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.
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs.15,000 per month
80% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|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|
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.
RCF finances used cars for personal, commercial and official use.
Reliance Commercial Finance has minimal documentation requirements.
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.
Applicants need to submit the following five proofs while applying for RCF Used Car Loans.
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.
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.
If all the necessary documents are submitted, it takes a maximum of three days to process the loan application.
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.
Reliance Commercial Finance offers used car loans for a list of cars as approved by RCL.
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.
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