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  • Reliance Commercial Finance Used Car Loan

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  • Reliance Commercial Finance is one of the leading lenders in the Indian non-banking finance sector. Reliance Commercial Finance is a member of the Reliance Capital family, one of India’s leading private sector financial companies. In terms of net worth, Reliance Capital is one among the top 4 private sector financial companies in India. Reliance Commercial Finance offers a wide range of comprehensive financial solutions including home loans, SME loans, financing for infrastructure and loans against property. RCL caters to the financial needs of over 66,000 happy customers across 37 Indian cities. It also is one of the fastest growing non-banking financial companies in India that has 80 operational locations in India.

    Reliance Commercial Finance offers used car loans with easy repayment tenure and simple financing options. RCF’s carefully crafted financial solution for used cards will ensure that you accelerate your way to owning a car.


    You’re probably eligible for an Reliance Commercial Finance Used Car Loan if you are

    01
    02
    03
    04
    Reliance Commercial Finance Used Car Loan Minimum Age

    At least 21 years old

    Reliance Commercial Finance Used Car Loan Maximum Age

    Less than 65 years old

    Reliance Commercial Finance Used Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Reliance Commercial Finance Used Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Reliance Commercial Finance Used Car Loan amount eligibility is based on these factors

    01
    02
    03
    Reliance Commercial Finance Used Car Loan Minimum Salary

    Minimum income required
    Rs.15,000 per month

    Reliance Commercial Finance Used Car Loan Maximum Loan to Value

    80% of the ex-showroom price

    Reliance Commercial Finance Used Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Reliance Commercial Finance Used Car Loan amount by these steps

    01
    02
    Reliance Commercial Finance Used Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Reliance Commercial Finance Used Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    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 RatesUpdated on 13 Nov 2019

    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 Used Car Loans

    • Flexible Tenures

      With repayment terms ranging up to 60 months, you can choose a tenure that you are most comfortable with.

    • Convenient Repayment Modes

      You can choose to make the EMI payment either through cheques or using Electronic Clearing Service.

    • Up to 85% Financing

      For used cars which are not more than 5 years old, Reliance Commercial Finance offers up to 85% finance.

    • Multipurpose

      RCF finances used cars for personal, commercial and official use.

    • Hassle Free Documentation

      Reliance Commercial Finance has minimal documentation requirements.

    • Tailor-made Loans

      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.

    Reliance Commercial Finance Used Car Loans Eligibility

    • The applicant should be a resident Indian.
    • The minimum age of the applicant at the time of application should be 21 years. The maximum age of the applicant at the end of the tenure should not be more than 65 years for self-employed applicants and 60 years for salaried customers.
    • Salaried individuals, proprietors, self-employed individuals, private companies, limited companies, partnership firms and HUF’s are eligible to apply for Reliance Commercial Finance Used Car Loans.

    Documentation Requirements for Reliance Commercial Finance Used Car Loans

    Applicants need to submit the following five proofs while applying for RCF Used Car Loans.

    • Age Proof – Documents like passport copy, driving license, voters ID, PAN card can be submitted as age proof.
    • Address Proof – Passport, driving license, credit card statement with CC copy, employer ID, lease agreement or photo ration card can be submitted as address proof.
    • Proof of Property Ownership – Electricity bill can be submitted as a proof of property ownership.
    • Identity Proof – ID’s with photo and date of birth like passport, driving license or PAN card can be submitted.
    • Signature Proof – Copy of IP paid to the bank which cleared, PAN card, banker’s verification statement, credit card statement, PAN card or passport can be provided as signature proof.

    Reliance Commercial Finance Used Car Loans Interest Rates

    The lending rates vary from time to time on the basis of discounts offered by car dealers. Reliance Capital Limited has a tie-ups with many authorized manufacturers and dealers which will ensure that you get the best possible interest rate in the market.

    The interest rates are calculated on a monthly reducing basis.

    EMI Calculation for Reliance Commercial Finance Used Car Loans

    With Reliance Used Car Loan EMI Calculator, you can calculate the monthly EMI to see if it fits your budget. You have to enter details like the loan amount, tenure in months and the rate of interest as specified by RCL office. The EMI will be calculated based on the information provided.

    With the projected EMI, you can decide if the loan amount and EMI suits your needs. You can increase the tenure to lower the EMI amount. Also, to get the exact details 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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Reliance Used Car Loan Reviews

