Urban Money

Reliance Capital Personal Loan

Reliance Capital
4.5

Reliance Bank provides exceptional banking services at all stages of life. From providing a mortgage for turning a house into a home to assisting your children with their first bank accounts, Reliance bank is always there for you. When a great idea comes to your mind, it helps you to establish your business, and build your firm by providing the required funds in terms of business loans. It is one point solution for all financial obligations.

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Personal Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Reliance Capital Personal Loan Interest Rate

Reliance Capital

Up to 16.25%

Up to 2%

4.5

-

Tenure(1 - 4 Years)

Details

Features and Benefits of Reliance Capital Personal Loan

Here's the list of features and benefits that you unlock when you apply for a Reliance Capital personal loan:

  • Reliance Capital personal loan is available for salaried individuals, self-employed individuals (business people) and self-employed professionals. 
  • You get attractive personal loan interest rates based on your profile. 
  • It comes with flexible end use, including travel expenses, education, house renovation, marriage, expansion of work, and luxurious purchases, along with other personal/ commercial requirements. 
  • Loan repayment tenure ranges from 12 to 48 months.
  • The quick and hassle-free loan process with simplified documentation,
  • Get a personal loan without providing income proof.
  • No need to provide collateral or any other security to get approval for a Reliance Capital personal loan
  • After evaluating and validating your profile, the loan amount gets disbursed within three working days.

Reliance Capital Personal Loan Overview

Reliance Capital provides personal loans through the Reliance Money website. For every need, including those related to education, vacation, medical emergencies, business, weddings, home renovations, and other events, you can obtain immediate financing from Reliance Capital. Individuals can consider Reliance Capital personal loans as urgent funding to gain control over funds. The goal is to empower people to become independent.

To obtain the funds, you are not required to keep anything as collateral. Apply for Reliance Capital personal loan, and after approval from the organisation, the amount is promptly credited to the given bank account.

Here's what Reliance Capital offers in terms of benefits, interest rate, paperwork needed, and associated charges.

Reliance Capital Personal Loan Eligibility Criteria and Factors Affecting the Eligibility Criteria

To get a personal loan from Reliance Capital, you must adhere to the minimal Reliance Capital personal loan eligibility set by the financial institution. Salaried individuals, self-employed professionals and businesspeople can get personal loans from Reliance Capital.

However, there are no specific eligibility criteria, but certain factors affect your eligibility. Here's what you should note down before applying for a personal loan:

  • Credit Score
  • Total work experience
  • Existing monthly expenses and obligations
  • Years of business continuity

Reliance Capital Personal Loan Interest Rates

Before applying for a personal loan from Reliance Capital, you must get acquainted with the Reliance Capital Personal Loan Interest Rate. However, the offered interest rate varies from one applicant to another. The NBFC will determine the offered interest rate based on an individual's credit profile and financial stability. Additionally, the interest gets calculated on a monthly reducing basis. This further results in the monthly reduction of the principal component.

The finance provider will determine the offered interest rate by considering several factors to reach the final figure.

Factors Affecting Reliance Capital Personal Loan Interest Rates

Many factors affect Reliance Capital personal loan interest rates. Usually, these revolve around past/present financial activities and habits. Here's what you need to rethink when you apply for a Reliance Capital personal loan.

Loan Tenure

Another factor that affects the Reliance Capital Interest rate is the loan repayment tenure. Higher rates are levied when you choose a shorter period and vice versa. However, it would help if you understood when you opt for longer repayment tenure, you might get a lower interest rate but still be paying the interest component for a prolonged period. You will end up paying more as interest.

Monthly Income

Reliance Capital will evaluate and validate your monthly income to determine whether you will be able to make on-time loan repayments or not. Your loan amount and the applicable interest rate are determined based on your monthly income.

Credit Score

The next thing the lender will take into consideration is your credit score. It will help to determine your financial background and financial habits. Additionally, the information will be present on your credit report if you have defaulted on payments. If your credit score is good, i.e. somewhere between 650 to 900, chances are you will get Reliance Capital personal loan at lower interest rates.

Applicant's Age

Applicant's age aids the finance provider in determining for how many years you will be working and receiving a definite monthly amount. It helps to figure out the associated risk factor, i.e. the lower the age, the lesser the associated risk. Additionally, there will be higher chances of loan approval at lower interest rates.

Loan Amount

The borrowed loan amount plays a significant role in determining the offered interest rate. The higher the loan amount, the higher the interest component. Thus, it is suggested to borrow only the required amount. You might be eligible for a higher loan but apply only for the required amount.

