Reliance Money personal loan
Whether you want to receive financial aid for a business expansion or to travel to your dream destinations, Reliance Money Personal Loans can be used to meet all kinds of credit needs. These unsecured loans are available for all salaried employees, self-employed businessmen, and self-employed professionals who have a regular source of income. The personal loans offered by Reliance Money come with several benefits such as no income proof requirement, flexible repayment period, no collateral, quick loan disbursal, insurance coverage, EMI clearance status check, multiple repayment channels, and many more. Once a customer decides to secure this loan, he or she will receive a personalised quote for the interest rate based on his/her income, work experience, age, credit score, etc.
Features and Benefits of Reliance Money Personal Loans
- Loan without income proof - When securing a loan under this scheme, borrowers are not mandated to provide any income proof in order to become eligible to receive the required funds. Reliance Money offers personal loans to its customers irrespective of their monthly income.
- Loan repayment tenure - Once an individual opts for this loan, he or she will have the benefit of selecting a repayment period as per his/her convenience, repayment capacity, and circumstances. This scheme offers different repayment schedules matching the requirements of the customer, and the loan repayment tenure of this loan varies from 12 months to 48 months.
- Prepayment option available - This scheme allows borrowers to repay their loan prior to the original repayment due date. This allows customers to repay the debt when there is a sudden influx of cash. However, it should be noted that this facility can be availed only after 6 months starting from the date of loan disbursement. In case a customer wants to prepay his or her loan before the completion of 6 months, he/she will have to get product approval for the same.
- Loan repayment through several channels - If a customer secures a personal loan under this financing plan, he or she will have the flexibility to repay the debt using a channel that is convenient to him/her such as Demand Draft (DD), National Automated Clearing House (NACH), and Electronic Clearance Service (ECS).
- Simple and fast documentation - When you apply for a Reliance Money Personal Loan, you will be able to get access to the required funds in no time owing to the easy, quick, hassle-free application and documentation process of the company. This will also help your loan get approved quickly and the amount will be disbursed to your account at the earliest.
- Loans available at great interest rates - The rates of interest offered on Reliance Money Personal Loans are competitive in nature, and are available at a monthly reducing balance basis. The interest rate that is applicable to a borrower is determined based on several factors such as income, age, employer, work experience, credit score, etc.
- Loan approved and disbursed without any hassles - Once the documentation process is completed, the loan will be approved in 3 days. After approval, the loan amount will be credited to the bank account of the applicant as early as possible.
- No collateral required - In order to be eligible for this personal loan scheme, the borrower is not required to provide any collateral or third-party guarantor as security. This means that in case you default during your loan repayment, you will not lose any of your asset to the lender.
- Online EMI clearance status check - When an individual avails a loan under this scheme, he or she will be able to benefit from the EMI clearance status check facility available at the company’s online portal at https://www.selfreliant.in. The borrower can also call the customer care team at Reliance Money from 9:30 a.m. to 5:30 p.m. on all days except Sundays and public holidays to learn about the status.
- Financing for any type of credit need - By applying for a personal loan from this company, a customer can receive the funds he or she requires to meet his/her urgent financial crisis. Since the borrower does not have to provide any details regarding the purpose of the loan, the credit availed under this scheme can be used for any purposes such as utility bill payments, medical bills, wedding expenditure of a family member or self, vacation costs, higher education fees, business expansion costs, etc.
- Insurance policy add-on - Reliance Money has a tie-up with its Group Company known as Reliance General Insurance Company Limited to offer insurance facility to its customers who have applied for a personal loan through the company.
Documents Required to Apply for Reliance Money Personal Loans
- Passport-size photographs
- PAN card
- Aadhaar card
- Proof of identity such as Driving Licence, Voter ID, Passport, or any other valid photo ID card issued by the state or central government
- Proof of address such as Passport, Voter ID, Telephone or Electricity bill, Driving License, Bank Statement, Registered Lease Deed or Sale Agreement, etc.
- Bank statements for the past 6 months from the date of application showing the salary credit details of the borrower
Reliance Money Personal Loan Rates and Charges
Learn about the rates and charges applicable to the Reliance Money Personal Loan by checking out the table mentioned below:
|Cheque Bounce Fee
|Cheque Swapping Fee
|Change of EMI Cycle Date Fee
|Duplicate NOC Fee
|Outstation Cheque Charges
||Rs.45 each cheque
|Loan Statement Charges (per statement)
|Cheque Revalidation Fee
|Loan Cancellation Charges
- Before 6 months starting from the date of disbursement - N/A
- After 6 months starting from the date of disbursement - 2% of the outstanding principal amount + GST
|Prepayment Statement Fee
|Charges for SPDC Retrieval in Case of Swap, Preclosure, Maturity, or Customer-Induced Cancellation
- At the time of Preclosure, Maturity, Swap, or Customer-Induced Cancellation - Rs.300
- Up to 60 days starting from the date of Customer-Induced Cancellation, Preclosure, Maturity, or Swap - Rs.450
|Non Refundable Fee
|Charges for Transferring from Fixed Rate to Floating Rate or Vice Versa
|Part Disbursement Fee
|Copies of Agreement, Loan Documents, or Retrieval of Share Certificate
Please note that the fees and charges mentioned in the table above are as on 11 September 2018. These are subject to change at any point of time according to the sole discretion of Reliance Money without any prior indication. Therefore, it is advisable for the customers to get in touch with the team at the company to learn about the ongoing prices.
How to Calculate Your Reliance Money Personal Loan EMI
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.
- Go to the official website of Reliance Money at www.reliancemoney.co.in.
- Click on ‘Personal loans’ under the ‘Products’ tab available in the navigation tab.
- You will be directed to the page containing the details about the personal loans offered by the company.
- Find the ‘Calculate EMI’ tab available on the menu available on the left side of the page and click on it.
- You will be redirected to the section containing the EMI calculator.
- Now, enter the details such as loan amount, rate of interest in percentage, and repayment tenure in months.
- Click on ‘Calculate’ below the calculator and your applicable monthly installment amount will be displayed in the ‘EMI’ section.
How to Apply for a Personal Loan From Reliance Money
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:
You will have to apply for the scheme by filling out the application form with the required details.
Next, you will be required to submit the necessary documents for verification.
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.
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.
Once the loan is approved, the loan amount will be disbursed to the active bank account of the borrower.
Reliance Money Personal Loan Customer Care
If you have any question, concern, feedback, or suggestion, you can get in touch with the knowledgeable, compassionate, and courteous representatives of the customer service team at Reliance Money. You will be sure to receive the best possible solution for your concern in a timely manner. You can call the customer care team at 022-39484900 or 044-30787400. You can also email at firstname.lastname@example.org.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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