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Old 27th March 2008, 13:32   #1
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Default 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?
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Old 27th March 2008, 14:05   #2
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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.
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Old 27th March 2008, 20:30   #3
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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.
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Old 27th March 2008, 20:50   #4
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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.
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Old 27th March 2008, 21:56   #5
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Quote:
Originally Posted by arpandiv View Post
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)
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Old 5th April 2008, 00:32   #6
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Yeah these guys are pretty aggressive and boasts the least interest rates (11%) but AXIS bank (10%) is the lowest I beleive.
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Old 5th April 2008, 11:22   #7
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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!
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Old 5th April 2008, 13:05   #8
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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?
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Old 10th April 2008, 18:26   #9
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Quote:
Originally Posted by manish_symc View Post
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?
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Old 14th April 2008, 05:50   #10
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Quote:
Originally Posted by kingshan View Post
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.
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Old 22nd April 2008, 12:16   #11
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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.
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Old 27th April 2008, 19:54   #12
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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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Old 19th May 2008, 09:16   #13
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I got 11.75% for 5 years with 2900 Process fees emi in arrears cost 2194 per lakh, is it a good deal?
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Old 10th February 2010, 15:54   #14
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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?
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Old 10th February 2010, 16:00   #15
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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?
Could be or not be flat rate. If that be so, I thought that practice had ended many years back.
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