Reliance Capital Personal Loan Interest Rate 2023

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 establish your business and build your firm by providing the necessary funds for business loans. It is one point solution for all financial obligations.

 
  • Personal Loan offer for You

  • Up to 16.25%

    Interest Rate (p.a.)
  • -

    Tenure(1 - 4 Years)
  • ₹2,445

    EMI Per Lakh
  • Up to 16.25%

    Interest Rate (p.a.)
  • -

    Tenure(1 - 4 Years)
  • Up to 2%

    Processing Fee

Compare Reliance Capital Personal Loan Interest Rate with Other Bnaks

The table below pertains to Reliance Capital Personal Loan Rate Comparison with other lending institutions.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Reliance Capital Personal Loan Rate of Interest

The Reliance Capital Personal Loan allows users to raise funds to conclude their projects without collateral. An individual can select from the myriad of schemes this financial institution offers. The funds obtained from the personal loan can be used for debt consolidation, medical emergencies and purchasing gadgets. The reliance money offers a loan tenure of up to 48 months. The Reliance Capital Personal Loan interest rate varies based on the applicant. This lending institution evaluates the borrower's creditworthiness to determine the interest rate.

Reliance Capital Personal Loan Interest Rate by Schemes

Reliance Capital allows customers in India to raise to conclude their personal projects. One can avail of the funds to fulfil medical expenses.

Reliance Capital Personal Loan Interest Rates for Salaried and Self-Employed

The Reliance Capital Personal Loan interest rates for salaried and self-employed individuals vary based on factors such as the CIBIL score, loan amount and financial standing. The individual must reach out to the Reliance Capital representative to get an estimate of the interest amount on the personal loan. The Reliance capital personal loan interest rates are determined after the lending institution thoroughly reviews the application. 

Reliance Capital Pre-approved Personal Loan Interest Rate

A borrower can obtain the interest rate on the personal loan beforehand after providing the lending institution with details such as CIBIL Score, income statements and other relevant documents. Reliance capital will provide the applicant with the interest rate on the personal loan after a meticulous evaluation of the parameters established. The interest rate offered would be based on the creditworthiness of the applicant. 

Reliance Capital  Personal Loan Fees and Charges

Reliance Capital Personal Loan levies the following fees and charges from the applicant to process the Personal Loan. 

Fee (Rs) 
Loan Cancellation  Rs 2,000
Cheque Swapping Fee Rs 500 per instance 
Bounce Cheque Fee Rs 600 per instance 
Overdue Interest  26% Per annum 
EMI Date Change Cycle  Not Available
Duplicate NOC  Not Available 
Outstation Cheque Charges  Rs 45 per cheque
Cheque Revalidation Charges  Rs 300
Loan Statement  NIL 
Foreclosure Charges  Regular Customer Prepayment allowed from disbursement date:  In case of fewer than six months: 5% per annum In case of more than six months: 2% per annum
Loan Cancellation Charges  Rs 2,000 
Loan Reschedulement Charges  NA 
SPDC retrieval charges for swap
  • Rs 3,000 at the time of preclosure
  • Rs 450 up to sixty days from the date of preclosure 
Changing Fixed to Floating Rate NA
Non-Refundable Fee NA
Conversion Charges NA
Copies of Loan Documents NA

How to Get Low-Interest Rates on Reliance Capital Personal Loan?

An individual can implement the following tips to avail of lower interest rates from the personal loan:

  • To exhibit creditworthiness, one must maintain a satisfactory CIBIL score. An individual must be punctual and diligent with bills and credit repayment. An acceptable CIBIL score would ensure that the applicant is offered lower interest rates.
  • An individual availing of a personal loan can also reduce the interest rate by opting for a smaller loan. It would also make the EMIs more manageable in case one does not have a substantial financial standing.
  • The borrower can select the tenure and loan amount that meets their budgetary goal by using online personal loan calculators.

Factors Affecting Reliance Capital  Personal Loan Interest Rates

The Reliance Capital Personal Loan interest rate varies from one applicant to another. This lending institution accounts for the following factors while accounting for the interest rate on the loan product.

  • Reliance Capital will meticulously assess the CIBIL score of the applicant to determine their Creditworthiness.CIBIL score provides a numeric summary of the borrower’s diligence in handling credit. A satisfactory CIBIL Score would ensure lower interest rates.
  • The lending institution might also offer better interest rates to individuals with a regular income stream and solid financials. An applicant with an adequate income and savings solidifies their capability to repay the loan. As the personal loan is unsecured, the borrower needs to showcase their financial capability to repay it.
  • The loan tenure also impacts the credit interest rates. A lengthier loan repayment tenure spreads out the total loan amount and makes the repayment more manageable for the borrower. 

How to Calculate Reliance Capital Personal Loan Interest EMI

Reliance Capital employs the following formulae to compute the EMI amount against the personal loan. 

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

Here, 

‘P’ stands for the Principal amount,

‘R’ stands for the interest rate, 

And 

‘N’ stands for the tenure.

One can also utilise various online personal loan EMI calculators to calculate the EMI amount on the personal loan. These calculators enable the users to derive the EMI amount from the comfort of their homes. The calculator entails a straightforward interface that even first-time users can conveniently employ. The user is required to mention details such as the loan amount, interest rate and tenure. And the calculator will provide them with more information, such as the EMI amount and the total amount to be repaid. 

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate of Reliance Capital personal loan?

The personal loan is unsecured, the interest rate offered to an applicant varies based on the application.

How can I reduce my interest in Reliance Capital's personal loan?

The applicant can reduce the interest by maintaining a satisfactory CIBIL score, ensuring their creditworthiness.

Do Reliance Capital demand collateral or security for personal loans?

No, personal loans are unsecured, and the applicant does not have to pledge any collateral.

Can individuals pay off their Reliance Capital loans EMI early?

Yes, one can prepay the loan amount to reduce the loan cost. However, one is required to pay a fee to avail of this facility.

What is the EMI for Rs 1 lakh personal loan?

The EMI for a loan amount of Rs 1 Lakhs would be subject to the loan tenure and the interest rates.

What is the EMI for Rs 10 lakh personal loan?

The EMI for a loan amount of Rs 10 Lakhs would be subject to the loan tenure and the interest rates. 

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