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    Home»INDIA MICROFINANCE

    MFI’s get loans from Reliance Consumer Finance !

    By ADITYAUpdated:August 22, 2020
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    If you dream it, you can do it

    Several decades ago, one man decided to bring his dreams to life and went on to build an empire called Reliance. Through Reliance microfinance schemes, we look at bringing your dreams to life with the simple belief that – if you can dream it, you can do it.

    We want to be that silver lining of hope around the dark cloud. Through our Micro Finance initiatives, we want to empower every Indian to turn his dream into reality.

    Our vision is to provide access to finance at the grassroots level by partnering with MFIs, serving the rural and semi-urban areas. Hence, our microfinance initiative is in line with the group’s commitment to play a serious role in bringing value to the lives of people.

    Frequently Asked Questions about Reliance Microfinance Loans

    Who can avail of Reliance Micro Loans? One can avail if one is a

    Micro Financing Institutions (MFI are registered as Societies as per Societies Registration Act 1860 or state legislation and as Trusts as per the Public Trust Act 1920 or Indian Trust Act 1882. Section 25 companies are registered as per the Companies Act (1956) with permission from the central Government.)

    NBFC (Other legal forms including NBFCs registered as Section 25 companies, for-profit NBFCs, Cooperative Banks and Local Area Banks are regulated by the Reserve Bank of India (RBI). Cooperatives are registered as per the State, National, and MACS Acts and governed by the State Registrar of Cooperatives.)

    What are the minimum and maximum loan amounts?

    You can avail of loans ranging from Rs30,00,000/- to Rs 20,00,00,000/- depending on your eligibility, income, and repayment capacity.

    What are the loan tenure options?

    The loan can be repaid over a period of 12 to 48 months.

    Do I have to provide any security, collateral, or guarantors?

    Yes security, collateral is required for obtaining a Micro Loans. This would include Collateral amounting to 10% of the total loan disbursed in the form of an FD or Property with a value greater than 10% of total loan disbursed or 100% Hypothecation of book debts.

    How do I repay the loan?

    You can repay the loan in Equated Monthly Installments (EMI s) through post-dated cheques favoring Reliance Capital Limited or by signing an ECS Mandate.

    Fees and Charges
    Description of Charges Charges
    Processing Charges 1% of the total disbursement
    Cheque Bounce Charges Rs. 450 for each cheque dishonored or ECS instruction not honored.
    Late Payment Charges 2% p.m. on unpaid EMI
    Foreclosure Charges 4% on Principal Outstanding as on the date of complete pre-closure
    Prepayment Charges 2% on prepaid amount
    Loan cancellation & rebooking charges Rs.1,000
    Stamp duty At actual
    Loan reschedulement charges 2% on POS
    Loan Statement charges ( per statement) Rs.300
    Legal / Collection/ Repossession & Incidental charges At actual
    Terms and conditions apply.

    All loans are disbursed at the sole discretion of Reliance Capital Limited. All information herein is subject to change without notice. Under no circumstances cash, bearer or blank cheque or kind should be given to any executive in connection with the Loan application. Kindly note that all Post-dated cheques and Transaction charge cheques should be crossed and issued in favor of “Reliance Capital Limited”.

    Call Reliance Consumer Finance at below numbers

    1800 200 3838 or 022- 3989 3838 between 9:30 am – 5:30 pm from

    Monday to Saturday (Except Public Holidays)

    Or email them at customercare@relianceconsumerfinance.com

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    ADITYA

    Aditya is a talented content writer with a passion for crafting engaging and informative content that resonates with readers. With 10 years of experience in the industry, he has honed his writing skills to produce high-quality content across a wide range of topics.

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