Reliance money offers personal loans for customers without the need of submission of income proof. The personal loan scheme is offered at attractive interest rates and flexible tenures.
|Interest Rate||Best possible rate offered based on eligibility|
|Tenure||12 months to 48 months|
|Cheque Bounce Fee||Rs.600|
|Cheque Swapping Fee||Rs.500|
|Change of EMI Cycle Date Fee||N/A|
|Overdue Interest||26% p.a.|
|Duplicate NOC Fee||Rs.500|
|Outstation Cheque Charges||Rs.45 each cheque|
|Loan Statement Charges (per statement)||Nil|
|Cheque Revalidation Fee||Rs.300|
|Loan Cancellation Charges||Rs.2,000|
|Prepayment Statement Fee||N/A|
|Charges for SPDC Retrieval in Case of Swap, Preclosure, Maturity, or Customer-Induced Cancellation||
|Non Refundable Fee||N/A|
|Charges for Transferring from Fixed Rate to Floating Rate or Vice Versa||N/A|
|Part Disbursement Fee||N/A|
|Copies of Agreement, Loan Documents, or Retrieval of Share Certificate||N/A|
Calculating the payable equated monthly installment (EMI) before applying for a loan is crucial as it helps you manage your finances better and prevents you from defaulting. Learn how you can calculate the amount you will have to pay every month if you borrow a certain amount for a specified period of time.
See the list mentioned below to learn about the steps that you will have to follow once you decide to opt for a Reliance Money Personal Loan:
Step 1: You will have to apply for the scheme by filling out the application form with the required details.
Step 2: Next, you will be required to submit the necessary documents for verification.
Step 3: After the verification process is completed, you will receive a personalized quote based on your age, income, existing EMIs, employer, credit score, work experience, etc.
Step 4: Then, you will have to select the right plan based on your specific financial requirement, repayment capacity, and circumstances.
Step 5: The loan application will then be processed for approval.
Step 6: Once the loan is approved, the loan amount will be disbursed to the active bank account of the borrower.
1. What are the channels through which I can repay the loan?
You can repay the loan through National Automated Clearing House (NACH), Electronic Clearing System (ECS), or demand draft.
2. How much interest do I have to pay and how is it calculated?
The final rate offered to you will be as per your eligibility. It will be calculated based on the monthly reducing balance. To be precise, while calculating, your outstanding principal at the end of each month will be taken into consideration.
3. Is there any insurance facility available with the personal loan?
Yes, the personal loan scheme comes with an insurance facility offered by their group company – Reliance General Insurance Company Limited.
4. Can I use this loan for commercial purposes?
Yes. You can use a Reliance Money personal loan for commercial reasons.
5. Can I prepay the loan?
Yes, you can prepay the loan after 6 months from the date of disbursement. However, you have to pay 2% of the outstanding amount along with the applicable GST as foreclosure charges. Upon prepaying, you can request for a pre-closure statement by calling the customer care number- 02239484900/4430787400 from 9:30 a.m. to 5:30 p.m. except Sundays and public holidays. Alternatively, you can also send an email to firstname.lastname@example.org asking for a pre-closure statement.
You will need to go down to the branch along with this statement to close your loan along with your ID proof, address proof, bank statement reflecting your last month’s EMI clearance and a cancelled cheque for RTGS (in case of refund). Once you complete the formalities, you will receive an NOC certificate along with an indemnity later within 12 working days after your loan is closed.
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