What is Reliance Personal Loan Rate of Interest?

I took a personal loan from Reliance Finance Limited five years ago and I’d say that the interest rate can fluctuate depending on several factors. Since my credit score was average (below 700), I got the loan at 8.5% p.a. But if you have a good credit history, you can negotiate the interest rates as well. So, if you want to know the Reliance personal loan rate of interest, you must know a few more things which I have shared below. 

What is the Reliance Personal Loan Interest Rate?

Reliance Finance offers personal loans at an interest rate of 8.5%. The interest rate usually depends on the following factors.

1. CIBIL Score

2. Loan Amount

3. Repayment History

4. Current Employment Details

5. Employment History

The CIBIL score is inversely related to the interest rate. The higher your score is, lower will be your Reliance Finance personal loan interest rate. There are also some unique features of this personal loan which I have listed below.

1. The loan repayment options range from 6 months to 60 months, which is convenient as well as flexible.

2. The documentation process is quick and simple.

3. You don’t require income proof as well.

However, I found their disbursal procedure delayed as compared to other banks. 

What are the Documents Required for Reliance Finance Personal Loan?

You must have the following documents while applying for a personal loan.

1. Identity Proof - Aadhar/voter ID/driving license/passport

2. Address Proof - electricity bill/credit card bill/voter ID/telephone bill

3. Bank Statement

4. Passport Size Photograph

5. Salary Slip, if available

6. Office ID, if available

I hope this gives you an idea on the interest rates and other relevant details on Reliance Finance personal loan.

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How Much CIBIL Score Required for Personal Loan?

Reliance personal loan rate of interest caters the financial needs of salaried and self-employed individuals. The interest rates on Reliance personal loans in India generally 8.5% per annum.

These rates vary depending on factors such as the applicant's credit score, loan amount, and repayment tenure. A higher credit score (typically above 750) can help secure a lower interest rate, while applicants with lower scores might face higher rates.

• It provides

  collateral-free personal loans with quick disbursal options. The loan tenure typically ranges from 12 to 60 months, providing flexibility in repayment based on the borrower’s capacity.

• Also, you do not need any income proof to avail the loan amount from the Reliance. The company also provides simplified and quick documentation features.

• Reliance Money may also offer special interest rates or schemes during certain periods or for specific customer segments, such as employees of reputed organisations or existing customers with strong financial profiles.

• Additionally, Reliance personal loans come with a simple and straightforward application process, available both online and offline. The documentation required is minimal, typically including identity proof, address proof, and bank statements.

I hope now you have an idea about Reliance personal loan rate of interest.

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