Reliance Finance: is it a good option for Car Loans - Team-BHP

sri737 · 27th March 2008, 13:32

I heard from a friend who visited Pratham motors while he was booking a Swift Vdi that reliance offers a car loan @11% reducing interest. Has any one of you guys used it? What kind of hidden charges are involved?

ram_hyundai · 27th March 2008, 14:05

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

csentil · 27th March 2008, 20:30

Knowing Reliance, I wouldn't be surprised if they start off very aggressively. That's the way they've been all along. Also expect some bit of chaos initially as their systems get into place. There will be glitches.

If they are bent on getting market share they will do anything.

arpandiv · 27th March 2008, 20:50

dunno how much int we paying but got a 6L loan on the SX4zxi for 3 yrs for 19K/month in sept 07 thru reliance..no troubles till now.

rkg · 27th March 2008, 21:56

Quote:

Originally Posted by arpandiv

dunno how much int we paying but got a 6L loan on the SX4zxi for 3 yrs for 19K/month in sept 07 thru reliance..no troubles till now.

what is the actual loan amout & EMI. Then we can have an idea about Int. rate

but if it is 6 lakhs and for 36 months an EMI of 19000 means Int Rate is 8.72( assumption is there is no advance EMI)

kingshan · 5th April 2008, 00:32

Yeah these guys are pretty aggressive and boasts the least interest rates (11%) but AXIS bank (10%) is the lowest I beleive.

sri737 · 5th April 2008, 11:22

Thank you guys for all the information.. Reliance seems to be a good option and i will check with axis bank too... I didnot know about axis providing loans @ lower rate!

manish_symc · 5th April 2008, 13:05

Bank of Baroda is asking 11% of interest rate.
Processing fee is 0.5% on loan amount
Document Charges - 350Rs/-
Per Lakh EMI 2175/-

Is it good deal?

djay99 · 10th April 2008, 18:26

Quote:

Originally Posted by manish_symc

Bank of Baroda is asking 11% of interest rate.
Processing fee is 0.5% on loan amount
Document Charges - 350Rs/-
Per Lakh EMI 2175/-

Is it good deal?

Thats a good deal. Try negotiating on the processing fee.
What are the charges for prepayment and pre-closure?

Even i am looking for a car loan from PSU banks and can i get a loan from Bank of baroda by submitting regular documents with 1 year form 16?

kingshan · 14th April 2008, 05:50

Quote:

Originally Posted by kingshan

Yeah these guys are pretty aggressive and boasts the least interest rates (11%) but AXIS bank (10%) is the lowest I beleive.

Guys Reliance Cap is trying to pull the information of EMIs your paying be it Personal, Home or even Credit card statements and keep pestering for documents, so go with someone who gives a better or anyone equal to what they offer.. my friends have some stories about these guys, your time really matters, hence think twice.

sri737 · 22nd April 2008, 12:16

Thank you king, I have my own doubts about reliance cos of a bad experience with reliance infocomm with some collection agents coming home and bothering my folks though i had paid(online) my bill in time.

kkdelhi · 27th April 2008, 19:54

Reliance went really agressive for the first three months, then cooled down owing to fears of delinquency. Else, they were disbursing loans left, right and center. I guess better sense prevailed in the end.

Bottomline: if you are a decent individual with a decent background, you are fine with Reliance.

mdmahesh · 19th May 2008, 09:16

I got 11.75% for 5 years with 2900 Process fees emi in arrears cost 2194 per lakh, is it a good deal?

27th March 2008, 13:32	#1 (permalink)
sri737 Newbie Join Date: May 2007 Location: bangalore Posts: 11	Reliance Finance: is it a good option for Car Loans I heard from a friend who visited Pratham motors while he was booking a Swift Vdi that reliance offers a car loan @11% reducing interest. Has any one of you guys used it? What kind of hidden charges are involved?

27th March 2008, 14:05	#2 (permalink)
ram_hyundai Senior - BHPian Join Date: Jun 2006 Location: trivandrum,alleppey Posts: 1,598 View My Garage	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 __________________ *Become MAD SOON and join the MON SOON Drive.* *one more from me-* *hey MAN come SOON for the MONSOON drive*

27th March 2008, 20:30	#3 (permalink)
csentil BHPian Join Date: Feb 2007 Location: Bangalore Posts: 764 View My Garage	Knowing Reliance, I wouldn't be surprised if they start off very aggressively. That's the way they've been all along. Also expect some bit of chaos initially as their systems get into place. There will be glitches. If they are bent on getting market share they will do anything. __________________ Everyone is born right-handed, only the gifted overcome it. This is my car and I have my wife's permission to say so.

5th April 2008, 00:32	#6 (permalink)
kingshan BHPian Join Date: Dec 2007 Location: Bangalore Posts: 69	Yeah these guys are pretty aggressive and boasts the least interest rates (11%) but AXIS bank (10%) is the lowest I beleive. __________________ Thanks and Regards Shan __________________________________ Swift Vxi \|Indica V2

19th May 2008, 09:16	#13 (permalink)
mdmahesh Newbie Join Date: Apr 2008 Location: Bangalore Posts: 33	I got 11.75% for 5 years with 2900 Process fees emi in arrears cost 2194 per lakh, is it a good deal? __________________ ======================================= Maruti Zen Lxi (2005) Hero Honda Splendor (2001) Bajaj Chetak (sold)

27th March 2008, 20:50	#4 (permalink)
arpandiv BHPian Join Date: Aug 2007 Location: Mumbai Posts: 156 View My Garage	dunno how much int we paying but got a 6L loan on the SX4zxi for 3 yrs for 19K/month in sept 07 thru reliance..no troubles till now.

5th April 2008, 11:22	#7 (permalink)
sri737 Newbie Join Date: May 2007 Location: bangalore Posts: 11	Thank you guys for all the information.. Reliance seems to be a good option and i will check with axis bank too... I didnot know about axis providing loans @ lower rate!

5th April 2008, 13:05	#8 (permalink)
manish_symc BHPian Join Date: Dec 2007 Location: Pune Posts: 59	Bank of Baroda is asking 11% of interest rate. Processing fee is 0.5% on loan amount Document Charges - 350Rs/- Per Lakh EMI 2175/- Is it good deal?

22nd April 2008, 12:16	#11 (permalink)
sri737 Newbie Join Date: May 2007 Location: bangalore Posts: 11	Thank you king, I have my own doubts about reliance cos of a bad experience with reliance infocomm with some collection agents coming home and bothering my folks though i had paid(online) my bill in time.

27th April 2008, 19:54	#12 (permalink)
kkdelhi BHPian Join Date: May 2007 Location: Delhi Posts: 124 View My Garage	Reliance went really agressive for the first three months, then cooled down owing to fears of delinquency. Else, they were disbursing loans left, right and center. I guess better sense prevailed in the end. Bottomline: if you are a decent individual with a decent background, you are fine with Reliance.

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