Reliance Car Loan

Reliance Car Loan Key Features – Dec 23 2024

About Reliance Car Loan

Reliance works on major financial segments like corporate banking, insurance, finance, secured loans, etc.

Reliance provides Instant Car loans at reasonable rates of interest to the consumer for purchasing their dream car either new or second-hand. This loan is an easily available loan that can be got a good credit/CIBIL score. An individual must make sure to have all the documents required for a car loan before applying for it.

Advantages of Reliance Car Loan

⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges

Reliance Car Loan Eligibility

The car loan eligibility requirements are as followed:

Reliance Car Loan Interest Rate, Fees, and Charges

Reliance Car Loan Documents Required

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

2. Private Limited/Limited Companies

How to Increase Your Eligibility for Reliance Car Loan

• Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
• Keep your credit score in check – If you wish to increase your eligibility for a Reliance car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
• Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
• Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a Reliance Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting Reliance Bank Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

• Income – If your income is on the higher side, there is a good chance that your eligibility for a Reliance Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Reliance Bank car loan, your yearly income should be at least Rs.3 lakh.
• Loan amount – Your eligibility for a car loan from Reliance will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
• Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
• Credit score – This is an important factor that every bank, including Reliance, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
• Relationship with the bank – As stated earlier, Reliance offers instant car loans to their existing customers which allows Reliance customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Reliance Car Loan Customer Care – Toll-Free Number

Reliance 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 022-47415800. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 022-47415800.

Reliance Car Loan EMI Calculator

An applier has the option to know the EMI’s before getting a Car Loan. So, you can easily check with the link below:

Car Loan EMI Calculator

Reliance Car Loan Types

Reliance offers different types of car loans to its customers. An applier has an option of opting for the offer which suits your need. It provides the following types of Car Loans:

1. New Car Loan –  If you wish to purchase a new car, this is the scheme for you. You can take a Car Loan from Reliance for a minimum of Rs. 50,000 and a minimum tenure of 7 years.
2. Used Car Loan – If you want to purchase a used car, you can choose this proposal which offers a minimum loan of Rs. 50,000 and a minimum tenure of 5 years.
3. Loan Against Car – You can choose this scheme if you want urgent funds where you can keep your cars as an assurance with the bank.

Reliance Car Loan Pre Calculated EMI

How to Apply for Reliance Car Loan?

1. Visit Dialabank and fill a form.
2. Our Relationship Manager will call you and guide you throughout the process.
3. You can compare various offers from banks and opt for the one which suits your needs.
4. So, easily Apply For a Car Loan through Dialabank and enjoy the best offers.

Tips to Decide the Right Amount of EMI in Car Loan

• Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
• Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
• Calculate your Reliance car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Reliance provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
• Multiplier-based loan amount eligibility – Reliance also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
• FOIR based loan amount eligibility – Reliance will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Reliance assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Reliance is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Reliance gives you two options:

• Reduce your loan tenure and keep EMI on your car loan unchanged
• Reduce the amount of EMI and keep your loan tenure the same

How to Calculate Reliance Car Loan EMI

Before you avail of a car loan from Reliance, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

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FAQs About Reliance Car Loan

✅ What is Reliance Car Loan?

Reliance Car Loan is the Best Car Loan offered to you for purchasing a car either new or used.

✅ How can I get a Car Loan from Reliance?

You can get a car loan from Reliance by visiting the nearest branch of Reliance. You will get satisfaction to apply from anywhere.

✅ How does Reliance Car Loan work?

Reliance offers affordable car loan interest rates. You can avail of a car loan easily and quickly. Reliance provides flexible loan tenure duration.

✅ What is the Car Loan Interest Rate in Reliance?

The Lowest Interest Rate for a Car Loan in Reliance starts at 7.50%.

✅ How to Check Car Loan status in Reliance?

You must visit the Reliance branch to examine your car loan status. Also, you can use the net banking services provided by Reliance.

✅ How to Calculate Car Loan interest in Reliance?

For the calculation of your car loan interest in Reliance, the following information is required:

• Loan amount
• Interest Rate
• Loan tenure

You can calculate interest as well as EMI through the EMI calculator available at Dialabank’s website.

✅ What is the maximum loan amount I can avail of on a Car Loan from Reliance?

The maximum loan amount for a car loan from Reliance provides up to 95% funding of your car price.

✅ What is the loan tenure of Reliance Car Loan?

The loan tenure period of Reliance for a car loan ranges between 1 to 7 years.

✅ Can I get a 100% Car Loan from Reliance?

You can get a loan of up to 95% funding of car price from Reliance. To avail of a 100% Car loan, you must visit the online platform of Dialabank.

✅ How much processing fee is applicable on Reliance Car Loan?

The processing fee is up to 1.25% or a maximum of Rs. 5,175 for getting a car loan from Reliance.

✅ What are the EMI options available on Reliance Car Loan?

The EMI options available on Reliance Car Loan are Step-up EMI and Balloon EMI.

✅ What are the charges for Prepayment in Reliance Car Loan?

Reliance prepayment charges up to 5% +GST Within 12 months from the disbursement and 3% + GST After 12 months from the date of disbursement.

✅ Can I get a top-up loan on my existing Reliance Car Loan?

Yes, you can get a top-up loan on your existing Reliance car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.

✅ Do I need to provide a guarantor to avail myself of a car loan from Reliance?

No, there is no need for a guarantor for getting a car loan from Reliance.

✅ How to get the Reliance Car Loan Statement?

For getting a car loan statement from Reliance, you can use Reliance’s mobile banking app. Also, you can visit the nearby Reliance branch.

✅ How to pay Reliance Car Loan interest online?

You can pay your car loan interest through the net -banking services of Reliance. If you want a low-interest car loan, you must visit Dialabank online.

✅ What if I can’t pay the interest on Reliance Car Loan for 3 months?

If you can’t pay the interest on Reliance Car Loan for 3 months, then it will be added to the outstanding loan amount and repayment charges will redraft.

✅ How can I apply for EMI Moratorium on Reliance Car Loan?

You can apply for EMI Moratorium on Reliance by visiting the nearby branch of Reliance or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅ What is the number for Reliance Car Loan agent?

The number of Reliance Car Loan agents is 022-39484900.

✅ Can I close the Reliance car loan online?

You can close your car loan from Reliance by using the net-banking page of Reliance. You have to log in with your details on the net -banking page and pay your car loan.

✅ What is Reliance Car Loan Customer Care Number?

The customer care number of Reliance Car Loan queries is 044-30787400.

✅ How can I get NOC from Reliance for a car loan?

You can get a car loan NOC from Reliance when you paid your car loan amount.