Reliance Capital Personal Loan Interest Rate 2023

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.