Reliance Capital Personal Loan

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Reliance Capital Personal Loan Details Updated
Loan Amount As per the repayment capacity of the borrower
Interest Rate As per the applicant’s profile
Tenure Up to 48 months

Reliance Capital offers a personal loan through the Reliance Money portal. You can avail of immediate funds for education, travel, medical emergency, business, wedding, home renovation, or any other requirement. The urgent funding helps you to achieve self ‘reliance’, as you take control over your finances. The initiative is to make individuals independent. You do not have to pledge any assets to get the funds. The money is credited to your bank account quickly after approval.

In the below post, we will discuss Reliance Capital Personal Loan features, interest rate, documents required, fees and charges, and frequently asked questions.

Features of Reliance Capital Personal Loan

Here are Reliance Money Personal Loan features:

Reliance Money Personal Loan Interest Rate

The Reliance Capital Personal Loan Interest Rate is as per the individual’s profile and needs. The interest is calculated on a monthly reducing balance basis. If the EMI is based on a monthly reducing balance, then every month the principal amount/component reduces. The interest is then calculated on the remaining principal at the end of every month.

Documents Required for Personal Loan Reliance Capital

Here are the documents for the loan application:

Reliance Capital Personal Loan Fees and Charges

Here are the fees and charges for Reliance Money personal loan:

Particulars Charges
Loan cancellation Rs. 2,000
  • If foreclosure is before 6 months from the disbursement date, then the charge is 5% of the outstanding principal + GST
  • If foreclosure is after 6 months from the disbursement date, then the charge is 2% of the outstanding principal + GST
Overdue Interest 26% p.a.
Cheque revalidation Rs. 300
Cheque Swapping Rs. 500
Cheque Bounce Rs. 600
Outstation Cheque Rs. 45 per cheque
Duplicate NOC Rs. 500
SPDC retrieval Charges for swap, matured, preclosure, and cancellations by the borrower
  • At the time of swap/preclosure/matured/cancellation, the fee is Rs. 300
  • Up to 60 days from the day of swap/preclosure/matured/cancellation, the fee is Rs. 450
Loan statement, EMI cycle date change, reschedulement, changing to floating rate from fixed-rate and vice-versa, conversion No charges
Part disbursement, foreclosure statement, copies of loan documents/retrieval of share certificate/agreement No fees

Frequently Asked Questions about Reliance Money Personal Loan

Here are the Reliance Capital Personal Loan FAQs:

1. How to Prepay the Loan?

You can pay the EMIs in form of Demand Draft, ECS (Electronic Clearing Service), or NACH (National Automated Clearing House) mandate.

2. Can You Prepay the Entire Amount?

Yes, you can prepay the entire loan. But fees and charges may apply. You can prepay through draft or cheque in the favour of ‘Reliance Commercial Finance Limited’.

3. What is the Procedure for Prepayment?

Visit any branch of Reliance Money for prepayment. If prepayment charges apply, then you need to also pay that amount.

4. Is There an Insurance Facility Available?

There is no facility for insurance on the personal loan.

5. What Happens After Closure of the Loan?

After loan closure, you will receive the Indemnity Letter for unused cheques and No Objection Certificate sent to your registered address. The same is expected in 10 to 12 working days.

Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Reliance Capital.