Reliance Capital  Personal Loan: Fees and charges

You might have to pay the depicted charges when you apply for Reliance Capital personal loan:

Specifics Associated Charges
Cancellation of Personal Loan INR 2000
Loan Foreclosure
  • If you opt for loan foreclosure within six months of loan disbursal, you will have to pay 5 per cent of the remaining loan amount as foreclosure charges, in addition to applicable GST. 
  • Opt for loan foreclosure after half a year of loan disbursal. You will have to pay 2 per cent of the remaining loan amount as foreclosure charges in addition to applicable GST.
Overdue Interest Amount 26% per annum
Revalidation of Cheque INR 300
Swapping of Cheque  INR 500
Bounced Cheque INR 600
Outstation Cheque INR 45 on every cheque
Duplicate No Object Certificate  INR 500
Loan statement, Reschedulement of EMI date,  Swapping from fixed to floating rate or vice-versa Not Applicable 
Part disbursement of loan, foreclosure statement, authentic copies of personal loan documents, loan agreement Not Applicable 

Documents Required for Reliance Capital Personal Loan

To secure a Reliance Capital personal loan with utmost ease, be prepared with the required documents. Here's the list of documents required for the Reliance Capital personal loan: 

  • Any government-recognized ID proof, i.e. Aadhaar Card, Valid Passport, Voter Card, Driving Licence.
  • Valid residence proof, i.e. Driving Licence, Aadhaar Card, Voter Card, Utility Bills (telephone bills, electricity bills), Lease Deed, and Sale Agreement.
  • Passport-sized photos
  • Filled-out loan application form.
  • Bank statement (usually last six months)

How Does the EMI Calculation Work for Reliance Capital  Personal Loans?

Calculating the personal loan EMI before applying for a Reliance Capital personal loan is highly crucial. Making an informed decision is better than handling repayment burdens. You can plan your expenses accordingly when you know the exact figure you will have to pay towards the borrowed amount.

You can either calculate the EMI through a personal loan EMI calculator or the mathematical formula.

To compute the values through the personal loan EMI calculator, open the calculator and enter asked details, including loan amount, tenure, and interest rate. You will get a detailed schedule of your monthly payments.

If you wish to calculate values manually, compute values through the following mathematical formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • N is the number of instalments
  • P is the principal amount
  • R is the applicable interest rate

However, the personal loan EMI calculator works on a similar formula. When you input values in the backend, the calculator computes values through code using the same formula and the values are shown on the screen.

How Reliance Capital  Compares with Other Lenders?

Before you decide to avail of a  Reliance Capital Bank personal loan, consider comparing the interest rates with other lenders. The comparison will help you understand that Reliance Capital's personal loan is better than other products. 

Name of Bank and NBFC Interest Rates (per annum) 
HDFC Bank Personal Loan Interest Rate Starting from 11.00% onwards
SBI Personal Loan Interest Rate Ranging between 10.55% to 15.05%
ICICI Bank Personal Loan Interest Rate Starting from 10.75% onwards
Axis Bank Personal Loan Interest Rate Starting from 10.49% onwards
Kotak Mahindra Bank Personal Loan Interest Rate Starting from 10.99% onwards
IndusInd Bank Personal Loan Interest Rate Starting from 10.49% onwards
IDFC First Bank Personal Loan Interest Rate Starting from 10.49% onwards
Bajaj Finserv Personal Loan Interest Rate Starting from 11.00% onwards
Tata Capital Personal Loan Interest Rate Starting from 10.99% onwards

Reliance Capital Personal Loan Customer Care Number

If you have any queries or need assistance with Reliance Capital personal loan, get in touch with the executive by calling on 022-47415800. 

The calling service is available between 10:00 am to 7:00 pm.

However, the service is not accessible on Sundays & Public Holidays.

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of a personal Loan in Reliance Capital?

Reliance Capital offers personal loans at attractive interest rates, which are available at the bank’s discretion. However, the interest rate may vary from one applicant to another based on the financial profile.

What are the benefits Reliance Capital provides on a personal loan?

Reliance Capital provides numerous benefits on a personal loan, such as attractive interest rates, flexible end use and repayment tenure, quick procedure, minimal documentation and eligibility criteria.

What are the documents required in Reliance Capital for a Personal Loan?

You will need to prepare documents associated with identity and residence proof. Additionally, you will have to provide a bank statement for the last six months.

How to apply for a personal Loan in Reliance Capital online?

To apply for a personal loan from Reliance Capital:

  • Visit the Urban Money portal.
  • Search for the bank name and click on the personal loan section.
  • Enter your query and loan amount.
  • Submit your query, and the associates will contact you at the minimum possible time.

Does Reliance Capital check for CIBIL scores for a personal loan?

Yes. Reliance Capital personal loan considers CIBIl score to determine applicant credibility and approve the personal loan application.

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