{"id":7284,"date":"2018-06-22T02:41:11","date_gmt":"2018-06-21T21:11:11","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=7284"},"modified":"2018-07-25T18:34:00","modified_gmt":"2018-07-25T13:04:00","slug":"reliance-commercial-finance-loan","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/reliance-commercial-finance-loan\/","title":{"rendered":"Reliance Commercial Finance Loan"},"content":{"rendered":"

What are the interest rates for Reliance Commercial Finance Loan?<\/strong>
\nEach bank will have different Interest rates. Interest rates will also vary depending on each individual\u2019s eligibility criteria\u2019s. Typically Interest rates start at 12% and can go up to 28%.<\/p>\n

How much money am I eligible for?<\/strong>
\nYou can borrow as much as you can repay. This in banking terms would mean a Loan that has an EMI that does not exceed 40% of your monthly take home income, where the EMIs for existing loans are also deducted.
\nFor self-employed applicants, profit is the benchmark that determines loan value. The longer the time frame for repaying the loan the lower the EMI and this also means you can opt for a larger loan amount. The loan amount you are eligible for is also dependent on other factors like the company you are employed with, the location of your residence and your credit history.<\/p>\n

Can I have a co-applicant for a Reliance Commercial Finance Loan?<\/strong>
\nYes, you can opt for a co-applicant. This can help you increase the loan amount you are eligible for as the income of the co-applicant is also taken into consideration.<\/p>\n

What is credit history? How does a financial institution check on my credit history?<\/strong>
\nA credit history is basically a record of your past repayments of loans and credit card bills. Also, there is a central bank of data available with the Credit Bureau of India Limited (CIBIL), where data from all the banks on existing loans and their repayment patterns of their customers are accumulated. Before approving your loan a financial institution always checks with CIBIL on your loan repayment track record.<\/p>\n

How can I compare quotes from multiple banks?<\/strong>
\nOne of the easiest ways to do this is to compare online. Find your Loan at antworksmoney.com<\/a> to gain instant access to the best quotes from various lenders.<\/p>\n

What does prepayment charge mean? Does it matter while comparing loans?<\/strong>
\nA Loan is repaid to the lender within a fixed time frame, which is usually 1 to 5 years. In case you want to clear the loan payment earlier than the agreed time frame, the bank levies a prepayment penalty charge. This could be up to 5% of the outstanding loan amount but can vary according to the bank and the credit profile of the borrower. Make sure the interest saved by pre-paying exceeds the prepayment fee paid. This is one of the factors to keep in mind while comparing loans.<\/p>\n

What is the difference between a fixed interest rate and floating interest rate?<\/strong>
\nA fixed interest rate remains constant throughout the loan tenure regardless of the market conditions whereas a floating interest rate can decrease or increase depending on market fluctuations. For instance, it increases when RBI hikes up short-term interest rates. Banks usually quote the floating rate loans as their index rate (prime lending rate) plus or minus x%. Banks usually increase or decrease their prime lending rate when the RBI increases or decreases short-term interest rates.<\/p>\n

Does antworks money charge me for its services?<\/strong>
\nantworksmoney services come to you free of charge.<\/p>\n

How will the security and privacy of my data be ensured?<\/strong>
\nantworks money will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.<\/p>\n

Reliance Commercial Finance Loan Eligibility:<\/b> You are eligible for a loan if you are:<\/p>\n