Reliance Car Loan

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Reliance Car Loan

Reliance Car Loan Key Features – Mar 19 2024

Interest Rate

7.35% per annum

Min Loan Amount ₹ 50,000
Max Loan Amount
(Loan to Value)
Loan up to 95% of car value
Loan Tenure 1 year to 7 years
Lowest EMI / Lac NA
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee Up to 1.25%
Foreclosure Charges Within 12 months from disbursement – 5% +GST,
After 12 months from the date of disbursement – 3% + GST.
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

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

Reliance Car Loan Eligibility

The car loan eligibility requirements are as followed:

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Reliance Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

16%
Processing fee 1.25% of the loan amount or Rs.5,175, whichever is lower 1.25% of the loan amount or Rs.5,175, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges Within 12 months from disbursement – 5% +GST,
After 12 months from the date of disbursement – 3% + GST
Within 12 months from disbursement – 5% +GST,
After 12 months from the date of disbursement – 3% + GST
Penal Interest 2% per annum 2% per annum
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.650 per instance Rs.650 per instance
Documentation Charge NA NA
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.600 per instance Rs.600 per instance
Issuance of Duplicate Statement Charges NA NA
Loan Cancellation/Re-booking Charges Rs.2,000 per instance Rs.2,000 per instance
Issuance of Credit Report NA NA

Reliance Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving License
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving License
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

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

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for Reliance Car Loan?

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.

Reliance Car Loan for Top Selling Cars

Other Available Products from Reliance

Reliance Personal Loan Reliance Gold Loan Reliance Home Loan
Reliance Credit Card Reliance Two Wheeler Loan Reliance Education Loan

Compare Reliance Car Loan With Other Banks In India

Car loan Banks Interest Rates
EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55%
Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35%
Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50%
Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 7.05% – 11.25%
Rs. 1,512 – Rs. 1,725
Private Bank Car Loan 8.82% – 12.75%
Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85%
Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70%
Rs. 1,609 – Rs. 1,645

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.