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Old 10th February 2010, 16:03   #16
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Originally Posted by vasudeva View Post
Could be or not be flat rate. If that be so, I thought that practice had ended many years back.

It is Reliance Capital and its a flat rate of 6%
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Old 10th February 2010, 16:04   #17
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Originally Posted by funnyguru View Post
Folks,
I received an SMS stating that Reliance car loan offers 6% interest rate and 100% loan amount for new cars in Chennai. Do you see any hidden aspects here, as 6% is very low and 100% loan amount is unbelievable. I did call him and checked the information, seems genuine,.Any takers?
Forget about 6%, flat, reducing etc. Find out what the EMI per lac is for 3 years and 5 years and post it here. We can then tell you what the actual interest rate is. Please also include any processing fee etc. I personally feel it's impossible to offer 6% considering the current cost of funds.

If it's 6%, the per lac EMI for 5 years should be Rs. 1933/-.

Last edited by Gilead : 10th February 2010 at 16:08.
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Old 11th February 2010, 10:54   #18
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I am in the insurance and investment industry since long time and I am of the opinion that we need to stay away from Reliance as you never know with them and you never know there real charges and the cost involved in everything they do. Life insurance, General insurance and their Mutual fund scams are real failure as far as customer satisfaction ans services is concern.
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Old 11th February 2010, 11:07   #19
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Originally Posted by Gilead View Post
If it's 6%, the per lac EMI for 5 years should be Rs. 1933/-.
That is 100% correct. However no one (not even public sector banks) seems to be giving this emi. More like 2050-2100 for a 5 year. 3year emi should be 3121 per lakh.
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Old 11th February 2010, 11:17   #20
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Please avoid Reliance Car loans.I personally know a manager working with reliance.So i am aware of some of their policies.Try sticking to public sector banks.Only problem would be the formalities.But if you can use your contacts to find a known bank manager it will be easier than even a private sector bank.Also in case you need to sell your car before loan tenure you will have to shell out pre-closure charges which are not there in most Public sector banks.I have taken my loan from Bank of India.They are very transparent I.M.H.O .
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Old 11th February 2010, 11:31   #21
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Reliance somehow doesnt inspire consumer trust. Too many shortcuts being taken by their executives and managers. Last thing you want is a problem with your loan, after it has been disbursed and after you have bought your car.

I would stay safe by working with a reputed Public/Private Sector Bank even if I have to pay a slightly higher EMI per lac or even interest rate.

You could try SBI and BOI from the PSU banks and try HDFC and AXIS from the Pvt Sector ones.

My own personal experience with ICICI has been quite good over the last decade or so, so you could investigate possibilities with them too if you wish.
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Old 11th February 2010, 12:28   #22
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I enquired about this 6% flat rate or 10.5% diminishing rate. Both ways I hear an EMI of 10K for 5 years. So what is the deal about 6% or 10.5% if the EMI remains the same?..
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Old 11th February 2010, 17:14   #23
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Quoting a lower flat rate (like 6%) is a nothing but a marketing gimmick. Always enquire only about the diminishing rate. And always pay only arrears EMI. Please do not fall for the 'one advance EMI' trap. Compare only arrear EMI rates when shopping around.
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Old 11th February 2010, 17:28   #24
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Quote:
Originally Posted by ram_hyundai View Post
They have been in the market for about 3 months now.Cant say about the hidden cots involved as no one has pre-closed till date.Still had heard that they are really aggressive and every one who have availed a loan from them are happy till date.
ram
I have taken loan from Reliance for my car. I took the loan in april 2008 in pune. Their service is good. They process my loan in just 3 days. without any hidden charges. i prefered reliance against ICICI bank.

till now no issue with them. If you are geting a good deal then you can go ahead with them
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