    • Reliance Commercial Finance Car Loan
      "Not happy"
      0.5 4.0/5 "Great!"
      I had a experience with Reliance for Car loan which I have completed before 3 years, they were good. I have purchased Toyota Etios and made a down payment of 25% only 75% got it from this institution. The rate of interest is very higher and not charged me a processing fee.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Sep 03, 2019
    • Reliance Commercial Finance
      Reliance Commercial Finance Car Loan
      "Easy loan"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from RELIANCE,the loan amount was Rs. 2,05,000. The rate of interest is very high 16% need to reduce the interest,emi i am paying monthly Rs. 6562. I received the loan amount within 1 day. I asked for 36 months tenure,they given 44 months. I purchased a MARUTHI RATZ MODEL Car.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Apr 16, 2019
    • Reliance Commercial Finance Car Loan
      "Easy loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from RELIANCE FINANCE the loan amount was RS. 5,00,000. The rate of interest is good and i am happy. Customer service and response is good. I purchased HUNDAI I20. I received the loan amount within 5 days. Overall am satisfied.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 10, 2019
    • Reliance Commercial Finance Car Loan
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      Reliance Commercial finance offered me a car loan. The customer services and response is good. The executive came over to my place and collected the documents. I did not have to do anything on my own. I only had to go to the showroom. The rate of interest is of 13%.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 30, 2019
    • Reliance Commercial Finance Car Loan
      "Average "
      0.5 2.5/5 "Just OK"
      I have taken a car loan in Reliance Finance and it was suggested by the dealer. I have purchased a seconded car and the loan amount is 4.5L which was sufficient. The interest rate is high compared to others also processing fee is applicable. The customer service is not good and they need to improve on.
      Was this review helpful? 1
      , pune
      Reviewed on Mar 19, 2019
    • Reliance Commercial Finance Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken this loan a pretty long time back and the experience i had with them was quite good. The loan amount has been sufficient and the interest rate with them was nominal when compared with the market rate and there has not been any sort of additional charges which they had made as well.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Feb 04, 2019
    • Reliance Commercial Finance Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Reliance finance and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good and they responded on time. Tenure period for this loan is for 7 months.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 29, 2019
    • Reliance Commercial Finance Car Loan
      "Car loan process"
      0.5 5.0/5 "Blown Away!"
      Reliance car loan process is very good. Even partpayment and foreclosure is good. the best part is it provides good customer service and it is very easy to access the information too. The car loan application is closed, i had received the NOC from them and it was given automatically.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 27, 2017
    • Reliance Commercial Finance Car Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      The Reliance Capital India is charging very high interest rates they are offering the car loans for almost 20% interest rate , which is double than normal banks interest rate, The customer service and the response was also not good with Reliance. I would like to say that Reliance Capital can reduce the interest rates in future.
      Was this review helpful? 1
      , new delhi
      Reviewed on Aug 31, 2017
    • Reliance Commercial Finance Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Reliance commercial finance is where I have a car loan live. I suggest that the customer services has to be more professional and they need to value customer . The interest rate and processing charges are okay, but the response is not up to the mark.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 28, 2017
    • Reliance Commercial Finance Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The Reliance car loan got disbursed in the same day after applying. The required loan amount has been disbursed and I am happy about it. The rate of interest is nominal 13.5% with Reliance. The service which was given by Reliance bank is excellent.
      Was this review helpful? 0
      , cherthala
      Reviewed on Aug 13, 2017
    • Reliance Commercial Finance Car Loan
      "Interest rate has to be reduced as per the market"
      0.5 4.0/5 "Great!"
      Reliance Commercial Finance supported me a lot, they done the quick process, but they asked me to close consumer loan from Bajaj, that time I was not aware to close, their executive taken initiative to close that loan and helped to sanction the Car loan but interest rate was high.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 03, 2017
    • Reliance Commercial Finance Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The process was very easy and smooth with Reliance for my car loan. Even, I got loan for the particular car model which I have chosen, when other institutions were not able to provide. I never found issues to submit my documents because the process was simple. Only limitation here is, it is good if they reduce the interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 11, 2017
    • Reliance Commercial Finance Car Loan
      "Good experience"
      0.5 3.0/5 "Satisfactory"
      Reliance Commercial Finance has been good in their services. I have taken my car loan from them. They provide loan for used vehicles as well with a competitive rate of interest. They offered me a rate around 11%. The processing fee was minimal too. They were also quick in their process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 28, 2016
    • Reliance Commercial Finance Car Loan
      "Perfect service "
      0.5 4.0/5 "Great!"
      Its very good service provided by reliance related to the car loan application being submitted.Everything was perfect related to the application.They have taken 4days for the completion of loan process.They have not required much documents to process the loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 10, 2016
    • Reliance Commercial Finance Car Loan
      "Quick disbursal!"
      0.5 4.0/5 "Great!"
      My car dealer suggested me to take the vehicle loan from Reliance Commercial Finance. The loan amount was disbursed within 6 days. They helped me with a comfortable interest rate. More over the car loan process went in a smooth manner and the response was good.
      Was this review helpful? 0
      , thane
      Reviewed on Dec 18, 2015
    • Reliance Commercial Finance Car Loan
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      I took the car loan with the Reliance capital and I got closed it. Experience was good with them and the loan amount got credited within 6 days of time. I got the RC book from them after a month of time when I settled the loan with them. They are good.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 19, 2015
    • Reliance Commercial Finance Car Loan
      "Taken through Dealer "
      0.5 3.5/5 "Pretty good"
      I purchased a used card from the showroom my dealer has recommended me about RELIANCE COMMERCIAL FINANCE company for the personal loan. They are good in processing the car loan to me. I am getting reminder messages for the EMI payments which I am doing through ECS transactions.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 27, 2015
    • Reliance Commercial Finance Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      Interest rate offered for my car loan was 18% reducing from Reliance finance and the processing fee was charged Rs.2500 after the negotiation. They disbursed the loan within 2 days as I was ready with all the required documents. They also said that they will be sending the chart for the emi.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 27, 2015
    • Reliance Commercial Finance Car Loan
      "Really Good One.."
      0.5 3.0/5 "Satisfactory"
      It was easy to avail a car loan from reliance commercial finance. This was before 4 years. The executive came and collected the documents and processed the loan. I have never faced any issues with them. EMI dates are convenient. Rate of interest offered was nominal at that point of time. They have given me some documents in which I can check the limitations and the benefits.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 20, 2015
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