Reliance Personal Loan
Reliance Personal Loan is a type of unsecured loan offered by Reliance Money, a subsidiary of Reliance Capital Ltd. It is a good option for borrowers who need quick funds for various purposes such as debt consolidation, medical expenses, home improvement, education, or travel. For individuals who wish to pay off their loan early, Reliance Money Personal Loans allow prepayments where you can clear your entire outstanding loan amount ahead of the original tenure period, without any extra charges.
Reliance Personal Loan Interest Rates & Charges
Reliance Money Personal Loans come with competitive interest rates that vary depending on your eligibility, profile, and credit score. Here are the highlights of interest rates and charges for Reliance personal loans:
| Interest rates | Depends on the eligibility of the individual |
| Loan Tenure | 12 to 48 Months |
| Foreclosure charges | Before 6 months of disbursement date: 5% of the principal outstanding + GST After 6 months of disbursement date: 2% of the principal outstanding + GST |
| Cheque bounce charges | Rs 600 |
| Cheque swapping charges | Rs 500 |
| Overdue Interest | 26% p.a. |
| Duplicate NOC | Rs 500 |
| Outstation cheque charges | Rs 45 per cheque |
| Cheque revalidation charges | Rs 300 |
| Loan cancellation charges | Rs 2,000 |
Reliance Personal Loan Eligibility Criteria
Reliance has broad eligibility norms when it comes to personal loans. Some key eligibility criteria for Reliance personal loans are:
- Age: You should be between 21 to 60 years of age at the time of applying for the loan
- Employment: You should be employed with an MNC, public limited firm, or a reputed private firm for at least 2 years
- Income: Your minimum net monthly income should be ₹12,000/-
- Credit history: A credit score of above 750
Not sure of your credit score? Check it now!
Check your Credit Score for Free Your credit score is updated monthly and gives you insight into your creditworthiness. Take control of your financial future today.
Documents Required for Reliance Personal Loan
The documents required for a Reliance Capital personal loan may vary based on the applicant’s profile and loan eligibility. Here are the key documents typically required while applying for a Reliance Personal Loan:
- Application form: Duly filled and signed loan application form along with passport-sized photographs.
- Identity Proof: PAN card and Aadhaar card are mandatory. You can also submit other IDs like driver’s license, voter ID, etc.
- Address Proof: Documents like Aadhaar, driving license, electricity bill, etc. with current residential address.
- Income Documents: The latest 3 months’ salary slips and bank statements, along with Form 16 and the past 2 years’ tax returns.
- Work Documents: For salaried – latest 3 months’ salary slips and employment proof. For self-employed- business ownership proof and last 2 years’ financial statements.
Calculate EMI For Reliance Personal Loan
Determining your repayment capacity is key when applying for a Reliance Money Personal Loan. Using an EMI calculator allows you to estimate your Equated Monthly Installments (EMI) ahead of time. This ensures the loan EMI fits comfortably within your budget.
The Personal Loan EMI Calculator makes calculating your EMI extremely simple. You just need to input 3 parameters – the loan amount, tenure, and interest rate offered. The calculator will instantly process and display your exact EMI amount per month.
Looking for a personal loan?
Personal Loan Quick Approval in 24 Hours 💰 No processing fee for first 100 customers | ⚡ Digital KYC in 5 minutes
Compare Reliance Personal Loans Vs Other NBFCs
When applying for a personal loan, it is wise to compare interest rates, fees, and other features across lenders. Reliance Capital Personal Loans go head-to-head with the top NBFC players in the market in terms of competitive pricing, flexibility of loan usage, and accelerated processing. The table below shows the personal loan interest rates offered by top NBFCs:
For a better understanding of varied interest rates offered by different banks look at the table below-
| Top NBFCs | Interest Rates (p.a.) |
|---|---|
| Fibe | 12% onwards |
| PaySense | 16.8% onwards |
| HDB Financial services | Upto 36% |
| CASHe | 27% onwards |
| Home Credit | 24% onwards |
| Money View | 15.96% onwards |
| RBL Bank | 17.50% onwards |
| KreditBee | 15% onwards |
| Muthoot Finance | 14.50% onwards |
| IIFL | 16.50% onwards |
| mPokket | 24% onwards |
| InCred | 21% onwards |
| L&T Financial Services | 11% onwards |
Ready to apply for a loan?
Personal Loan Quick Approval in 24 Hours 💰 No processing fee for first 100 customers | ⚡ Digital KYC in 5 minutes
Features & Benefits of Reliance Personal Loan
With minimal documentation, fast processing, and customizable tenure options, Reliance Personal Loans offer flexibility together with full transparency in terms and pricing.
Multi-Purpose loan
Avail personal loan for
various financial needs.
Quick Disbursal
Loan disbursed to your
bank account in minutes
Minimal Documentation
With less documents, get
your loan approved.
Low Interest Rates
Low Interest rates based
on your eligibility
Flexible Repayment
Choose your preferred
tenure upto 48 months.
100% Paperless
Application
Convenient loan
applications.
How Do You Apply for Reliance Personal Loans
Here are the simple steps to apply for Reliance Personal Loans:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Ready to apply for a loan?
Personal Loan Quick Approval in 24 Hours 💰 No processing fee for first 100 customers | ⚡ Digital KYC in 5 minutes
Frequently Asked Questions
Find answers to common questions about this topic