Reliance Finance: is it a good option for Car Loans

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?

funnyguru · 10th February 2010, 15:54

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?

vasudeva · 10th February 2010, 16:00

Quote:

Originally Posted by funnyguru

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.

27th March 2008, 13:32	#1
sri737 Newbie Join Date: May 2007 Location: bangalore Posts: 12 Thanked: 0 Times	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?
	() Thanks

27th March 2008, 14:05	#2
ram_hyundai Senior - BHPian Join Date: Jun 2006 Location: Calicut ,trisur Posts: 2,020 Thanked: 53 Times 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
	() Thanks

27th March 2008, 20:30	#3
csentil Senior - BHPian Join Date: Feb 2007 Location: Bangalore Posts: 1,349 Thanked: 38 Times 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.
	() Thanks

27th March 2008, 20:50	#4
arpandiv BHPian Join Date: Aug 2007 Location: Mumbai Posts: 445 Thanked: 61 Times 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.
	() Thanks

5th April 2008, 00:32	#6
kingshan BHPian Join Date: Dec 2007 Location: Bangalore Posts: 68 Thanked: Once	Yeah these guys are pretty aggressive and boasts the least interest rates (11%) but AXIS bank (10%) is the lowest I beleive.
	() Thanks

5th April 2008, 11:22	#7
sri737 Newbie Join Date: May 2007 Location: bangalore Posts: 12 Thanked: 0 Times	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!
	() Thanks

5th April 2008, 13:05	#8
manish_symc BHPian Join Date: Dec 2007 Location: Pune Posts: 155 Thanked: 100 Times	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?
	() Thanks

22nd April 2008, 12:16	#11
sri737 Newbie Join Date: May 2007 Location: bangalore Posts: 12 Thanked: 0 Times	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.
	() Thanks

27th April 2008, 19:54	#12
kkdelhi BHPian Join Date: May 2007 Location: Delhi Posts: 234 Thanked: 19 Times 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.
	() Thanks

19th May 2008, 09:16	#13
mdmahesh BHPian Join Date: Apr 2008 Location: Bangalore Posts: 36 Thanked: 0 Times	I got 11.75% for 5 years with 2900 Process fees emi in arrears cost 2194 per lakh, is it a good deal?
	() Thanks

10th February 2010, 15:54	#14
funnyguru BHPian Join Date: Oct 2009 Location: Chennai Posts: 266 Thanked: 5 Times	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?
	() Thanks