullet.
RCF finances used cars for personal, commercial and official use.
With repayment terms ranging up to 60 months, you can choose a tenure that you are most comfortable with.
You can choose to make the EMI payment either through cheques or using Electronic Clearing Service.
For used cars which are not more than 5 years old, Reliance Commercial Finance offers up to 85% finance.
Reliance Commercial Finance has minimal documentation requirements.

Reliance Commercial Finance Used Car Loans Eligibility

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.

GST of 18% is applicable on all banking products and services from the 1st of July, 2017.